The financial industry has struggled to restore its image since its destruction six years ago. One common approach to do so has been developing programs to inform students about financial education. Tax preparer H&R Block released its $3 millions in college scholarship money to give to high school students who get all the answers right in an online budget game.
Block is following the lead of numerous national banks that sponsor some form of financial education. Visa has also made big commitments to the cause as well. This push has been a way to teach young people practical monetary skills while improving the financial industry’s damaged reputation.
Block is not a bank nor a credit company. However, the company is still passionate about teaching youth about finances. “It’s appalling how clueless many teens are about money,” says Block CEO William Cobb. He is not shy about admitting that Block’s “budget challenge” is as much about smart marketing as it is about helping teens get smart about money. The challenge concludes on Tax Day, April 15. But Cobb says educating high school kids about student loans and more is also “the right thing to do”.
Block’s program is constructed around an online game that simulates real life problems and situations. It is apart of a class with a teacher that teaches lessons for youth personal finance. The push for the high school students is a college scholarship. The first challenge will begin Oct. 3 and last for nine weeks. Five more challenges will run through mid-April next year. Students need about 30 minutes to set up their profile and about 30 minutes per week after that in order to compete.
Although its goal is to teach, the Block program seems not only engaging but fun. Participants will have access to a leaderboard to see where they stand amongst their competitors. Youth will need to figure out what the best choices are and to try to make sense of the world of money so they can make good choices in the future.
For more information read on at http://time.com/money/3306372/financial-education-college-scholarship-hr-block/
I recently came across a great article that talks about college kids and how they can save money by doing a few easy things.
The first thing to consider is creating a budget. You should allot an amount of money each week so you don’t overspend.
The second is to wait at least thirty days to buy big ticket items. You might want that cool new thing, but do you really need it? By waiting thirty days, this will keep you from being a compulsive buyer. If you still like the item after thirty days then go ahead and buy it.
The next thing is to buy used if you can. Textbooks at college can be a huge expense. New books can cost a lot more than used. If you don’t mind having a book that might be a bit worn down and was possessed by someone before hand than by used – you’ll save a bit of money.
Another way to save a bunch of money each day and week is to pack a lunch. Buying from the cafeteria or from local establishments around campus can be expensive.
Avoiding ATM fees is also something you should consider. Try and get a bank that is on campus or near campus if you can. ATM fees might seem like a little bit of money, but overtime it can equate to a large amount.
Saving money while at college can be a hard thing to do especially if you are a new student.
I came across an article at Daily Finance that talked about five simple and easy tips to help you save a bit of money while studying at college. The first tip is to set up a checking account. A lot of college towns offer “free, no minimum balance checking accounts.” Most banks also offer free online banking, which can help a student track his or her expenses from their computer or smartphone. This will enable you to always know how much money you have. A checking account and online banking will also give you a great indication of where you are spending most of your money and where you need to cut back.
The second tip is to get a part time job. Most students might feel they have enough on their plate with a heavy course load, but if you feel extra ambitious a part time job can help you save a lot of money. According to the article, “most studies show that students who work for 20 hours or less per week don’t suffer any ill effects on their grades; in fact, a recent article in “Inside Higher Ed” reports that students with part-time jobs are likely to be even more engaged in “educationally purposeful activities.””
The third tip is to be weary of people at colleges offering you the chance to sign up for a credit card. The prospect of having a credit card might be nice, but it could also be very detrimental. You should do your research first and don’t give in to any perks you may receive from a person soliciting on your college campus.
The fourth tip is to be in control of what you are eating and how much you are consuming. Meal plans can be costly and unnecessary. Many colleges offer flex plans that charge you based on what you eat so you won’t spend as much and won’t nearly over eat and pack on costly pounds.
The fifth tip is to stay away from high textbook prices. Textbooks can be very costly especially if they are new. There are many websites that offer used or the option to rent textbooks.
These are just a few tips that can help you cut back on expenses and save money while studying at college.