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/
Managing personal finances is something many individuals and families struggle with. From lines of credit to loans to filing for taxes, it seems like the stream of information surrounding financial matters is never-ending and often difficult to understand. When it comes to tackling personal finances, it is easy to feel over whelmed. One way to combat this is to think of your overall financial situation in small increments and assess each part individually. Focus in on three financial issues that need to be addressed, for example, student loans, IRAs, and car payments, and figure out a plan of action for each. Breaking down financial planning will help you think more clearly, make better decisions, and benefit you in the long run.
One creeping threat to many young adults is the impending doom of student loans. With college tuition at an all time high, paying for education is definitely a financial issue that should be addressed. While a private, academically superior university may be appealing or even thought of as necessary to get a job, many employers say that where an applicant gets a degree matters very little. Consider looking into less expensive, quality colleges as a first step to avoid debt later in life.
Another thing to think about during financial planning is IRAs. Although paying up front may seem like that best solution because it can protect you from higher rate in the future, it is important to weigh all of your IRA options. Different IRAs will benefit different types of people and choosing the right payment method could saving you a good deal of money in the long run.
A third area of personal finance that should be addressed is the question of buying or leasing when you are shopping for a new car. Recently, leasing cars has become very popular and many auto manufacturers are trying to make leasing more appealing through lower pricing on standard three-year leases. However, there are other long-term factors that should be considered when leasing a car to make sure that you are getting the best deal, including the value of the car you are considering buying or leasing and how long you plan to keep the car.
For more tips on managing personal finances, please visit http://theweek.com/article/index/259371/personal-finance-tips-the-importance-of-your-college-choice-and-more.
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.