One of my first jobs was at a restaurant where the phrase “In-The-Weeds” was said quite often when we were swamped with customers and feeling overwhelmed.
In this story….what I mean by “Stay Outta the Weeds” is stay out of DEBT!!!!
When you are young and beginning to think of establishing credit, it is very tempting to get your hands on a credit card and justify a shopping spree by the need to build credit.
I say don’t touch the things unless you are absolutely sure you can pay the balance off right away.
I started using credit cards for “Emergencies” only. Pretty soon it became an “Emergency” to go to the Outlet Mall to find an outfit for the night-out with the girls-- as if I didn’t have anything else to wear.
It became an emergency to buy tickets to the Bocktober Fest. I mean it was Robert-Earl Keen & Pat Green. Couldn’t miss it. That’s an emergency, right?
Next thing I know I really did have an emergency and needed to buy 4 new tires for my car. Guess how I paid for that-- with my credit card.
Not before long, the “snowball effect” really kicked in and where was I?
IN THE WEEDS!!!!!
I owed way more than I made at my little part-time job at Schlitterbaun. But I was building credit. Ha!
There are other creative ways to build credit. One way to start is to save up $500 in your savings account. Then visit your local A+ Federal Credit Union. Ask for a Member Services Counselor and tell them you’d like to do a “Share-Secured-Loan”. This is where you will borrow against the $500 you’ve saved (using the money as collateral). Your payments will be “fixed” (they can’t skyrocket like a credit card payment can) and you can budget easier. The payment is likely to be a smaller amount because the interest rate (i.e. dividend rate) is a lot lower than that of a credit card.
Make a habit of living within your means. Don’t buy it unless you have the cash for it and you won’t find yourself in the weeds.
- Coach Nikki
How to Budget During the Holidays- Solana
Monday, December 21, 2009
There are certain times in the year when you will have to budget differently than other months of the year, for example Christmas. You have to plan accordingly for this time of year and save up to make sure that you can buy all that you need.
Step 1- Plan out a realistic budget of how much you want to spend (according to how much you CAN spend of course)
In a case like that you can look up all the places where that item is sold so that you can get it for the cheapest price, because every dollar counts! The reason this is important to do is because a lot of holiday budgets get out of control due to no up front planning.
Step 3- For all the people you aren’t quite sure what item you are getting them, research it! There are tons of websites with gift ideas. With accomplishing that, you are making your Christmas shopping a lot easier for yourself. Going out to get all of your gifts is a breeze when you know exactly what you’re looking for and the place with the cheapest price. The plus to this is you only have to deal with the holiday shopping frenzy once, what a concept!
Step 4-Have any left over funds? If so, way to go! Spend it on yourself you deserve it! Did you go over your budget? That’s okay, look back and see where that extra couple dollars went to. Now you know for next time!
Until next time :)
--Solana D
Step 1- Plan out a realistic budget of how much you want to spend (according to how much you CAN spend of course)
Quick Tip- Key word REALISTIC! I know Christmas is a time ofStep 2- Make a list of all the people you are buying gifts for and how much you would ideally spend on each of them. If you already know what you are buying for that person then that makes things even easier because you, for the most part, know how much you will be spending.
giving, but you have to keep things in perspective.
In a case like that you can look up all the places where that item is sold so that you can get it for the cheapest price, because every dollar counts! The reason this is important to do is because a lot of holiday budgets get out of control due to no up front planning.
Quick Tip- Allow your self some wiggle room for some items you might forgot to
include in your budget or simply little things you forgot about in general like
wrapping paper and bows!
Step 3- For all the people you aren’t quite sure what item you are getting them, research it! There are tons of websites with gift ideas. With accomplishing that, you are making your Christmas shopping a lot easier for yourself. Going out to get all of your gifts is a breeze when you know exactly what you’re looking for and the place with the cheapest price. The plus to this is you only have to deal with the holiday shopping frenzy once, what a concept!
Quick Tip- Don’t forget about eBay and Craig’s List! That can save you a bundle
if you have the patience and are looking for the right thing. Sure it may
be slightly used but you probably can’t tell the difference either way! Or on
the other hand it could be something new at a really good price.
Step 4-Have any left over funds? If so, way to go! Spend it on yourself you deserve it! Did you go over your budget? That’s okay, look back and see where that extra couple dollars went to. Now you know for next time!
Until next time :)
--Solana D
Moving Out
Monday, December 14, 2009
Like many other seniors I'm quite set on moving out on my own, or with a roommate, at the end of this school year. My urge for independence is a pretty strong one and I am extremely excited as the date comes closer.
Seeing as I still had a good amount of time before I could actually move out I decided to start calculating how much it would cost me to actually live on my own.
Once I actually got started brainstorming costs I realized there were so many factors to consider!
Eventually I was able to put down everything I could think of from rent and utilities to the cost of paper towels. Needless to say it was one intimidating list, although it hasn't stopped me from wanting to move out, it has made me realize how unaware I was of the need for financially assessing the process.
I would strongly urge other young adults who want to move out to extensively examine the costs of living on your own, the final number is often a lot bigger than you would think.
- Aaron, SMHS Branch Intern
Seeing as I still had a good amount of time before I could actually move out I decided to start calculating how much it would cost me to actually live on my own.
Once I actually got started brainstorming costs I realized there were so many factors to consider!
Eventually I was able to put down everything I could think of from rent and utilities to the cost of paper towels. Needless to say it was one intimidating list, although it hasn't stopped me from wanting to move out, it has made me realize how unaware I was of the need for financially assessing the process.
I would strongly urge other young adults who want to move out to extensively examine the costs of living on your own, the final number is often a lot bigger than you would think.
- Aaron, SMHS Branch Intern
A Balancing Act- Coach Emily
Friday, December 11, 2009
The one thing I wish I had learned before I graduated high school was the importance of balancing my checking account.
When I opened my first checking account, I had already graduated high school and was about to head off for college. I was asked to sign here and initial there, asked to complete a check order form, a debit card form, and then offered a student credit card. (Of course I said ‘yes’ to the credit card…but that’s not the point of THIS story.)
I thought all I needed to do was have my employer set me up with direct deposit and all would be well.
But that’s not what happened.
I did set up direct deposit, but as I made purchases, I never wrote anything down. Sure, during my account opening process I was given a check register…but I was too busy to use it. Besides, if I overdrew my account…all that needed to happen was for money to transfer from my credit card to my checking account….at a low cost to me of $30 per transfer made. (Not to mention the over limit fee on my credit card…again…a story for another time).
The simple point of this is that I never knew what my balance was, and since I did not keep track of anything…I also had no idea how much in fees I was paying. This also made it difficult when I was ready to close my account…since I didn’t know what checks were outstanding.
When I help students at our high school branch, I like to emphasize the importance of maintaining good records.
There are times when their eyes sort of glaze over and I can tell that they are thinking about what they should have for lunch or if they can make it back to class in time…but I hope they leave with one simple equation: maintaining good financial records=saving money.
- Coach Emily
When I opened my first checking account, I had already graduated high school and was about to head off for college. I was asked to sign here and initial there, asked to complete a check order form, a debit card form, and then offered a student credit card. (Of course I said ‘yes’ to the credit card…but that’s not the point of THIS story.)
I thought all I needed to do was have my employer set me up with direct deposit and all would be well.
But that’s not what happened.
I did set up direct deposit, but as I made purchases, I never wrote anything down. Sure, during my account opening process I was given a check register…but I was too busy to use it. Besides, if I overdrew my account…all that needed to happen was for money to transfer from my credit card to my checking account….at a low cost to me of $30 per transfer made. (Not to mention the over limit fee on my credit card…again…a story for another time).
The simple point of this is that I never knew what my balance was, and since I did not keep track of anything…I also had no idea how much in fees I was paying. This also made it difficult when I was ready to close my account…since I didn’t know what checks were outstanding.
When I help students at our high school branch, I like to emphasize the importance of maintaining good records.
There are times when their eyes sort of glaze over and I can tell that they are thinking about what they should have for lunch or if they can make it back to class in time…but I hope they leave with one simple equation: maintaining good financial records=saving money.
- Coach Emily
Meet Gladys
Monday, December 7, 2009
Gladys is in her first year as a coach and is looking forward to seeing the students grow. She hopes to tour the United States in an RV one day.
Meet Emily!
Friday, December 4, 2009
Meet Coach Emily. She's in her second year of coaching-- last year her contestant was the winner! She owns a peacock and her dream is to one day open a reception hall in the country.
Meet Kelsey
Thursday, December 3, 2009
Meet Coach Kelsey. She is excited for her first year of coaching and loves to mentor others.
Starting Out - Katherine
Monday, November 30, 2009
So far, the experience of having a savings account is helping me to get prepared for the future, also it's helping with saving money. I've learned that I can accomplish my goals if I try to. This savings challenge is going to help me with what goals I have for when I graduate. I enjoy having a savings account.
- Katherine
Why NOT to Lend Friends Money
Wednesday, November 25, 2009
Would YOU let someone borrow money?
I was in college and had a roommate, like most of you do when you go to college. My mom helped me build my credit by putting me on some of her credit cards so by the time I got to college I had good, established credit. She also taught me how to live on a budget, no matter how much I made.
One day my roommate came to me and asked me if I would do a cash advance of $1500 for their business. My roommate didn’t go to college but owned a painting business and needed some money to get materials to finish a job and get paid. They told me that they would pay me as soon as the job was done and they got paid.
So I lent them the money. Why?
Because I trusted them. About a week later they gave me the $1500 and I applied this to the credit card. I was worried because my mom had always told me that you never charge what you cannot pay off at the end of the month and to never carry a balance.
Well about a month later, my roommate came to me, again, and said that they needed $1800 for the same reason, but for a different job. Since I got the money quick the first time I didn’t hesitate to drive to the credit union and get the money for them.
Well a week passed, no money, 2 weeks passed, still no money. I was about 4 weeks from graduating college when I asked my roommate if they had the money they owed me. They said the job was done but they were waiting to get paid from their client.
Soon after that, my roommate decided that they were moving back to Michigan and they were gone within a week. Two weeks before I graduated college I called my roommate to ask about my money and found out their phone was disconnected. That's when I realized that I would not be getting my money back.
At that point, I did one of the hardest things I had ever done at that point in my life. I took some inheritance money that my great grandmother had left me and paid off the credit card. Most of you would not do this but I didn’t want to graduate college and start my first “real” job in debt.
To this day, I have never let anyone borrow money. You have to realize that if you let someone “borrow” money, consider it like gambling. There is no guarantee that you will get it back. Are you willing to take that risk?
- Coach Kim
I was in college and had a roommate, like most of you do when you go to college. My mom helped me build my credit by putting me on some of her credit cards so by the time I got to college I had good, established credit. She also taught me how to live on a budget, no matter how much I made.
One day my roommate came to me and asked me if I would do a cash advance of $1500 for their business. My roommate didn’t go to college but owned a painting business and needed some money to get materials to finish a job and get paid. They told me that they would pay me as soon as the job was done and they got paid.
So I lent them the money. Why?
Because I trusted them. About a week later they gave me the $1500 and I applied this to the credit card. I was worried because my mom had always told me that you never charge what you cannot pay off at the end of the month and to never carry a balance.
Well about a month later, my roommate came to me, again, and said that they needed $1800 for the same reason, but for a different job. Since I got the money quick the first time I didn’t hesitate to drive to the credit union and get the money for them.
Well a week passed, no money, 2 weeks passed, still no money. I was about 4 weeks from graduating college when I asked my roommate if they had the money they owed me. They said the job was done but they were waiting to get paid from their client.
Soon after that, my roommate decided that they were moving back to Michigan and they were gone within a week. Two weeks before I graduated college I called my roommate to ask about my money and found out their phone was disconnected. That's when I realized that I would not be getting my money back.
At that point, I did one of the hardest things I had ever done at that point in my life. I took some inheritance money that my great grandmother had left me and paid off the credit card. Most of you would not do this but I didn’t want to graduate college and start my first “real” job in debt.
To this day, I have never let anyone borrow money. You have to realize that if you let someone “borrow” money, consider it like gambling. There is no guarantee that you will get it back. Are you willing to take that risk?
- Coach Kim
Concerts, ATMs, and Tracking - Solana
Tuesday, November 24, 2009
WELL, where do I start?
My first meeting with my coach went great, I’m very lucky to have a coach as wonderful as Kim.
One of the things that she gave me was a print out of my spending history from the past couple months, which in the past I have never looked back on, nor even kept up with for that matter.
Seeing all the things I spent money on made me realize how much I can cut down on little things that I don’t even need. You don’t comprehend how much the little things add up to sometimes until you actually see them in front of you.
So what’s a solution to keeping up with your spending? It’s simple! Balance your checkbook.
I am currently documenting every time I make a transaction. Before the challenge I would call in and check my balance through a simple telephone call, sometimes it wasn’t the prettiest reaction on my end after hearing my current balance.
I would often ask myself: "How can I only have X amount of money in my account? Where did it all go?"
After keeping track of all my spending now and often balancing my account I no longer ask myself that question, because I always know how much money is in my account, what I spent here, and how much I can spend there. Sure it’s a little work to document every little dollar spent, but in the long run it pays off, and you’re not sitting there having to back track on everything you spent money on.
Recently I planned to attend a concert in New Braunfels, and to pay for it I had my debit card with me, without thinking that there was a possibility that they would only be taking cash. When I handed the man my debit card he of course said “It’s cash only, but we do have an ATM!”
I then thought to myself, "oh great an ATM but I hate those silly service charges they force you to pay". So of course without any other option I get money out of my checking from the ATM, with an additional charge of almost 5 dollars for just simply using it.
It was at that point I thought to myself, why don’t I just always have some cash on me just in case I need it so that I am not having to use the ATM every time I need cash on the spot.
I depend on using my debit card for everything not thinking that some places don’t take debit cards, only cash. For instance football games, concessions, concerts or any type of sporting event doesn’t usually accept debit cards unless you by in advance or something.
The solution I came up with to this is each month when I deposit my check; get about $40.00 dollars in cash out just to be safe. This eliminates being jibbed with the service charges ATMs force you to pay.
I’m continuing to save for my goal of paying my parents back for the wreck I got in and determined to achieve it!
I plan to cut down on my spending; eliminating the little unnecessary items I tend to splurge on.
Until next time,
Solana (:
Meet Nikki!
Meet Nikki, one of our Savings Challenge Coaches. She loves writing music and performing and is looking forward to helping her contestant succeed.
Getting Ready for the Holidays- Lynda
Monday, November 23, 2009
Hi, it’s Lynda. Just thought I would blog real quick about my meeting I had with Nikki. We met this Friday November 20th and we talked about what we are going to do this year in the challenge. We discussed how to save money and from my track record I am doing a very good job of that. I only spend on things that I need, not want and so far that has been six dollars on Christmas cards for the soldiers in Afghanistan.
I have also thought about ways for my money to go further this holiday season. For Christmas gifts I plan on spending a maximum of twenty dollars for four gifts for my mom, dad, grandma, and brother. You might wonder how this is possible, but I have my ways.
First I found the movie Push for ten dollars for my brother, and for my dad I am making him a CD with all my favorite songs, and finally for my mom and grandma I am making a bracelet since I love making jewelry.
We also talked about when we would be able to meet with each other which would be more than once a month. Nikki mentioned what we are going to be doing next in the workshop which will be setting and achieving goals. I am really looking forward to this workshop.
Nikki and I also discussed the presentation I have to prepare for, and gave me a copy of the criteria from last year. With a lot of great topics to choose from it is going to be very hard to decide on the top two topics to do research on. We also have to decide what venue to present our topic, whether it’s in class, club, SMHS branch, or another place.
Nikki is very cool and is nice to talk to. With my coach, I am going to learn a lot this year about credit cards, car loans, investing, and building my credit. Nikki says I am already on my way with saving for college. I am so excited and grateful to have been chosen for this challenge.
- Lynda
Meet Solana!
Meet Solana- an SMHS Savings Challenge contestant. She is saving money to pay her parents back for a car accident from the beginning of the school year.
Tracking Time- Katelyn
Sunday, November 22, 2009
So, Kelsey B. is totally awesome. I love having her as my Savings Coach. We are talking about the lingo, which I am so naive on. But I'm getting better.
We have been discussing different ways of saving and which would be best for me. Having my money put away so that nobody can reach it is what we decided would be the best approach.
At our first meeting, she had printed up all my transactions from this year and totaled them up. It was amazing to see how much I really spend. I never thought I could spend a thousand dollars on things “just because,” especially when I try to be so frugal. I thought that by remembering I had a truck and school and life to pay for that I would be able to not spend very much. But by not keeping track I had no way of monitoring my spending.
I've started keeping track of all the money I spend, even if its spare change at a gas station and it has really helped. I realize when I am spending money and stop to think, do I really really need this?? Or is it just something that I want?
Although it’s good to get things you want every once in a while, you have to be careful when purchasing “discretionary” items. Personally, I tend to binge shop. I will do really well for a while. Then all of a sudden the urge to buy things hits me, and I spend a couple hundred dollars easy. So now, when I get the urge to binge shop I go to target and shop in their dollar section. They have a lot of really cute stuff and it usually ends up being fifteen dollars or under for a bunch of stuff.
Being a part of the Savings Challenge has made me consider the value of money much closer than I have ever had to before. Yes, I pay for a lot of my own stuff, but money was never something I stressed or worried about. It's money; it's not a big deal. Wrong.
While money is not the most important thing in life compared to happiness or love or peace, it is vital in living a comfortable life. The future I want to have will cost a lot of money, but it will be worth it. Over ten years more of schooling will cost a small fortune, but when I make it I hope to be able to pay back any loans I may have…as long as I remember what I learn and watch my finances along the way.
- Katelyn
Meet Lynda!
Thursday, October 29, 2009
Lynda is one of the 2009-2010 Savings Challenge Contestants. Lynda is a sophomore at San Marcos High school. She enjoys fencing, and is saving for college and a car.
Catchy Commercials, But Not Free
Thursday, October 22, 2009
Over the past two weeks, A+ employees have attended four different college fairs at local high schools. I was fortunate enough to attend two of them. At the fairs, we decided to have a trivia contest to test the knowledge of the high school students in attendance. We asked students to enter by filling out a slip of paper asking for name, email, and an answer to one question with four options to choose from:
“What site allows you to download a free copy of your credit report from the three major bureaus yearly?”
a. Myfico.gov
b. Freecreditreport.com
c. Irs.gov
d. Annualcreditreport.com
We would like to say we were surprised with the response, but, with those catchy commercials, it was no surprise that 63% of students chose freecreditreport.com. In total, 83% of students got the answer wrong.
But is this just for high school students? Are they the only ones who don’t know where to get a free copy of their credit report? What about you? Do you know the answer?
The only government sponsored site where people can get a free copy of their credit report annually from each of the three major reporting bureaus is www.annualcreditreport.com.
Lenders use information from at least one, if not more, of the three when making their decisions. The three bureaus are TransUnion, Experian, and Equifax.
The first option, myfico.gov, is the site where you can PAY to receive your credit score, which is different from your credit report. Your credit report details your credit accounts with information such as outstanding balances, payment history, contact information, and more. Your credit score is calculated by each bureau using a formula developed by the Fair Isaac Corporation (FICO). Because each bureau reports different information on your credit report, scores from each bureau can vary. This FICO score is used by most lenders when they determine how much of a credit risk you are.
The second option, Freecreditreport.com is, in fact, not free and definitely not part of the government sponsored program. The site is owned by one of the bureaus, Experian. When you go to the front page, there is a disclaimer down on the left:
The third option, irs.gov, is the home page for the Internal Revenue Service, or the people that oversee taxes. Although taxes are important, irs.gov does not provide your free credit report.
You may be wondering, “Yeah, this is all great, but does it really matter? Why do I need to check my credit report each year?”
Well, what if I told you that the majority of credit reports have at least one error? And what if I told you that about a quarter of them have an error that is serious enough to prevent the person from getting credit at all?
These errors aren’t just misspellings or wrong addresses; they are credit accounts you never opened, missed payments you did in fact make on time, and more.
By checking your credit report on an annual basis, you can catch these errors and get them resolved. You can make sure no one has opened a credit account using your information illegally.
In short, it’s important to get and check your credit report once a year. This simple action can save you a lot of time and money later.
“What site allows you to download a free copy of your credit report from the three major bureaus yearly?”
a. Myfico.gov
b. Freecreditreport.com
c. Irs.gov
d. Annualcreditreport.com
We would like to say we were surprised with the response, but, with those catchy commercials, it was no surprise that 63% of students chose freecreditreport.com. In total, 83% of students got the answer wrong.
But is this just for high school students? Are they the only ones who don’t know where to get a free copy of their credit report? What about you? Do you know the answer?
The only government sponsored site where people can get a free copy of their credit report annually from each of the three major reporting bureaus is www.annualcreditreport.com.
Lenders use information from at least one, if not more, of the three when making their decisions. The three bureaus are TransUnion, Experian, and Equifax.
The first option, myfico.gov, is the site where you can PAY to receive your credit score, which is different from your credit report. Your credit report details your credit accounts with information such as outstanding balances, payment history, contact information, and more. Your credit score is calculated by each bureau using a formula developed by the Fair Isaac Corporation (FICO). Because each bureau reports different information on your credit report, scores from each bureau can vary. This FICO score is used by most lenders when they determine how much of a credit risk you are.
The second option, Freecreditreport.com is, in fact, not free and definitely not part of the government sponsored program. The site is owned by one of the bureaus, Experian. When you go to the front page, there is a disclaimer down on the left:
“Important information:
When you order your free report here, you will begin your free trial
membership in Triple Advantage. If you don’t cancel your membership within the
7-day trial period, you will be billed $14.95 for each month that you continue
your membership.
Consumerinfo.com, Inc. and Freecreditreport.com are not affiliated with the
annual free credit report program. Under a new Federal law, you have the right
to receive a free copy of your credit report once every 12 months from each of
the three nationwide consumer reporting companies. To request your free annual
report under that law, you must go to www.annualcreditreport.com.”
The third option, irs.gov, is the home page for the Internal Revenue Service, or the people that oversee taxes. Although taxes are important, irs.gov does not provide your free credit report.
You may be wondering, “Yeah, this is all great, but does it really matter? Why do I need to check my credit report each year?”
Well, what if I told you that the majority of credit reports have at least one error? And what if I told you that about a quarter of them have an error that is serious enough to prevent the person from getting credit at all?
These errors aren’t just misspellings or wrong addresses; they are credit accounts you never opened, missed payments you did in fact make on time, and more.
By checking your credit report on an annual basis, you can catch these errors and get them resolved. You can make sure no one has opened a credit account using your information illegally.
In short, it’s important to get and check your credit report once a year. This simple action can save you a lot of time and money later.
Catching up with Rosie- 08-09 Savings Challenge Finalist
Wednesday, October 7, 2009
We recently caught up with Rosie, a 08-09 SMHS Savings Challenge finalist. She graduated at the end of this past school year and is currently working two jobs. She plans to start courses at Austin Community College (ACC) within the next two months.During the challenge, Rosie’s goal changed from saving money for her 18th birthday, to saving enough money to help her mom and her move into a place of their own. She was trying save at least $1000. Although she didn’t achieve her goal by the end of the challenge, she continued and was able to use the money she had saved for half of a down payment for an apartment and to start utilities in the new place.
Rosie has taken a lot from the challenge. She actually started taking care of how she spends her money, and now, she is saving for a car. If she ever has a little extra time, she will crack open her NEFE financial book and do a few lessons on her own.
“This was the turning point in my financial life. I would say I have my spending down to a science.” She pays herself first, as she learned from the financial classes and her A+ mentors, then she pays her bills, and finally, she saves the rest in a separate savings to purchase a car.
She says the best part of being a finalist was interacting in the meetings with her coach and learning about credit and other things she probably wouldn’t have learned elsewhere. She really enjoyed working with her coach and having help with the things she didn’t understand.
To the current finalists, she recommends paying attention in the meetings with their coaches and in the financial education classes.
“Don’t put off saving your money and cut down on the impulse buying. Listen to what your coach says and take the advice given to you.”
Congratulations to our Finalists!
Thursday, October 1, 2009
Check back for introductions to our 5 finalists!
From our press release:
A New “Challenge” for San Marcos High School Students
A+ Federal Credit Union’s High School Savings Challenge Enters Second Year
With all the attention to credit protections for students and young adults brought about by the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, it is especially important that students receive financial education at a young age before entering college or the workforce. After a very successful inaugural year, the San Marcos High School (SMHS) Savings Challenge, sponsored by A+ Federal Credit Union (A+FCU), once again seeks to educate young people about financial matters, encourage them to achieve their savings goals, and empower them to succeed in their financial futures.
In the Challenge, five SMHS students compete to achieve their savings goals over the course of the school year while A+ financial coaches guide them to learn life-long money management skills. The students’ diverse goals range from saving for college, saving for a fuel-efficient vehicle, to saving to support a four-year-old child. The competition begins October 1, 2009, and winners will be announced at the SMHS Senior Awards Assembly in May, 2010. The grand prize winner will receive a $1,000 A+ Visa gift card. Second place receives a $500 A+ Visa gift card. Third, fourth and fifth place winners receive a $250 A+ Visa gift card.
Of eleven worthy applicants, the following SMHS students have been selected to compete in the Challenge:
From our press release:
A New “Challenge” for San Marcos High School Students
A+ Federal Credit Union’s High School Savings Challenge Enters Second Year
With all the attention to credit protections for students and young adults brought about by the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, it is especially important that students receive financial education at a young age before entering college or the workforce. After a very successful inaugural year, the San Marcos High School (SMHS) Savings Challenge, sponsored by A+ Federal Credit Union (A+FCU), once again seeks to educate young people about financial matters, encourage them to achieve their savings goals, and empower them to succeed in their financial futures.
In the Challenge, five SMHS students compete to achieve their savings goals over the course of the school year while A+ financial coaches guide them to learn life-long money management skills. The students’ diverse goals range from saving for college, saving for a fuel-efficient vehicle, to saving to support a four-year-old child. The competition begins October 1, 2009, and winners will be announced at the SMHS Senior Awards Assembly in May, 2010. The grand prize winner will receive a $1,000 A+ Visa gift card. Second place receives a $500 A+ Visa gift card. Third, fourth and fifth place winners receive a $250 A+ Visa gift card.
Of eleven worthy applicants, the following SMHS students have been selected to compete in the Challenge:
- Katherine Wright, senior
- Solana Dever, junior
- John West, senior
- Lynda Brundin, sophomore
- Katelyn Sundquist, senior
These contestants will be judged based on various criteria including their percentage increase in savings, successful completion of financial education courses, and a presentation to their peers on personal finance.
A+ Federal Credit Union is dedicated to providing the communities we serve with free financial education resources to help everyone achieve financial independence whether in our student-run branch at SMHS, online in the Education Center of our website, or at one of our free seminars. A+FCU remains committed to the belief that learning smart money skills is important at EVERY life stage.
For more information: https://aplusfcu.org/education/students-only/smhs-savings-challenge AND http://smhssavingschallenge.blogspot.com/
A+ Federal Credit Union - With 11 Austin area locations, more than $700 million in assets, and over 86,000 members that include not only educators, students, and their families, but other members of the community as well, A+FCU has grown to become one of the largest credit unions in Austin. To find out more, visit the website at aplusfcu.org.
The Judges Have Been Deliberating!
Monday, September 28, 2009
This afternoon the four SMHS Savings Challenge judges deliberated over the applications we received. Our judges include:
1. Keith Kelso, Member Services Counselor, Financial Wellness Coach
2. Mary Gray, AVP Human Resources
3. Teresa Collins, AVP Member Service Support
4. Muna Whitlock, Marketing Director
They looked over 11 applications from students in grades 9-12.
They have chosen the 5 finalists for the Savings Challenge and those winners will be announced later this week.
Meet the Applicants- Iris
Iris is a senior at San Marcos High School who has the goal of going to school. However, she will be paying for school by herself. She currently works, but with the help of the Challenge, she will receive the tools to begin to responsibly manage her money. She will also be able to use this knowledge in the future.
To accomplish her goals, she is willing to work more and save more. By being able to go to college, she will receive the education she needs to pursue a job in nursing. The Challenge will help her save to afford textbooks and other materials necessary to succeed in college.
To accomplish her goals, she is willing to work more and save more. By being able to go to college, she will receive the education she needs to pursue a job in nursing. The Challenge will help her save to afford textbooks and other materials necessary to succeed in college.
Meet the Applicants- Katherine
Katherine is a senior at San Marcos High School with the goal of saving for her four year old daughter. She doesn't receive support from the father or father's family or her own family. She has moved twice with her daughter and wants to provide for her daughter as much as possible.
She is living with two people who moved to Texas after Hurricane Katrina. They are not blood relatives, but have helped her and her daughter so much over the past four years. Part of her savings goal is to give back to this family and show her appreciation for their help. She also wants to study hard, graduate and go to college.
The challenge will help her give back to those who have helped her and also help her make the right steps into the future.
She is living with two people who moved to Texas after Hurricane Katrina. They are not blood relatives, but have helped her and her daughter so much over the past four years. Part of her savings goal is to give back to this family and show her appreciation for their help. She also wants to study hard, graduate and go to college.
The challenge will help her give back to those who have helped her and also help her make the right steps into the future.
Meet the Applicants- Solana
Solana is a junior at San Marcos High School and has the goal of paying her parents back for some repairs that were needed to fix her car.
On the first day of school, she had a problem that ended up costing her $2000 to repair damage to her car. She didn't have the money to cover the costs, so she borrowed the money from her parents, and now has to pay it back. She wants to pay her parents back because they paid for the car, gas and insurance, but she doesn't feel they should pay for her mistakes.
She knows she will have to make some changes to accomplish this goal. She referees soccer and babysits and will put away more money towards paying her parents back. And instead of buying lunch at school, she will start to bring her lunch from home. Finally, she will cut back on spending on non-essential items.
By accomplishing this goal, it will teach her self-discipline and responsibility. It wills also give her a sense of pride and self-respect and motivate her to continue to save for other goals like a graduation trip and college.
By being a Challenge Finalist, she will develop important knowledge and skills to help her effectively manage her finances and establish a routine to regularly save to be ready for the unexpected.
On the first day of school, she had a problem that ended up costing her $2000 to repair damage to her car. She didn't have the money to cover the costs, so she borrowed the money from her parents, and now has to pay it back. She wants to pay her parents back because they paid for the car, gas and insurance, but she doesn't feel they should pay for her mistakes.
She knows she will have to make some changes to accomplish this goal. She referees soccer and babysits and will put away more money towards paying her parents back. And instead of buying lunch at school, she will start to bring her lunch from home. Finally, she will cut back on spending on non-essential items.
By accomplishing this goal, it will teach her self-discipline and responsibility. It wills also give her a sense of pride and self-respect and motivate her to continue to save for other goals like a graduation trip and college.
By being a Challenge Finalist, she will develop important knowledge and skills to help her effectively manage her finances and establish a routine to regularly save to be ready for the unexpected.
Meet the Applicants- Samuel
Samuel is a freshman at San Marcos High School. His goal is to save for a laptop to use for school now and in the future. Now that he is in high school, he has really started to think about college more and more everyday and knows how important it is to learn to save.
He wants to get in the groove of stopping some of the stuff he does such as going to the movies so often and spending money on careless items such as clothing and shoes. He estimates he spends over $300 a year on shoes. He wants to stop spending money on so many things that are not necessities.
He feels that saving for a laptop will not only help him for school, but in general learning to save will help him in the long run in managing money. And with the leftover money he saves, he will have a great start on his college funds for his great and bright future.
He wants to get in the groove of stopping some of the stuff he does such as going to the movies so often and spending money on careless items such as clothing and shoes. He estimates he spends over $300 a year on shoes. He wants to stop spending money on so many things that are not necessities.
He feels that saving for a laptop will not only help him for school, but in general learning to save will help him in the long run in managing money. And with the leftover money he saves, he will have a great start on his college funds for his great and bright future.
Meet the Applicants- Joseph
Joseph is a senior at San Marcos High School with a simple, but not easy, goal of helping his parents, who have been saving since he was born, pay for his college education.
Joseph wants to be involved in law enforcement by earning a degree in criminal justice at Texas State. He did some research on the Texas State website and found it would cost approximately $17,100 per year for an in-state student living at home.
Although his parents have been saving since he was born, the current economy has affected their savings. Joseph decided he should save to help pay for his education. To help save, he has been working part-time for almost a year, but until recently, he hasn't given much though to saving money.
To achieve his goal, he is willing to trim how much he spends on entertainment. This includes going to a matinee instead of a full-price movie, eating out less, and renting movies instead of always going to the theater. He's also willing to cut back on how much he spends on gas for his car by thinking about his errands and trips and combining them.
Participating in the Challenge will provide him with the financial guidance and advice to help him save more and help him throughout life.
Joseph wants to be involved in law enforcement by earning a degree in criminal justice at Texas State. He did some research on the Texas State website and found it would cost approximately $17,100 per year for an in-state student living at home.
Although his parents have been saving since he was born, the current economy has affected their savings. Joseph decided he should save to help pay for his education. To help save, he has been working part-time for almost a year, but until recently, he hasn't given much though to saving money.
To achieve his goal, he is willing to trim how much he spends on entertainment. This includes going to a matinee instead of a full-price movie, eating out less, and renting movies instead of always going to the theater. He's also willing to cut back on how much he spends on gas for his car by thinking about his errands and trips and combining them.
Participating in the Challenge will provide him with the financial guidance and advice to help him save more and help him throughout life.
Meet the Applicants- Lynda
Lynda is currently a sophomore at San Marcos High School with a goal of saving for college to get the best education possible. She also wants to save for various items including money for a car, insurance, and the gas to get her around the campus or town.
She is willing make changes to help her achieve these goals, including finding part-time jobs, and taking on more chores around the house to increase her allowance. By working towards her goal in the Savings Challenge, she will be more prepared for college financially and reduce the need for loans.
The Challenge will not only help her in the short run with financial coaching, but it will help her in the long run with good financial knowledge.
She is willing make changes to help her achieve these goals, including finding part-time jobs, and taking on more chores around the house to increase her allowance. By working towards her goal in the Savings Challenge, she will be more prepared for college financially and reduce the need for loans.
The Challenge will not only help her in the short run with financial coaching, but it will help her in the long run with good financial knowledge.
Meet the Applicants- John
John is a senior at San Marcos High School with a goal of buying a vehicle that is both affordable and fuel efficient.
His goal is to be able to afford a car completely on his own, including expenses such as gas money, insurance, maintenance and repair, and most importantly, the vehicle itself. By owning his own car, he wouldn't have to rely on his parents or friends to drive him around when he needs to be somewhere. He won't miss out on opportunities when he doesn't have a ride.
He believes that once he achieves this goal, he will be able to succeed in his education and career, as he will no longer be dependent on others to take him places.
His goal is to be able to afford a car completely on his own, including expenses such as gas money, insurance, maintenance and repair, and most importantly, the vehicle itself. By owning his own car, he wouldn't have to rely on his parents or friends to drive him around when he needs to be somewhere. He won't miss out on opportunities when he doesn't have a ride.
He believes that once he achieves this goal, he will be able to succeed in his education and career, as he will no longer be dependent on others to take him places.
Meet the Applicants- Charlie
Tuesday, September 22, 2009
Charlie is a freshman at San Marcos High School and has big dreams for his future. He feels that learning to save money will help him succeed in achieving these dreams.
His goal for this Challenge is to save money for a car. He realizes that something this big will not be easy, but feels that if he keeps his mind to it, tries his hardest, and never gives up, he will achieve this goal and any others he has. However, saving money isn't easy for him, not because he spends a lot, but because he doesn't earn a lot of money and has an addiction to chocolate! He knows he would need to cut back on needless spending in order to achieve his goal.
By saving enough money for a car and reaching his goal, he will show himself that he CAN reach any goal he has set for himself. He wants to be an "A+ person".
Thoughts or comments? Leave them here!
Check back for more applicants, to meet the finalists, and follow the Challenge.
His goal for this Challenge is to save money for a car. He realizes that something this big will not be easy, but feels that if he keeps his mind to it, tries his hardest, and never gives up, he will achieve this goal and any others he has. However, saving money isn't easy for him, not because he spends a lot, but because he doesn't earn a lot of money and has an addiction to chocolate! He knows he would need to cut back on needless spending in order to achieve his goal.
By saving enough money for a car and reaching his goal, he will show himself that he CAN reach any goal he has set for himself. He wants to be an "A+ person".
Thoughts or comments? Leave them here!
Check back for more applicants, to meet the finalists, and follow the Challenge.
Meet the Applicants- Alex
Alex is a sophomore at San Marcos High School. He wants to be a contestant in the Savings Challenge because it will help him buy a new car with his own money. He knows that to win the Challenge, he would have to stop buying new fishing equipment, new shoes, new games, and stop going to the movies.
He feels that if he learns how to save money for a car, it would also teach him to take care of it because he bought it with his own money.
Thoughts or comments? Leave them here!
Check back for more applicants, the finalists, and to follow the challenge!
He feels that if he learns how to save money for a car, it would also teach him to take care of it because he bought it with his own money.
Thoughts or comments? Leave them here!
Check back for more applicants, the finalists, and to follow the challenge!
Meet the Applicants- Katelyn
Katelyn is a senior at San Marcos High School. Her goal is to attend Baylor University and participate in their Bachelor of Arts in Medical Humanities program. After getting her Bachelor's, Katelyn will take her MCATs and go to medical school. She plans to specialize in psychology and neurology and work with children with mental handicaps.
She is saving so she can afford college and enable herself to go into the medical field. To reach her goals, she works all summer and school year and puts most of her money into a savings account for college. She is willing to work hard to increase her college savings.
Katelyn believes that meeting with a savings coach will help her make smarter financial decisions and most importantly, it "will change my life".
Comments or questions for Katelyn? Post them here. Check back for more applicants and to learn who the final contestants are!
She is saving so she can afford college and enable herself to go into the medical field. To reach her goals, she works all summer and school year and puts most of her money into a savings account for college. She is willing to work hard to increase her college savings.
Katelyn believes that meeting with a savings coach will help her make smarter financial decisions and most importantly, it "will change my life".
Comments or questions for Katelyn? Post them here. Check back for more applicants and to learn who the final contestants are!
Introducing the San Marcos HS Branch!
Monday, September 21, 2009
We are very fortunate to have an in-school branch at San Marcos High School. The High School branch functions very similarly to a regular branch. High School Interns act as tellers and promote the branch in the school. The branch is fairly new, as is the high school. Below are some pictures of the branch. More to be added later.
Announcing the 2009-2010 Challenge!
Thursday, September 10, 2009
We are happy to announce the 2009-2010 San Marcos High School Savings Challenge!
We are currently handing out and accepting applications for the start of the Challenge in September.
In the SMHS Savings Challenge, students compete to achieve their savings goals over the course of the school year. A+ financial coaches guide these students and help them learn life-long money management skills.
Once applications have been accepted, 5 contestants will be chosen to participate. Contestants must be San Marcos High School students and A+ FCU members. These contestants will be judged based on various criteria. These include their percentage increase in savings, successful completion of financial education courses, and more.
Winners will be announced at the SMHS Senior Awards Assembly. The grand prize winner will receive a $1000 A+ Visa gift card. Second place will receive a $500 A+ Visa gift card. Third, fourth and fifth place winners will receive a $250 A+ Visa gift card.
For more information or to request an application, stop in the San Marcos HS branch or email our Community Education Specialist.
Our 2008-2009 Savings Challenge was extremely successful. Learn more about the winners and contestants here.
We are currently handing out and accepting applications for the start of the Challenge in September.
In the SMHS Savings Challenge, students compete to achieve their savings goals over the course of the school year. A+ financial coaches guide these students and help them learn life-long money management skills.
Once applications have been accepted, 5 contestants will be chosen to participate. Contestants must be San Marcos High School students and A+ FCU members. These contestants will be judged based on various criteria. These include their percentage increase in savings, successful completion of financial education courses, and more.
Winners will be announced at the SMHS Senior Awards Assembly. The grand prize winner will receive a $1000 A+ Visa gift card. Second place will receive a $500 A+ Visa gift card. Third, fourth and fifth place winners will receive a $250 A+ Visa gift card.
For more information or to request an application, stop in the San Marcos HS branch or email our Community Education Specialist.
Our 2008-2009 Savings Challenge was extremely successful. Learn more about the winners and contestants here.
Subscribe to:
Posts (Atom)
