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WelcomeWelcome LoginMay 23, 2023
During April’s Financial Literacy Month, German American Bank partnered with Impact-as-a-ServiceTM education innovator, EVERFI, to host the fourth annual Financial Literacy Bee. This digital learning challenge enabled students to learn about important financial literacy concepts ranging from budgeting and saving to employment, income, investing, and insurance.
Students ages 13-19 were able to compete to win a $500 gift card from EVERFI in addition to one of four regional $500 prizes awarded by German American Bank. Participants completed a capstone entry in which they shared a short, medium, or long-term savings goal and outlined a plan for how to get there using what they learned.
The winners are Parker Hawks, a Moss Middle School student from Bowling Green, Kentucky, Emma Sanders, a Hart County High School student from Munfordville, Kentucky, Grace Stevens, a William Henry Harrison High School student from Evansville, Indiana, Maya Bullock, a Madison Junior High School student from Madison, Indiana, and Hailey Turiczek, a duPont Manual High School student from Louisville, Kentucky. Read their winning essays below.
Parker Hawks
Moss Middle School – Bowling Green, KY
Having a goal oriented mindset is important for everyone, but especially for those of us who started this life in poverty. In particular, a short term savings goal for me is to get a job and save at least 50% of each paycheck so that I can start a savings account in my name. A medium goal of mine is to have at least $5,000 in a savings account by the time I graduate high school and another $1,000 in my regular checking account. This is particularly important to me so that I am able to help fund my college education. A long term savings goal would be to continue saving around 50% of each of my checks through college so that I can break the cycle of poverty in my family. Neither of my parents went to college and both have struggled with drug addiction. I do not want to continue that in my family and become the first generation college graduate. Having a savings account would make the world of difference for me in breaking that cycle of poverty and drug abuse.
The first step I plan to take to achieve my goals is to set deadlines with definitive end goals. Setting incremental deadlines and checkpoints is very important. The Leader in Me program at my school taught me to begin with the end in mind. In order to achieve our goals, we have to set checkpoints and then plan to work towards the smaller goals in order to reach the larger ones. The second step would be to make a plan of action to reach each checkpoint. Outlining what to do along the way will help to keep me on track and allow me to see progress. For instance, when I am able to get a job and start collecting paychecks, the plan is for me to save at least half of each paycheck. This will allow me to put a significant amount of each paycheck into savings while also giving me enough money for other expenses along the way. Having that plan in place will help me reach each goal. If I want to have $5,000 in a savings account by the time I graduate high school, I have to start saving up.
The single greatest takeaway from this course was teaching me how to save when in trouble and plan out how to save up money for college and even beyond college. It shows us information and gives us tips about finance and how to plan to save and other great things. It shows us some things in life that we need to use daily, like if you don’t have enough money to buy a car, you can make a plan to start saving up or if you want to go to college, start saving money early. It teaches us what to do and how to start a plan when you don’t have that much money and that can come a long way from now. When it talks about Budgeting for Medium-Term Goals, it gives us tips on how to save. For example, you can reduce wants by cutting 30% of spending what you want. Another example is reducing needs. You can reduce needs by finding a gas station with cheaper gas or getting a better deal with car insurance by another company.
Maya Bullock
Madison Jr. High School – Madison, IN
One short-term goal I have is to buy myself an Apple Watch with cellular data before summer break. I want to buy myself an Apple Watch with cellular data to stay in touch with family and friends more conveniently. There is the Apple Watch SE, Apple Watch Series 8, and the Apple Watch Ultra. The Apple Watch SE has a starting price–with cellular data–of $299 and a case size of 44mm or 40mm. The Apple Watch Series 8 has a touch more advancement with its starting price–with cellular data–of $499 and a case size of 45mm or 41mm new edge-to-edge display. The Apple Watch Ultra is the most advanced Apple Watch model being produced with cellular data already being integrated. Its starting price is around $799 and a case size of 49mm with a flat sapphire front crystal with display edge protection. Although the other two models have more advancements, for my daily life, I think the Apple Watch SE is the most sensible choice.
Now that I have decided on a model, I need to plan to save money to buy the Apple Watch. During the Financial Literacy BEE Everfi Module Two, I learned about some ways to save money. The first strategy I learned was the “Do-It-Yourself Buckets”. I have decided on three essential “buckets”. The first is emergency money, the second is spending money, and the third is money for the Apple Watch SE with cellular data. I will want to save at least $450 to have enough money for the Apple Watch itself and accessories like a screen protector and a fun watch band. To save this money I will save some of my existing money and pick up some extra chores like helping my dad clean up the backyard. If I put $250 dollars in my Apple Watch “bucket” I will need $200 more to meet my goal. To do this I can babysit, which pays me about $50 per session. I will need to babysit four times in four weeks to gain $200. If I am able to do this, I will have saved enough money using a sustainable technique.
The single greatest takeaway from this course is learning how to manage and save money. There are a lot of things in life that I am going to want or need in the near or far future. Before this course, I knew virtually nothing about how to effectively save my money but now I have learned four, amazing, techniques. One technique is Do-It-Yourself Buckets. This technique is the one I will use most often as a young teenager without a job or driver's license. The second technique is opening a checking account which, I believe, is a good option for teenagers who need to have money ready for emergencies, gas, or entertainment. The third technique is opening a savings account I believe this is an amazing option for those looking to pay for things like a house or car in the future. The fourth technique is to use pre-paid cards. I think this technique is great for any age. This course really taught me the value of money and how to use it wisely.
Hailey Turiczek
duPont Manual High School – Louisville, KY
As I begin to look toward my future, my long-term goal is to graduate college debt-free. As a first-generation college student, I want to be able to relentlessly pursue my education without having financial restraints holding me back. Over my high school career, I have worked tirelessly to get into college, however, I now have to finance my education completely on my own. Neither my grandparents nor my parents attended college, so I had to figure out how to manage school and applications myself. Nevertheless, I remained diligent in my studies and challenged myself with rigorous courses. I have also maintained my extracurricular involvement and volunteer service, which is something that has always been important in my life. I believe that in order to achieve true financial independence in the future, a college degree is imperative. So, that is why I am thankful to be considered for this scholarship and that is why I am aiming to be debt free in college.
As I begin to work towards my long-term goal, I will begin utilizing the 50/30/20 rule. This saving plan recommends that 50% of income goes to necessities such as bills and groceries, 20% of income goes to savings and debts, and lastly, 30% be used for any extraneous purchases. I will begin cutting back on my expenses such as purchasing iced coffees from stores and instead manage my money wisely. I’ll still purchase my ‘wants’ but be more deliberate about it so as to not waste my hard-earned money! The second step that I will take is investing in mutual funds and CDs. Currently, I am using compound interest to make my savings work for me, but I want to be able to use my money more effectively. So, I will put part of my savings in CDs and will invest another part of my savings in mutual funds. Each month I plan to use part of my earnings to contribute to my investment. But, I will leave part of my savings available since I learned that there are many unexpected costs that may occur.
As aforementioned, I am working towards graduating debt-free with my undergraduate degree. During senior year, I have been saving and scrapping together my earnings in an attempt to support myself during college, but recently I have felt very discouraged. It seemed as though I would never have enough funds to cover every expense that college presents. The costs were overwhelming! Yet, through learning various techniques of saving and managing money through this program, I once again see that my dream is possible. If I manage my money wisely and use the techniques I have learned, I should be able to graduate with little to no debt. I would be incredibly proud to become a first-generation college student and become an example for others. I want to use my degree to help, advocate for others, and make our community a better place. After graduating, I hope to one day be completely financially independent and help support my family and loved ones.
Grace Stevens
William Henry Harrison High School – Evansville, IN
A medium-term savings goal of mine is to pay for college without going into major debt. I hope to accomplish this goal in the 4 years that it’ll take me to complete college. I’ll be entering college with an estimated yearly cost of $28,000. However, the money I received from the FAFSA will decrease this number to $22,000. My goal is to pay for the remaining balance without taking out any additional loans. This is a goal of mine because of the increasing number of American adults who are suffering from student loan debt. This year the interest rates on student loans are expected to increase, meaning that student loan debt will increase even further. In today’s society, many people would argue that it’s almost more financially beneficial to not go to college. However, I have always held career goals that can not be completed without going to college. Therefore, I must find a way to pay off as much of the cost of tuition at the beginning of each semester as possible.
As someone who plans to work as much as possible through college, I’ll need to have a set plan for my paycheck every two weeks. I plan to use a spreadsheet to map out the amount of money I can spend every two weeks as well as the amount of money I need to save. I’ll put 50% of my paycheck in a savings account to be put towards tuition, housing, and my meal plan. At the beginning of each semester, I’ll withdraw my savings in order to minimize the amount of money I’ll have to take out in loans. I’ll also save 20% of my paycheck in a separate savings account that I won’t withdraw money from until after I graduate. This money will be put towards actually paying off the student loans that I’ll have accumulated. Finally, I’ll use 30% of my paycheck to pay for going out with friends and tickets to football and basketball games. I also plan to use a portion of the money that I’ve saved up from my high school job to buy bonds.
In completion of the EVERFI modules, I had a broader awareness of how to better prepare for my financial future. I learned ways in which I can identify which investments are right for my situation, which accounts are best, and ways in which I can grow my money. Learning about these decisions now will help me make better decisions when spending now, and saving for big purchases later. I learned how to better balance my needs and wants and identify what each category entails. I also was able to understand short, middle, and long term goal standards and how to plan to achieve these goals. The biggest takeaway from this course helped me realize ways in which my dreams can become reality and that if budgeted, prepared, and planned correctly my future will look bright and financially stable.
Emma Sanders
Hart County High School – Cub Run, KY
My first job shadowing experience opened my eyes to a whole new world of finances. This experience led to my current long-term goal to become a licensed accountant or financial advisor. When looking into the steps it will take to achieve my long term goal, it is apparent that I must have several short term savings goals to accomplish first. In order to become a successful accountant, I must complete my college degree. To achieve this degree, I must be able to finance it. I plan to apply for many scholarships and grants, but because these are not definite financial options, I also plan to start an official savings plan. I want to open up a savings account to build my funds. According to EVERFI, savings accounts help to build interest, which in turn actually makes you money. Plus, withdrawal fees prevent you from spending your savings too early. I have been saving my money in a do-it-yourself bucket, but I want to further protect my money and help it grow.
I currently have a savings bond that my grandparents bought for me when I was born. Even though it has matured, I have saved these funds. This is one way in which I can invest my money to help build for my future. But I hope to begin finding more ways in which I can invest my money. My short-term goal this summer is to assist my father at his business to earn extra money, mow lawns, wash cars, and babysit to save as much money as I can. I will then take this money and use the 50/30/20 rule as my budget plan. I will spend 50% on my needs such as gas for my truck, 30% on wants like clothes, and the final 20% will go straight into my savings account. Using this rule will help me be responsible, maintain my expenses, and save money for college. I plan to do this savings plan for the next two years of my high school career. By then I hope to have saved enough money to assist in paying for college. Large student loan debt is not the way to start building financial security.
In completion of the EVERFI modules, I had a broader awareness of how to better prepare for my financial future. I learned ways in which I can identify which investments are right for my situation, which accounts are best, and ways in which I can grow my money. Learning about these decisions now will help me make better decisions when spending now, and saving for big purchases later. I learned how to better balance my needs and wants and identify what each category entails. I also was able to understand short, middle, and long term goal standards and how to plan to achieve these goals. The biggest takeaway from this course helped me realize ways in which my dreams can become reality and that if budgeted, prepared, and planned correctly my future will look bright and financially stable.