6681: C.H.A.N.G.E. Has Come To America.

From The Chicago Sun-Times…

C.H.A.N.G.E. is her key to economic survival
Money Smart Week | Teen wins $5,000 scholarship for economic survival tips

By Francine Knowles

Chicago has a new financial ambassador -- 13-year-old Jackson Beard, an eighth-grader at Whitney M. Young Magnet High School.

She was named the winner of the annual Money Smart Week essay contest for writing about current economic challenges and what families can do to meet them. Beard used the acronym C.H.A.N.G.E. to offer six suggestions, and her effort landed her a $5,000 scholarship from HSBC North America and the role of ambassador, responsible for making public appearances.

“As the Money Smart Kid, hopefully I can help promote financial literacy,” said Beard.

“I’m hoping that I can get kids interested in learning about financial matters and personal financial matters. I hope that at least one person decides to think about it as a result of me.”

The event was part of Money Smart Week activities held throughout the metropolitan area this week to help children and adults raise their financial IQs.

Beard said in her essay that American families “can weather these hard times” by cutting energy costs, among other things.

She said she tries to walk the talk.

“If I know I’m not going to be in a room, I turn off the lights,” she said. “I turn off the power switch. I run appliances at night. I do everything that my parents do. I’m very supportive of [energy conservation].”

On the small-business front, she said she’s a fan of books and shops at neighborhood bookstores instead of going to another area of Chicago. She also patronizes small boutiques and eats at mom-and-pop restaurants, she said.

“Prosperous business districts provide jobs and increase property values,” she wrote in her essay. They should be supported because they “are the backbone of the American economy; their survival is key to our economic recovery.”

In the midst of recession, Beard has cut back on personal spending.

“I’ve become way more conscious of what I actually need and what I just want,” she said. “Me and my friends, we sometimes go to Starbucks. I’d get the largest drinks. Now I just go for the smallest or the medium-sized ones. That’s just one example. I’ve cut back on a lot of things that I was buying.”

Beard said she has taken financial classes at Northwestern and participated in Money Smart Week events over the last few years to become more financially savvy. She said her parents have also taught her valuable financial lessons, including this one:

“When you’re thinking about finances, you have to think about your future self. You have to think of who you’re going to be in 10, 20, 30 years, and you have to base your decisions around that.”

HER WINNING ENTRY
During these difficult economic times, every family needs to C.H.A.N.G.E. in order to adapt to the current situation. If American families can C.H.A.N.G.E. in the following ways, we can weather these hard times:

C—Cutting energy costs is one of the simplest ways to save money. Families like mine can run appliances overnight when energy rates are lower. Programmable thermostats can reduce heating and cooling costs.

H—Help small businesses by supporting entrepreneurs in your community like my family does. Prosperous business districts provide jobs and increase property values. Small businesses are the backbone of the American economy; their survival is key to our economic recovery.

A—Analyzing daily expenses can allow families to take an honest look at how they spend their money and help distinguish needs from wants. If families spend wisely on what they need and save for what they want, Americans can manage money more effectively.

N—Negotiate! Car prices are not the only expenses that are negotiable. Families might be surprised to discover how willing some businesses are to bargain in order to make a sale or keep existing customers.

G—Go green and save money, too! My family uses compact fluorescent light bulbs and turns off appliances that are not in use. Switching from paper to cloth napkins cuts an expense. Walking instead of driving saves money.

E—Educate yourself! Take the time to learn about saving, credit and retirement planning. Go back to school and make yourself even more valuable in the marketplace. Attending crafts and home repair classes can help cut back on household expenses.