We all know how very, very expensive college is. It just seems to go up every single year. This makes it difficult for kids and parents to save and not to have to take out those horrendous student loans just to get an education. There is a great way that you can try to help your child offset these costs – and H&R Block has the answer!
H&R Block has an amazing program called the H&R Block Budget Challenge. This is a program which was created to help teens with financial management, which they can carry with them through adulthood. During the 2014-15 school year, the program focused on budgeting. This is a skill which is normally not learned until after many mistakes are made (if you are in debt and don’t have a budget, you may understand this first hand – I know I do)!
H&R Block did a study and found that 57% of teens make purchases with their own money, yet only 17% of them maintain a budget. Look at the H&R Budget Challenge like a road test for financial management. They learn how to time their student and auto loan payments, the consequences of paying rent late, how to stay within a credit limit — and so much more. These are tools that are just as important as other topics our kids learn in school.
What makes this program different is that H&R Block gives away real money. Over the course of the challenge, H&R Block will give away more than $3 million in scholarships and classroom grants. The 20 top-scoring students in each simulation will each receive $20,000 for college! That results in 120 winners!!! The top five classrooms can win up to $5,000 in grans. At the end of the program, the highest scoring student will receive $100,000 — on top of the $20,000 that they won!!
This past year’s winner was just announced this past week (on May 9th). The winner was Sean Lawrence, a St. Clair, Michigan, high school senior. He plans on studying chemical engineering at Macomb Community College for two years and will then transfer to Western Michigan University. His future goals include working hard at a well-paying job while investing in retirement and saving for a house and a car.
By learning real life lessons while still in school, these kids are set on the right financial path. The idea is just to help these kids be successful in everything in life, and not make financial mistakes along the way.
If you are interested in learning more for YOUR classroom, you can head to the DollarsandSense Blog and make sure you follow them. Sign up will launch in August of this year – so make sure you are ready!
I love that H&R Block has taken such an interest in our youth. By helping them with the topics that are just as important as sports, math, reading and science, these kids are truly on their way.