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Talihina GEAR UP students learn savings savvy

4/22/2014

WILBURTON, OK (April 22, 2014) – Teaching students savings savvy is easy for John Redwine of Spiro State Bank. Redwine recently helped Talihina GEAR UP students learn about why we need banks, services offered by banks, and the terms associated with banking. Students also discussed the difference in “wants” and “needs.”

“At any age, we all want and need things,” Redwine explained. “When making decisions, we have to ask ourselves, ‘Do I really need that?’”

Redwine talked to students about budgeting. “The best way to reach your savings goal is to start with a budget,” Redwine said. “A budget helps you keep track of the money you have coming in—your allowance, part–time job, birthday or Christmas money—and the money you have going out, including spending, saving and possibly donating.”

Spiro State Bank Talihina Branch offers Student Saver accounts that may be opened with a $10 deposit. Redwine gave a 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.

Redwine recommended giving 10 percent of the funds ($1) to a charity or church. He suggested students choose a cause that they’re interested in and donate regularly. He told the students they would feel good and the charity will benefit from their generosity.

Redwine suggested that the next 30 percent ($3) of the students’ money can be spent on things they want or need. “This money can be used at any time for small purchases, like a school yearbook, a Talihina Tiger hoodie, iTunes card or going to a movie,” he explained.

He said another 30 percent ($3) should be kept back for short–term savings. He explained that students may need to save several months for larger purchases, such as a video game, an iPhone, laptop or small TV for their bedroom.

Finally, Redwine said the final 30 percent ($3) should be set aside for long–term savings. “Someday you’ll want to go to college or buy a car. These are big expenses and require a lot of planning and savings,” he explained. ““It’s okay to spend some of our money for things we need and want. But we need to save money for the long–term things we want and need.”

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

“Mr. Redwine was awesome,” Juarez said. “He really engaged the students in the process. They learned a lot and enjoyed the spending/savings activity.”

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


Jagger Harley, an 8th grade student at Talihina, 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.


Stella Connacher, a 9th grade student at Talihina takes $10 from Spiro State Bank Representative John Redwine as she prepares to “put into practice” how to spend and save money. The exercise was conducted to help students learn savings savvy.


Spiro State Bank Representative John Redwine explains to Talihina students why we need banks, services offered by banks, and the terms associated with banking.


Spiro State Bank Representative John Redwine visits with Talihina GEAR UP students about the difference in “wants” and “needs.”


Spiro State Bank Representative John Redwine visits with students about “The Power of Saving!”


Talihina 9th grade student Jensyn Trowbridge prepares to play the “Saving and Spending” activity as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.


Talihina 9th grade student Jensyn Trowbridge places 30% of her income 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.


John Redwine, Spiro State Bank, explains to Talihina 9th grade student Taleia Casey appropriate spending and savings habits. The exercise was conducted to help students learn savings savvy.  


Talihina 9th grade student Taleia Casey “puts into practice” how to spend and save money placing 30% of her income into the “Spending” bucket as Spiro State Bank Representative John Redwine looks on. The exercise was conducted to help students learn savings savvy.

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