Bravo for investing in the most important thing – your education. Unlike money, this can never be taken away from you & is certain to help build you a very positive future. I salute you. Working & studying is hard. In the meantime I suggest more of what you’re doing now – research! Look at SimpleLivingForum.net. The book Your Money or Your Life, by Joe Dominguez and Vicki Robin might also be of interest. Unless you are in business for yourself where there are more ways to keep more of what you earn (at least in Australia where I am) I think small steps are the key! How would YOU define being financially independent? How much money? By when? Break it down further, make a plan. But make it a plan for living & being engaged in your life rather than being overly focused on money. Funnily enough when I became independent (not rich, but with a modest ‘passive’ income from investments) I still wanted to keep working at my current job (self employed) but have a better work-life balance). I know this doesn’t sound very exciting but I’m very happy! Looking back (I’m 51), apart from family, the thing that has given me the most opportunities has been as a result of my education. We often take this for granted! Good luck. Happy to answer more specific questions ….

When I was in high-school, I had a part time job where I worked every late night, weekend and public holiday. I also worked as many days as I could in the school holiday break, and I made sure I did my homework on a weeknight only.

I set myself a savings goal, and kept an eye on my expenditure.
I would allow myself treats every so often, but I would budget for this too! (I’m a control freak)

I always gave myself pocket money, and budgeted for everything else.
Whatever money that wasn’t spent, went into my savings fund.

I was wondering where all my money kept going and I discovered that I was blowing 50 a week at school on lunches. So I started taking my own lunch and putting the $50 aside.

Once I finished year 12, I decided to take a GAP year from study, so I could save money. I also got a night job to help me earn extra cash. —Be careful about working loads, it can be harmful to your health. Rest days are important too!!

When I turned 18, I was still living with the parents so they started charging me board. (100 fortnight)

It sucked, but it was so much cheaper than living on my own at the time.

Once I got a full time job with my extra side job, I started looking in the paper for the cost of rent etc. I started saving this amount from my pay each fortnight.

I was basically saving as much money as I would need to live out of home. And I started putting my own glory box together.
^^ BEST IDEA EVER!!!
Moving out of home is SOOO expensive when you first set up.

I just turned 22 and I’ve now decided to continue my study.

In the past 4 years I have been able to buy my car IN CASH,
moved out of home with a decent bond and enough money to survive on for 6 months without a job,
Travel to Europe and Asia
furnished the house i’m renting,
pay for my study,
and now my next goal is to save for a home loan.

I have worked my butt off to get here. I won’t lie and say it was easy, I almost pushed the limits too far. I still had a social life, I was just very planned with my time because of the goal I had set out for.

I am still over ambitious and work 2 jobs, but my study is external and allows me to do so.

Study is important because it opens doors to opportunities. I learnt how to balance both, and while it took me some time to get here, I don’t regret taking the long road around.

some of my school mates are in uni or have finished, and are still living at home, or out of home but with no financial nest egg.

While they have qualifications for a high flying job, they haven’t actually had to work 38-45 hour weeks or pay for things off a study allowance.

I value the life skills I have learnt. But thats what’s important to me!

Good luck and NEVER give up!

:-)

Go to educationcents.org and read their articles. If nothing else, you can make a budget there. Always shop around and be mindful of what you really need. The basic idea behind money management is to have more coming in than going out, which is possible while you are in school. The following are some habits I have learned over time after my money ran out: Buy dry essential food items in bulk, freeze extra perishable items like fruits, and be prepared with a lunch everyday. Save money on transportation by taking the bus part way, instead of paying to park. Room mates are another way to save money, either by being one or getting one. Make every bit of extra money you can on the off times. Scholarships, work study, and financial aid are the final idea I have. Good luck!

First gain knowledge about the subject by reading books and then gain experience by playing the board-game Cashflow 101.