We are excited to announce the October 2024 Financial Goals Scholarship winner is Troy! Congratulations!
"I am so thankful that I was selected as a winner of the Financial Goals Scholarship from 1st Financial Bank USA. The scholarship money allows me to worry less about paying for school and I can put that money towards my flight training to become a pilot." - Troy C.
In college, you’re constantly exposed to the lifestyles of others, both in person and through social media. From the trendiest water bottle to a newly released video game, it’s easy to get caught up in the latest campus fads. However, keeping up with others financially can quickly throw off your student budget. In his essay, Troy shares a tip for sticking to a budget while still making the most of his college experience.
"At an early age, my parents instilled in me a deep understanding of the value of money and the difference between wants and needs. When I asked for the latest shoes, games, or gadgets their response was always a firm “No” followed by a reminder that we couldn't justify spending money on non-essential items. I had shoes, clothes, and even a used Nintendo Wii, which was the only game console we ever owned. My cell phone was a basic flip phone far from what my friends had but it served its purpose. Reflecting on those moments, I now realize that these were more than sufficient for what I needed. In high school when someone questioned my Walmart shoes, I'd confidently respond that I worked too hard to spend money on something as trivial as a pair of shoes. My dad reinforced this by asking me if I'd be satisfied, if after two weeks of work, my boss handed me a pair of shoes as my paycheck. Thinking about money in this way has shaped my perspective and made me appreciate the importance of wise spending decisions.
My parents taught us the importance of prioritizing long-term goals over immediate gratification. While we didn't have an abundance of wealth, my parents worked diligently to provide for my sister and I. I distinctly recall the planning of our first cruise during which we created what we called our 'Jamaica jar'. This jar was designated for extras: excursions, souvenirs, and other small luxuries. Whenever we considered spending on outings like dinner or the movies, we would, instead, contribute to the jar. Over the course of about 6 to 8 months the jar steadily filled. I remember being astonished by how much we saved. This experience taught me a powerful lesson about financial discipline, patience and the rewards of thoughtful planning.
As a proud Eagle Scout, one of the most impactful badges I earned was the personal finance badge. To help me understand financial responsibility, my parents set me up with a mock checking account, complete with checks and a register to balance. In this scenario, they treated my schoolwork as my “job”, paying me for each hour I attended. Along with this income I had financial obligations such as rent, utilities, and transportation. A portion of my earnings also had to go into savings. At first, I was proud of how much money I had leftover thinking financial management was easy. However, just before Easter break, I realized that while I was thrilled to have time off, I wouldn't be earning money during those days. To make matters worse, Mom informed me that my truck starter needed replaced. Although no actual money changed hands this exercise taught me a vital lesson. Saving for unexpected expenses is crucial, I quickly understood the importance of financial planning and preparing for unforeseen events. My advice would be, ask yourself, 'If you worked 2 weeks and your boss presented you with whatever it is you want, would you be satisfied?'”
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.
