St. Mary’s Ryken (SMR) senior Daniel Allen of Leonardtown, Md., has been awarded a $20,000 scholarship through the H&R Block Budget Challenge.
Allen, along with the SMR Personal Finance Classes taught by Mrs. Paula McGuigan, competed in the challenge both as individuals and as a class. Students used some class time, but were expected to complete ac-tivities on their own. In this session of the challenge, there were 654 classes nationwide participating. The Period 3 personal finance class ranked 81st, and the Period 5 class was 179th. There were more than 11,000 students who participated and Allen finished in the top 20 overall.
The Budget Challenge is a computer simulation game that takes place online over the course of eight weeks. Students take on the role of a recent college graduate who has been working for six months and all are as-signed the same job and pay check. They must pay bills – rent, insurance, utilities, transportation, food, student loans, etc. – from that one paycheck. Students could earn bonus points by avoiding credit card and bank fees and by investing in a 401(k) savings account.
Close to real-life, the challenge would include unexpected expenses. “Every once in a while,” said Allen, “something new would be thrown at you. One week, it said your cell phone accidentally fell into a toilet and you had to buy a new one and still stay on track with your budget.”
Allen is considering several colleges and has not settled on one just yet. He would like to major in mechanical engineering.
“All of us at St. Mary’s Ryken are proud of the accomplishments of both Daniel and the two classes in this challenge,” said teacher Paula McGuigan. “Financial literacy is important to the future success of our students, and this budget simulation gives them a realistic picture of what life will look like for them as they graduate college and enter the workforce.”
