Timpson High School students take top honors in Budget Challenge
Budget Challenge is a personal finance simulation and integrated curriculum played as a competition over ten weeks.
Timpson ISD officials said Timpson High School students Allysah Stephens and Rebekah Parks completed the challenge and took top honors. Stephens took first place honors among Timspon students participating while Parks placed second.
Timpson ISD officials said results of the scholarship competition connected with the challenge will be announced in May.
Create an emergency fund
Pay bills on-time
Pay-off a credit card
Protect credit health
Save for retirement
Pay down student loan debt
Students receive paychecks and bills in real time and are challenged to build a budget that allows them to pay their bills on time, manage their credit card balance, and save money for retirement in a 401(k).
The simulation does not use real money but is extremely realistic including features such as online bill pay, direct deposit, email bill alerts, 401(k) paycheck deductions, late fees, utilization penalties and more. Students are also required to take 15 quizzes throughout the process to test their financial knowledge.
Budget Challenge bridges the gap between theory and reality by providing a safe environment for participants to apply knowledge and practice skills.
Students even experience realistic consequences of financial mistakes such as bank fees, late fees, and damage to credit health. Many of student's costly 'rookie mistakes' are made in the simulation and not in the real world.
Students that complete the challenge will be competing with others from all over the country for a $20,000 scholarship.