Morgan Keith, a representative from TCT Federal Credit Union, visited Brenda Hoffman’s personal finance class at Lake George High School. The visit was part of the annual Budget Challenge, a program designed to teach students essential financial skills.
The Budget Challenge encourages students to think critically about their financial future. The first step, as Keith emphasized, is to set financial goals. For many students, this means saving for a car. By selecting a vehicle first, students can better understand the costs associated with car ownership, including insurance, gas, and maintenance.
Keith also discussed the advantages of using a credit union over a traditional bank. Credit unions are not-for-profit organizations that are owned and controlled by their members. This cooperative structure allows credit unions to offer competitive rates, lower fees, and personalized service.
“In reality, everyone is scared to talk about money,” Keith said. “But it’s important to be informed and to make smart financial decisions.”
Beyond car buying, Keith delved into various aspects of personal finance, including credit scores, budgeting, and fraud prevention. Students learned about the factors that impact credit scores, such as payment history, credit utilization, and length of credit history. They also discussed the importance of protecting personal information and avoiding scams.
“Teaching students about financial literacy at a young age is crucial,” said Hoffman. “By partnering with TCT, we’re able to provide our students with practical, real-world knowledge that will benefit them for years to come.”
This year marks the third year of the partnership between TCT Federal Credit Union and Lake George High School. Through this partnership, students have gained valuable insights into personal finance so they can make informed decisions about their money and build a strong financial future.