Money Smart Kid sought through essay contest

MERRILLVILLE | In conjunction with the Federal Reserve's sixth annual Money Smart Week, April 21 to 28, Girl Scouts of Greater Chicago and Northwest Indiana are once again sponsoring the Money Smart Kid Essay Contest.

Students in grades 6 to 8 are encouraged to answer this year's Money Smart Question with an essay of 300 words or less. The question is: "Give an example of when it is wise to borrow money and when it is not. What factors do you need to consider to help you make a responsible choice?"

Be sure to discuss the concepts of decision making and opportunity cost in your answer.

Three finalists will be selected to attend the Money Smart Kick-Off press conference April 19, and one of them will be named Northwest Indiana Money Smart Kid. The winner will receive a $300 U.S. Savings Bond, while the first runner-up will receive a $200 U.S. Savings Bond, and the second runner-up will receive a $100 U.S. Savings Bond, all donated by the Northwest Indiana Money Smart Committee.

The contest deadline is March 19. The application can be found on the Federal Reserve Bank of Chicago's website at http://www.chicagofed.org.

Finalists will be selected through the statewide Money Smart Kid Contest entry process. All entrants from Lake, Porter, LaPorte, Jasper and Newton counties will automatically become eligible for both statewide and Northwest Indiana scholarship prizes.

Last year's Northwest Indiana Money Smart Kid came from Clifford Pierce Middle School in Merrillville, so the Girl Scouts announced this year's contest to the entire student body.

"Financial empowerment is just as important now than ever," said Aminah Abdullah, Girl Scouts manager of Program, Entrepreneurship and Financial Literacy. "The Girl Scouts of Greater Chicago and Northwest Indiana recognizes the importance of teaching youth as young as five the basics of money in order to help them make sound financial decisions for their future.

"With the help of events such as Money Smart Week and the Money Smart Kid Contest, we can help make teaching kids about money easier and fun."

Kim Kincaid, teacher of last year's winner, said, "When we look at the economic state of our country today, it is imperative that we teach our students about financial literacy and economics beginning as early as possible in our schools. It is vital, not only for their financial future, but for the future of our country."

Centier Bank Financial Literacy Coordinator Dian Reyome, on behalf of the Northwest Indiana Money Smart Committee, donated 32 copies of the "Three Cups" book to the school to be used as a classroom activity. The book teaches how to save, spend and be charitable.

For more information, contact Reyome at (219) 755-6140, ext. 1832 or dreyome@centier.com, or Abdullah at (312) 912-6355 or aabdullah@girlscoutsgcnwi.org.