When Mika Hernandez started working at a daycare in Los Gatos she earned $16.50 an hour. After working for two years her pay went up 40 cents, and she currently works Saturday mornings since her job peaks more in summer.
Many students have part time jobs, but each has different priorities about their spending habits. Having to work for each paycheck made them more careful about where their money goes.
“You have to be more cautious and think about everything you want to purchase. Like, do I truly want to buy this and risk missing out on something else?” said Hernandez.
Hernandez stated that budgeting became more important as she gained experience managing her work income.
“I would recommend making a plan for how you want to start doing your savings, trying to learn how much you want to set aside for yourself, how much you want to set aside for necessities, and then how much you really want to save, ” said Hernandez.
Junior Santiago Arizmendi is a worker in the school cafeteria. He said earning a paycheck has taught him to think more carefully about spending and what he saves his money for.
“When I get paid, my main priorities are to make sure I have enough money for food and gas,” said Arizmendi.
Students who earn their own money said working has made them more aware of the cost of daily expenses. For Arizmendi, that means making sure he can pay for food and gas before spending money on other things.
”One recent thing I bought was gas for my car because it’s my main source of transportation,” said Arizmendi. “Getting my own money to spend has made me realize how much stuff costs, especially gas.”
Arizmendi’s experience is one example of how earning a paycheck can change the way students think about money. Other students said working has also taught them to budget, set priorities and think more carefully before they spend.
Freshman Kylah Pierini who works at Cold Stone, talks about strategies to save her money and how she decides what to buy.
“I split my paycheck in half and save a part, then keep the other half for what I need. I also keep my tips. When something is worth buying it’s either something that I need or want, the needs come first,” said Pierini.
In addition to changing her spending habits, Pierini said working has changed the way she thinks about what matters most.
“It has changed my way of thinking all the time. Instead of doing things that I want to do, I have to prioritize things that I need. It has shown me how bad our economy has gotten,” said Pierini.
Based on her own thoughts about spending and saving money, she gives a piece of advice for students receiving paychecks.
“I would say to spend your first paycheck on whatever you want. Have fun with the first one because after that, it won’t be as exciting as opening up your first one,” said Pierini.
