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Spiro GEAR UP students learn Savings Savvy

3/6/2014

WILBURTON, OK (March 6, 2014) – How do you teach the importance of saving and investing?

John Redwine, Spiro State Bank, recently helped Spiro GEAR UP students learn how to save for a rainy day. He explained various banking terms to the students and they discussed the difference in “wants” and “needs.” Then it was time for them to put words into action. Spiro State Bank offers Student Saver accounts that may be opened with a $10 deposit. Redwine gave each student a $10 startup amount and then helped students walk through suggested spending and saving habits. He explained how to appropriately save for short–term and long–term savings goals. He recommended giving 10 percent of the funds ($1) to a charity or church. He suggested that the next 30 percent ($3) of their money could be spent on things they want or need and another 30 percent ($3) should be kept back for short–term savings. He said the final 30 percent ($3) should be set aside for long–term savings.

“It’s easy to set aside money for saving from every paycheck if you learn to do it,” Redwine said. “You have to be determined to save money for a long–term item. Learn to do it now, and it will be easy.”

Redwine spoke to the students as part of a partnership with the GEAR UP program at Eastern Oklahoma State College. GEAR UP Education Coordinator Dara Ward has been teaching financial literacy to the students this year.

“Mr. Redwine was great,” said GEAR UP Education Coordinator Dara Ward. “His illustration was a wonderful way to teach students the importance of having a savings plan and sticking to it. The students really enjoyed it.”

In 2011, Eastern received a seven–year, $12.6 million federal GEAR UP grant and is in its third year of implementation.



John Redwine, Spiro State Bank, explains to Spiro 8th grade student Hannah Tobler appropriate spending and savings habits.



Spiro 8th grade student Hannah Tobler “puts into practice” how to spend and save money placing 10% of her income into the “Sharing—Charity or Church” bucket as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.



Spiro 8th grade student Abby Moore places 10% of her earnings ($1) into the “Sharing—Church or Charity” bucket as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.



Abby Moore, Spiro 8th grade student, places 30% of her earnings ($3) into the “Short–Term Savings” bucket as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.



Spiro 8th grade student Cade Blankenship places 30% of his income into the “Long–Term Savings” bucket as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.



Daryan Heffner, an 8th grade student at Spiro, places 30% of her income into the “Long–Term Savings” bucket as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.



Spiro State Bank Representative John Redwine looks on as Seth Haynes, a 9th grade student at Spiro, places 30% of his income into the “Short–Term Savings” bucket. The exercise was conducted to help students learn savings savvy.



Ty Mackey, a 9th grade student at Spiro, looks like he’s ready to begin practicing spending and savings habits as Spiro State Bank Representative John Redwine reviews the recommended spending and saving habits. The exercise was conducted to help students learn savings savvy.



Spiro State Bank Representative John Redwine shows Spiro 9th grade student Trey Rodgers the 30% “Spending” bucket and explains this portion of your income may be spent on things you want or need. The exercise was conducted to help students learn savings savvy.

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