Saving money for your senior year of high school might not sound as fun as, say, spending it, but trust me, you'll thank yourself later. I remember back in my day, when I was strolling the same hopeful hallways, trying to decide if I should save my hard-earned burger-flipping cash or splurge it all on fast fashion trends. Spoiler alert: those trends died faster than my savings did. So, here I am to steer you clear of my mistakes, because 2024 is all about smarter choices and thoughtful planning. And speaking of thoughtful planning, I have put together a list of the five primary and secondary keywords you'll want to focus on.
One of the first things you'll want to consider is the importance of college application fees. Honestly, it's like they're literally nickel-and-diming you into the poorhouse before you've even stepped foot on campus. When I was applying to schools, I had no idea how quickly those fees could add up. Little did I know, saving up for these pesky things would have made life so much easier. So, do yourself a favor and start a small fund for those various inevitable fees.
And oh, let's not forget about senior class trips! Imagine your friends planning a fantastic getaway, and you're left behind because you didn't budget for it. Trust me, you don’t want to be that guy or gal showing up with homemade sandwiches while everyone else is enjoying five-star hotel brunches. Stuff like that etches itself into your memory forever – in a not-so-great way. Check out our detailed strategy here.
Now, another sneaky cost that often flies under the radar is school events and prom. Let’s be honest, planning for this could make or break your year. Prom is a huge rite of passage, almost like a mini fairytale for some. I didn’t think much of it until my date showed up with a bouquet that probably cost more than my entire outfit. So, you might want to tune in for this section to ensure you're not left dancing alone or, worse, missing out entirely.
Also, there’s the necessity of purchasing textbooks and school supplies. This might sound boring, but once the new school year rolls around and your teachers hand out those mandatory reading lists, you don't want to be the one scrambling to find a used copy of "Romeo and Juliet" the night before the big test.
Finally, boarding the 'adult train' often includes preparing for college dorm necessities. Trust me, the smallest comforts from home become incredibly precious when you're living that dorm life. Imagine the joy of having a proper coffee maker instead of relying on the questionable dorm room brew. Dive into the must-have dorm items here, and set yourself up for a cozy transition to college life.
So here’s to planning smart, saving wisely, and making your senior year nothing short of amazing!
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1. Senior Dues
In addition to many personal things you need to save up for, one of the mandatory payments that you will have to make are senior dues. Those usually include senior jerseys/t-shirts, yearbook, graduation tickets, cap and gown, and other senior events. Senior dues usually vary depending on the school but for many they are around $100-$300 dollars. So if you are planning to help out your parents and pay it out of your own pocket, I suggest you start saving little by little!
To ensure you're not caught off guard when it's time to settle your senior dues, consider setting up a dedicated savings fund early on. Create a monthly savings plan that fits within your budget, even if it means making minor sacrifices, like skipping that weekly gourmet coffee treat or movie outing. Remember, every little bit adds up, and before you know it, you'll have the amount you need to cover these essential expenses without the stress of last-minute scrambling. Plus, it's a great way to practice financial responsibility as you transition into adulthood.
2. Senior Trip
While some schools count senior trip in their fee for senior dues, other schools don’t. So on top of your senior dues, you would have to lay out another $300 if you wish to participate in your class trip. And let’s face it, no senior wants to miss out on any senior activities that they have been waiting for since the first day of freshman year!
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3. Prom
Prom is another exciting senior activity that is usually not included as part of the senior dues. A single ticket may cost between $90-$200 and you would need to double that if you are paying for your date. However aside from purchasing just the tickets, prom requires that you spend money on dresses, suits, limos, corsages, and other expenses depending on your after-prom plans.
4. College
While yes, senior year is usually the most relaxed and laid-back time of your life, part of it is also the most stressful! In the beginning of senior year, you will have to spend lots of extra money on college applications and once you get into college, you must pay the deposit to secure your spot. That’s a lot of subtraction signs from your bank account!
5. School Plays and Carnivals
Aside from the big expenses like prom and college, there are also very small ones that accumulate to a pretty significant sum. For example, students tend to participate in schools events on a much bigger scale during their senior year, as it is their last chance to enjoy the high school spirit. So all of the school plays, dances, movie screenings, shows and carnivals can add up and that’s not even counting other after school activities you might need money for when you hang out with a group of friends.
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6. Graduation
As the end of the year approaches, there are still some final expenses that you have to take care of. Most of them have to do with graduation. For example you have to figure out what you are going to wear under you gown and how you are going to actually get to the graduation venue.
Graduation is a milestone moment, so you'll want to look your best. Shopping for the perfect outfit to wear under your gown might mean splurging on a new dress or a dapper suit. Don't forget the shoes and accessories too! Also, consider the cost of professional hair and makeup if you're planning to indulge in these services for your big day. Transportation can be another expense—will you need to rent a limo or organize a carpool? And of course, there might be graduation party expenses if you decide to celebrate with friends and family after the ceremony.
7. Getaway with Friends
While this is optional, many people decide to finish the year off by doing something special with a group of friends. Many rent a house for a friendly getaway, while others plan big dinners and days out at amusement parks. So plan the last goodbyes with friends and save up your money in advance!
Senior year is often the most exciting, eventful and emotional year of the high school career. However you can count on all of the excitement to squeeze the last penny out of you so getting a part-time job is definitely recommended! What part of senior year are you looking forward to the most?
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