Acting in a Different Role

for

the Future$aving

ith the average cost for in-state schools sitting at $20,770 and nonprofit private schools at $46,950, students are looking now more than ever to save for college. While not every student attends college after high school, many have jobs which require money management skills. Saving now could mean less debt later, regardless of whether a person pursues higher education. One student, Kyle Karnuth (12), is on the Saint Louis Federal Reserve Board of Directors. This group of students from high schools all across Saint Louis learn about the role of the Federal Reserve in the nation’s economy and speak about personal finance. Along with the topic of personal finance, Karnuth gave some advice for his peers. “The first thing you need to do is either make a budgeting spreadsheet or get a budgeting app. It’s not so much a big deal about not spending, it’s just understanding where your money is going. So if you’re spending $200 on food, it’s just something you need to be aware of. Once you’re aware of it, it becomes much easier to solve,” Karnuth said. With the rise of online banking, there are many apps out there for budgeting. They allow people to see the bigger picture of their spending. “I’d recommend Mint; it’s an Intuit app. One tip for just saving your money is when you go out with friends, your friends aren’t going to judge you if you don’t buy anything, and if they do, they’re not your friends. Know your money and where to spend it. It’s your money not theirs,” Karnuth said. Saving money does not just include but can also include making safe investments that give returns. The gain from these types of investments is not huge, but still a way to make a small amount of money. Senior Taylar Headrick (12) uses the app RobinHood to invest small amounts of money into safe investments. “I wanted to try and get money that I would not have to do a lot of work for and use it to grow my savings. I discovered the app through YouTube videos,” Headrick said. “Know your money and where to spend it,” ~ Kyle Karnuth, 12 ~ W RICKY SCHODL Staff Writer

How else do LHS students save?

“I only keep a certain amount in cash and the rest I put in my bank account. I also try to do things like hike with friends instead of going out to eat,” ~ Zoe Kohrs, 9~

“My coins are in a jar on my dresser, and cash and paychecks go to my savings account at the bank,” ~ Ailey McDonnell, 11 ~

News 3.23.20 “ I direct deposit in savings account, and I don’t buy anything if I’m not sure if I like it or can’t decide between two things,” ~ Nicole Plein, 12 ~ “I only take out the money I need and try to reuse things as much as possible,” ~ Parker Herbst, 10 ~