We are excited to announce the November 2024 Financial Goals Scholarship winner is Ava! Congratulations!
"I am very appreciative of the $2,000 Financial Goals Scholarship from 1st Financial Bank. It is so great that 1st Financial supports students with student credit cards to give them a chance to build credit in a responsible way, and by awarding monthly scholarships. I have a 529 college savings account, and that is where my winnings will go, to continue to build tax free interest until I need the funds to pay for tuition at College of the Holy Cross where I will be a freshman next year. THANK YOU, 1st Financial!!" - Ava W.
Setting and achieving financial goals as a student can kick-start good money habits that will carry into your life post-graduation. Whether you’ve saved money to pay for college, opened a credit card to build credit, or eliminated a poor spending habit, your financial wins are worth celebrating—no matter the size. In her essay, Ava shares the most significant financial achievement in her life.
"When I was 3, my mom started me on a daily “chore” list. The list was simple things like making my bed, placing my dirty clothes in the hamper, and putting away my toys. In exchange, I received three dollars a week. I saved one dollar, spent one dollar, and gave away one dollar. I was given three labeled envelopes to keep the dollar bills until I had enough to put into my own savings account at the bank, buy something I wanted, and contribute to the donation plate at church.
My savings started to grow. Later, my mom helped me open a checking account where I could safely keep my spending money. My mom and I started talking about the time when I would need a car, and she made a deal with me -- for every dollar that I moved from my checking account to my savings account, she would immediately match. When I needed to buy a car, I would have the money to do it.
The chores I was assigned changed as I got older, and I got paid more for more difficult chores. When I turned 14, I found out about a job possibility from a classmate. The job was to be a food server at an assisted living facility. My mom agreed to provide transportation and I began getting “real” paychecks. It was a great feeling!
As my savings account grew, so did my dreams of what kind of car I could get. I had to balance my work shifts with sports, which was tough. As I got closer to my 16th birthday, I started looking on the internet for a dependable used car within my budget. We found a 2018 Nissan Rogue for sale at a rental car company. My mom and stepdad drove to get it while I was at volleyball camp, then my stepdad drove it to pick me up from camp with a big red bow on it to surprise me!
With that major purchase behind me I needed plans for my earnings. Saving money just for the sake of saving money is fun for some people, but not for me. I got another job as a lifeguard and just continued to put my earnings away in my savings account. Then my mom came to me with the news she had opened a Kiddie Roth IRA for me. I needed some education about how this worked, but when she showed me how compound interest could work to make me a multi-millionaire by the time I reached retirement age, I got really excited. Later, this information on compound interest was reinforced in my high school personal finance class.
I have learned that even small contributions over the years can lead to a substantial balance. The extended period of 47+ years will enable me to weather market volatility and take advantage of market upswings. So now, that is where my money goes – towards my future!”
Established in the year 1910, 1st Financial Bank USA (1FBUSA) provides quality community banking services in South Dakota, credit card and other financial services to college students and college graduates, and construction lending to builders, developers, and investors from coast to coast. 1FBUSA will award a $2,000 scholarship to a new winner each month. View full rules and eligibility at 1fbusascholarship.com.
