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Vault Taught Me How to Save and Spend Wisely

Today we’re featuring a guest post from student Shannon W who shares how the skills and knowledge she gained from Vault – Understanding Money™  will help her reach her financial goals of owning a house and supporting a family. Congrats to Shannon for being one of our scholarship recipients!

Student: Shannon W
Teacher: Kelly Barger
School: New Market Middle School
State: Maryland
Sponsor: MassMutual Foundation

It’s 5:00 P.M., and two kids come running toward their mother, a boy and a girl. They envelope her in hugs as she brings in the mail. There are bills to pay and catalogs for the kids. The father comes in, noticing the huge stack of bills piled up on the table. “I bet you’re glad we didn’t get that extra-large TV for the kids,” he says. The mother nods, realizing how her choice to save that money was a benefit to her financial stability. They had just bought a new house, one with a big backyard for the kids to play in, with a large, open kitchen for the mother to do her cooking in. The two kids were growing up fast, and the mother knew that this house, along with their new minivan, would be perfect to grow into. It had taken a long time, months maybe, to find the perfect house that fit their budget and their family. The mother was glad that she had paid attention in class all these years and knew how to make successful financial choices.

This is not just a story, this is how I see my future. I dream of having a happy life, being married, and having children. I know that these dreams can come true if I make good social and financial choices in the years to come. Completing the Vault – Understanding Money program in EverFi has been an essential step in my path to achieving my dream of owning a house and supporting a family.

Something that parents need to prioritize when involving money is the concept of wants and needs. In Vault, I learned that it is okay to spend money on things that you want every once in awhile, but it is essential to prioritize what you need to do with your money first. Needs include food, clothing, and shelter. Vault has greatly helped me understand the difference between these two financial factors.

Buying a house is a major step that causes difficulty for most young parents. I have the knowledge to help avoid these difficulties because of Vault. Vault taught me that you need to have good credit in order to get a loan on a house. I know that in order to buy a house, I will have to prove that I am a responsible borrower and can always pay for items on time.

In order to have enough money for a house, I will need to know how to stick to a budget. Vault showed me that a budget needs to list different needed expenses and how much money will be used on each expense. This organizational structure helps prevent overspending and will help me be more responsible with how I use my money. This is important to my future because if I am not careful with my money, I will not have enough money to buy the items that my family will need, such as a house, a car, healthy food, and clothing. Learning how to be financially literate on Vault has prepared me to use my money wisely to support my future.

 

Learn more about the Vault financial education program: https://everfi.com/k12/vault-understanding-money/

Vault Helped Me Learn about Needs vs. Wants

Today we’re featuring a guest post from Chicago student Khloe W who shares how the skills and knowledge she gained from Vault – Understanding Money™  will help her reach her goal of graduating from college and earning her doctorate. Congrats to Khloe for being one of our scholarship recipients!

Khloe W

Student: Khloe W
Teacher: Linsey Rose
School: STEM Magnet Academy
State: Illinois
Sponsor: MassMutual Foundation

Imagine standing on a tall podium, thanking your family for supporting you from undergraduate to doctorate! That is how I want to be. There are many things that this EverFi Vault has taught me that will help me accomplish [my goals]. One big accomplishment that I want to do when I grow up is go to college, and be very successful. College is very important to me because I love getting an education and learning new things. Seeing my brothers and sisters go through college, I know it can be stressful thinking about failing many times. I also know that college costs a lot. EverFi Vault has prepared me to become a successful and responsible college student through the modules.

One important thing that Vault has taught me is about the different institutions that take care of money like brokerage firms, banks and credit unions. This is important to know when I go to college because I will need a bank account, since I will be away from my parents and have my own responsibilities. Also, I will need to know about these different parts because I will need to open up savings accounts for emergencies and pay bills to help my parents with the college funds.

Knowing that college is a lot of money, Vault has also taught me to be responsible and careful with the people I share my financial information with. EverFi says that financial information is very imperative and a key to success to life. If others can get access to it, things can do bad. For example, people can hack into your account and take your name, and spend your money, and that is not good. So, we have to be mindful about the information we share to others about our financial purposes. This is important to me and my dream to go to college because the world is cruel, and people can take advantage, be manipulative, and this can be food for thought as I continue to try to accomplish my dream.

One last thing that is very important and can affect my dream is how I spend and save my money. In college, I’ve heard many stories about the students being “broke”, and having no money to live off of, or not enough to buy necessities. I do not want this to happen to me and the way I can do that is to manage my money correctly. I will make a budget and make sure to document/establish my needs and wants. This is important because some people will focus on what they want to buy to fit in and do not focus on what they need to survive or succeed. Also, I can do this by getting a debit card. EverFi Vault has taught me the difference between the two [debit cards and credit cards] and for this situation a debit card is the best decision. Knowing that I can track my balance, see transactions and transfer/send money, this can help me better manage my money and what I spend rather than using cash.

In conclusion, this is how EverFi is helping me to with accomplish my dream to go to college. Vault is a very fun and interactive game that helped me better understand real problems in the real world.

Announcing the Scholarship Contest Winners!

The Winter Scholarship Contest ended last week with a record number of student submissions. From earning their doctorates to being nautical engineers, your students shared big dreams. We loved hearing about what they’ve learned through Vault and FutureSmart, and how financial education will make a difference in their lives. Each of our five student winners earned a $1000 college savings scholarship to help make their dreams a reality. Their stories will be featured on the EverFi Blog over the coming weeks. Congratulations winners!

Khloe W, STEM Magnet Academy, Illinois

Shannon W, New Market Middle School, Maryland

Grace K, Falls Lake Academy, North Carolina

Diandra P, Giltner High School, Nebraska

Mateja C, Berlin Middle School, Wisconsin

Want to submit more stories? The Spring Scholarship Competition is now open! We will be awarding another five $1,000 college savings scholarships to students in the U.S. who complete Vault, FutureSmart, or EverFi Financial Literacy, and who provide a short reflection by April 28th. This is a great capstone project for students and allows them to reflect on what they’ve learned. Click here to learn more.