For Tammira Lucas, assistant professor of business at Coppin State University, it’s never too early to start teaching young people about money management. As a mother of a ninth grader, Lucas taught her daughter, Ryann, about finances long before she got to high school.

Ryann owns a vending machine company, and Lucas requires her to save 20 percent of her monthly income and invest another 20 percent. The educator said it’s critical that youth understand the functionalities and value money, especially as they may feel the urge to spend any cash they receive.

“Typically, when kids get money, they say, ‘Hey, can you take me to the store?’ They don’t understand the long-term value of money and how appreciating money can change their trajectory and future as adults,” said Lucas. “Especially for high schoolers in Baltimore who may come from underserved areas, it’s important that they understand that money can set them up for success.”

Lucas said allowing her daughter to witness the hard work that goes into affording their lifestyle is key.

As she put it, young people are sponges and will pick up information if financial conversations are had at an early age.

“It’s not just having money in your pocket, but understanding how you can make money grow so you don’t spend your life working and not being able to enjoy the fruits of your labor,” said Lucas.

To help high school students build a strong financial future, Lucas outlined year-by-year guidance to improve their budgeting and saving skills.

Freshman year

Though young people might not yet have a job in their first year of high school, they may receive an allowance or money for gigs, like cutting the grass, babysitting or shoveling snow. Lucas said they should be intentional about saving a portion of these funds.

“You don’t need a lot of money to start saving. You just have to start,” said Lucas. “You could just save $5 a week so that you can build the habit of saving money and understand how to grow your income.”

Freshmen should also sit down and set goals for the path they want to pursue following high school, according to Lucas.

She said they should consider whether they want to go to college or enter the workforce and — if they choose higher education — whether they want to live on campus or stay at home.

These questions can help them to start thinking about a financial target to strive for throughout high school.

Sophomore year

In their second year, Lucas said high school students should establish a concrete savings goal.

“You know you have junior and senior activities, like prom, coming up. This is the time when you’re starting to get summer jobs,” said Lucas. “You need to start having a savings mindset to afford those things.”

Having a summer or after-school job can help teach young people to have more respect for money, according to Lucas. When they are deciding whether to purchase something new, they may think twice because they are spending their own money.

Lucas also recommended that sophomores use tools, like Oportun, that allow users to create distinct savings buckets to prepare for various expenses. It also automates the savings process.

“They will take $5 here and $10 there, and you won’t notice that it’s gone,” said Lucas. “By the time you get to your goal in 90 days or six months, you have a larger amount saved by smaller increments.”

Junior Year

If a high school student has yet to open a savings account, Lucas said this is the year to do it. They should also be learning about banking basics, including what it means to have a bank account and how to balance their bank accounts.

“You’re preparing for the next phase of your life, and it’s about to hit you fast whether you’re going to college or into a job,” said Lucas. “These are the times when you start thinking about long-term, bigger expenses. Making sure you have a bank account by your junior year is very important.”

Senior Year

Though it may seem like a lofty objective, Lucas recommended that high school students begin to invest in their senior year.

“I know some high schoolers who do well for themselves. They might do hair, lashes or nails,” said Lucas. “Don’t make money to spend it on crazy things, like clothes and shoes. Start thinking about how to make your money grow.”

Megan Sayles is a staff writer for AFRO.