EVANSTON — Fifteen students in the BOOST program at Uinta BOCES No. 1 learned important financial information on Thursday, March 16. Uinta Bank assistant vice president and loan officer Jennifer Lind spent two hours providing valuable financial tips and advice.

The BOOST program is led by Carol Bourland. Trainees in the program may receive funding from the Wyoming Department of Workforce Services and/or the Wyoming Department of Vocational Rehabilitation. The program provides high school equivalency or GED preparation and remediation for math, reading and writing skills. Employment training is required as part of the program and life skills training is also provided. Trainees attend for 12 weeks from 8 a.m. to 1 p.m., Monday through Friday.

Lind provided each student with a notebook containing worksheets and the financial terms she would be covering. When a student answered a question or asked a question, they were given a “Bunny Buck” (a plastic coin) to encourage participation.

“How many of you have a bank savings or checking account already?” Lind asked the group.

When several raised their hands, she gave them each a bunny buck and said, “Your parents have to be on the account until you reach the age of 18, then be careful who you add to your account. If there is a problem between you and that person, they can go in and wipe out your account, taking all of your money. Protect yourself.”

Lind had the students turn to the page in the notebook with a model of how to write a check and then she asked them to turn to the next page and practice writing a check. As the students practiced check-writing Lind went over why each space on the check is important and what information should be in each space.

Lind then asked, “Who has a debit or credit card? What is the difference between a debit and a credit card?” She told them a debit card is like cash and a credit card is where you pay later, plus interest added on.”

She stressed how important it is to build good credit and that a bad credit score stays with a person for seven years. Lind advised students never to use their debit card for online purchases, because a credit card is safer online.

She also said people should alert their bank when they travel so their credit line remains open, as sometimes a bank will see a charge from another state and not honor it, thinking the card may have been stolen. Lind said banks watch for any charges out of the ordinary due to the rise in credit and debit card theft.

“To build your credit score, make any payments you have on time,” Lind said. “Timely payments are the biggest indicator of good credit. Watch for annual fees on credit cards; you may not have made any charges but if there is an annual fee and you haven’t paid it, you may lose your good credit.”

When students asked a variety of questions on how to get loans, Lind stressed that grades from high school are a start of building credit and those grades can follow you and can even affect employment opportunities. She said credit history can even affect being able to rent an apartment, get a loan, get insurance and when buying a home.

“Nothing is free,” Lind said. “It is important to start now to build your credit history. You are the one who has your best interests at heart.”

Lind explained the difference between banks and credit unions. Banks are a for-profit business, she said, and credit unions are nonprofits and have better interest rates and give back on savings accounts.   Banks specialize in commercial loans, home loans and certificate of deposit (CDs). She said some people set up different accounts for different expenses.

If you are putting someone on your account as a beneficiary, Lind said, it should be someone you trust and who can legally handle your affairs. Set up a trust when you have an estate to avoid probate, which can tie up your finances for a long period of time. 

For the remainder of the class, Lind went over how to set up a budget, designating expenses and income per month and the importance of saving money for emergencies. A general rule of thumb, Lind said, is to have three months of expenses in a saving account. She pointed out the worksheet in the folder and described the difference between variable and fixed expenses and income.

“When choosing to open an account, choose a local bank who generally wants to take care of you,” Lind said and concluded her presentation by thanking the students for their questions and participation.

Another perspective on personal finance can be gained from First Bank’s self-paced “Financial Foundations” course found at www.gofirstbank.com. Evanston’s First Bank branch manager David Benton said the free online course is easy for anyone to use.

“The course is self-paced and helps one to understand how financial concepts affect life,” Benton said. “It is important to establish a good credit score and recognize that you can build it and change it over your lifetime.”

The course’s key categories include information on credit building, key concepts of a financial foundation, managing money and avoiding money pitfalls, owning a home, preparing for retirement, investing for the future, financial caregiving for another person and investment opportunities.

First Bank representatives have taken segments of the information into the schools, and Benton said in the elementary schools they encourage the children to think about the difference between needs and wants. In high school, Benton said, they talk more about building a good credit score and establishing a savings account.