Financial literacy - defined as the ability to use knowledge and skills to manage money - is challenging for many.
That's why Reno-Sparks Rotary Clubs, District 5190, make sure the teens they are mentoring get a strong foundation in personal finances before they graduate high school. Recently, kids participating in Rotary's Achievement Beyond Obstacles (ABO) program attended a weekend workshop at Truckee Meadows Community College.
From paying bills to applying for scholarships, this class is meant to give these high-schoolers a strong understanding of their personal finances, especially as they prepare for college.
Rotarian Charlie Dodson heads up the financial literacy committee for the ABO program. "We find with these students, even though they might get a $2,500 scholarship from Rotary, when a school like TMCC costs $9,000 a year to go to, where does the rest of that money come from?"
Reno-Sparks Rotary Club’s Achievement Beyond Obstacles program mentors a group of teens starting their last year in high school through their time in college or a trade school. At the workshop, financial aid coordinators with TMCC showed the seniors their money management options. "There are many types of help; FAFSA is the first one, then we have scholarships, our community scholarships and work study," says Elizabeth Saldana, a financial aid coordinator for TMCC.
Learning to budget was a popular topic with the group, many of whom already have jobs and bills to pay. "I've been wanting to save for a car and more for college to so, hopefully it will help me learn how to save more than just like, $20," says 17-year-old Tristin Valdez
17-year-old Sharon Rogers said the workshop was eye opening. "It's just great. I think everyone should do at least one financial literacy class in their lifetime." Rogers says she was surprised to learn the benefits of federal student loans versus the dangers of predatory pay-day loans. “Growing up in a family without, like, any kind of financial literacy, you don't really find out stuff like that until it's too late."
Rotary’s Dodson says they make sure the kids are very specific when setting their goals. "And now we're taking that next step for them to begin to prepare for the future".
And because that future looks different for each student, Rotary provides every teen in the Achievement Beyond Obstacles program his or her own mentor.
TMCC offers a variety of free workshops on financial literacy. For more info, click here:
http://www.tmcc.edu/flames/free-workshops/
To learn more about that or Rotary's Achievement Beyond Obstacles program, click here:
