EAST LANSING, Mich. – Ten students chosen to compete in Michigan State University FCU’s "Financially Made" contest will earn up to $500 each in matching deposits over the next four months.
The financial education program is aimed at instilling good savings habits in teens ages 12-18.
The 10 participants were chosen from entries explaining their short- and long-term savings goal and their plan on how they will meet those goals. Students submitted a 250-word essay, or created a 60-second video, explaining what they are saving for and why.
Each winner will be given a chance to meet with a budget counselor and attend a financial literacy course that will cover saving, credit, budgeting and goal setting. In return, the credit union will establish a savings account for the students and match any deposits made during the designated savings period, up to $500.
The savings phase of the "Financially Made" program began Feb. 1 and will go through May 31.
