Contributed Content – If your kids aren’t already learning about budgeting and healthy financial habits, there’s no better time than today to get started.
In celebration of April as National Financial Awareness Month, State Bank of Southern Utah Reach out to all high schools in their service area to encourage teens to participate in the essay contest.
Students were asked to visit the bank’s Dollars & Sense online financial literacy program and complete a unit on budgeting, then write a 500-word essay about what they learned and how it applied to their lives. The competition resulted in more than 60 entries.
Winners selected were Caden Rucker of St. George Academy and Riley Johnson of Parwan High School. They each won an Oculus Quest 2 virtual reality headset.
Both articles demonstrated a complete understanding and implementation of the “50-30-20” rule of budgeting, just in different ways, said Tony Walser, director of digital marketing at Southern Utah State Bank.
The Dollars & Sense program teaches that 50% of an individual’s income is typically earmarked for needs like rent and utilities, 30% can be used for needs like eating out and shopping and 20% must be saved.
Kaden has adapted the method to better suit his needs. As a teenager living at home with his parents, he set aside money that would have been spent on housing to save instead, and established the “40-30-30” rule.
“He put some critical thinking into it and was able to come up with his own budget that fits his life,” Walser said.
On the other hand, Riley took the budgeting method and gave specific examples of what he would allocate to each category, such as pushing a car, going to the movies with friends and ordering fast food. He also identified areas in which he would tighten his budget and sacrifice some desires.
“He gets a soft drink every day from Maverick and suggested he give it up to save the things he needs,” Walser said.
Created by the State Bank of Southern Utah Dollars and feeling An online educational program that teaches parents and children different aspects of financial literacy. The self-learning modules, each lasting no more than 10 minutes, cover topics such as building financial capacity, making wise investments, owning a home and preparing for retirement. This wealth of information about healthy financial habits is freely available to everyone in society, not just bank customers.
Financial independence begins with a student account from the State Bank of Southern Utah. Using a debit card and accessing a digital account makes everyday money management more convenient while laying the foundation for healthy financial habits.
The student account is available to all children under the age of 25 and offers easy online registration, no monthly fee and a minimum deposit of just $10. High school students can choose to customize their discount card to show the school spirit at no additional cost, with themed cards representing more than 20 local schools from Richfield to Snow Canyon.
“We just want the kids to learn about finances,” Walser said. “It is something they need to know before graduating, going to college, and living on their own. The younger they learn, the more prepared they will be to succeed.”
Serving the community since 1957, State Bank of Southern Utah is the only owned, operated, and headquartered financial institution in Southern Utah. It owns more than $2.2 billion in assets and operates 16 subsidiaries in 14 cities and towns: Cedar City, Circleville, Delta, Escalante, Fillmore, Johnson, Hurricane, Kanab, Orderville, Parowan, Richfield, Santa Clara, St.
The State Bank of Southern Utah has thrived by focusing on the needs of its customers for more than 60 years. The Bank was established with the aim of enabling individuals and businesses to take control of their financial destiny, thus elevating the quality of life for all in society.
For more information about the State Bank of Southern Utah, visit website. The bank is an equal housing lender and a member of the Federal Insurance Corporation (FDIC).
Written by ALEXA MORGAN for St. George’s News.
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