April 8, 2019 - Budget Challenge® is a personal finance simulation and integrated curriculum played as a competition over ten weeks.
This is the only program in the world where students can actually practice important financial skills such as:
• 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.
Congratulations to the following Timpson High School students that completed the challenge:
• Allysha Stephens 1st place*
• Rebekah Parks 2nd place*
*The 1st and 2nd place rankings are among Timpson High School students that participated. The results of the scholarship competition will be announced in May.