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Money Mondays
By Imagine Scholarships
Sherri Ross
November 25, 2024
Money Monday: Thanksgiving Financial "Feast" Plan & Fun Turkey Trivia!
Note from Us:
This week, we’re doing something a little fun and different! In the spirit of Thanksgiving, we’re mixing financial wisdom with a feast of ideas to help you prepare for college success. Let’s celebrate gratitude, opportunities, and a little turkey-inspired creativity!
Recipe for Financial Success: Thanksgiving Edition
Ingredients:
2 cups of Scholarships
1 cup of Savings
½ cup of Work-Study or Part-Time Work
3 tablespoons of Creative Cost-Cutting Ideas
1 tablespoon of Financial Literacy
A pinch of Gratitude
A dash of Perseverance
Directions:
Start with Scholarships (Main Ingredient):
Search for scholarships that fit your unique skills, interests, and background. Keywords are your best friend here!
Apply to one new scholarship every week for the best results.
Mix in Savings:
Set aside a portion of your earnings or allowances in a high-yield savings account.
Be consistent—little by little adds up over time.
Fold in Work-Study or Part-Time Work:
Balance your academic schedule with a part-time job to earn extra funds for college expenses.
On-campus jobs are ideal for convenience and flexibility.
Stir in Creative Cost-Cutting Ideas:
Consider dual enrollment or community college credits to reduce tuition costs.
Explore tuition reimbursement programs from employers like Starbucks or Chipotle.
Sprinkle with Financial Literacy:
Create a budget to manage your expenses, track spending, and avoid debt.
Use budgeting tools like Mint or YNAB for better control.
Season with Gratitude:
Recognize the support from family, mentors, and financial resources.
Write thank-you notes to scholarship committees or individuals who’ve helped you along the way.
Bake with Perseverance:
Stay focused and determined, even if the process feels overwhelming.
Remember, every effort brings you closer to financial success.
Serving Suggestion:
Enjoy your financial success with a side of reduced stress, a dollop of confidence, and a heaping helping of opportunity.
Thanksgiving Financial "Feast" Plan
This Thanksgiving, think of your financial success for college like preparing the perfect Thanksgiving dinner. Each part of the meal contributes to a well-rounded strategy for paying for college, ensuring you have all the resources you need to succeed.
1. The Turkey (Main Course): Scholarships and Grants
Just like a Thanksgiving dinner centers around the turkey, scholarships and grants should be the focus of your financial plan. They’re free money you don’t have to pay back, making them the most critical part of your funding.
What to Do: Dedicate time each week to researching and applying for scholarships. Use tools like Imagine Scholarships to find opportunities tailored to you.
Pro Tip: Look for local scholarships—smaller applicant pools increase your chances of winning.
2. Mashed Potatoes (Comfort Staples): Savings and Personal Contributions
Mashed potatoes might not steal the show, but they’re a comforting staple that completes the plate. Similarly, savings and personal contributions may not cover all costs but provide a solid base.
What to Do: Start saving as early as possible, even if it’s just a small amount each month. Use summer job earnings or part-time work to build your college fund.
Pro Tip: Open a high-yield savings account to maximize your efforts.
3. Stuffing (Filling the Gaps): Work-Study Programs and On-Campus Jobs
Stuffing adds that extra “fullness” to your plate, just like work-study programs or part-time campus jobs fill the gaps in your financial plan.
What to Do: Check your FAFSA results for work-study eligibility and consider applying for campus jobs early.
Pro Tip: On-campus jobs often align with your class schedule and can help build your resume.
4. Cranberry Sauce (Sweet and Tangy): Creative Ways to Reduce Costs
Cranberry sauce is a unique side dish—just like creative cost-saving strategies, they add a distinct flavor to your financial plan.
What to Do:
Take Advanced Placement (AP) or dual-enrollment classes in high school to earn college credits early.
Explore tuition reimbursement programs through companies like Starbucks or Chipotle.
Pro Tip: Consider community college for the first two years to save significantly on tuition, then transfer to a four-year university.
5. Vegetables (Good for You): Budgeting and Financial Literacy Skills
Just like vegetables provide essential nutrients, budgeting and financial literacy are vital to staying financially healthy.
What to Do: Create a monthly budget that includes tuition, housing, and personal expenses. Track your spending to avoid unnecessary costs.
Pro Tip: Use budgeting apps like Mint or YNAB to simplify the process.
6. Gravy (Making It All Come Together): Financial Tools and Resources
Gravy ties everything on your plate together, just like financial tools streamline your college funding strategy.
What to Do: Use platforms like Imagine Scholarships to organize, track, and apply for scholarships.
Pro Tip: Leverage free FAFSA workshops or financial aid advisors to maximize your financial aid package.
7. Dessert (The Sweet Rewards): Bonus Scholarships and Awards
Dessert is the sweet ending to your feast, much like extra scholarships, contests, or awards can sweeten your financial plan.
What to Do: Look for niche scholarships that require creative submissions, such as essays, videos, or art projects.
Pro Tip: These scholarships often have fewer applicants, increasing your chances of winning.
Turkey Trivia: Fun College & Money Facts
🦃 Students spend an average of $500 per semester on textbooks—renting or buying used could save you enough for a Thanksgiving dinner!
🦃 Over $3.7 billion in scholarships go unclaimed every year. That’s enough to buy every American about 2 pumpkin pies!
🦃 Cooking at home saves the average college student $1,200 annually—skip eating out and save for your financial feast instead.
🦃 The average financial aid application takes less than 1 hour to complete, but it can save you thousands. That’s less time than roasting a turkey!
🦃 Over 50% of college students work part-time while in school, balancing the feast with the effort to pay for it.
Challenge of the Week:
Create your financial "Thanksgiving Plate." Write down one thing for each "course" that you can work on this week. For example:
Turkey: Apply to one new scholarship.
Gravy: Log in to Imagine Scholarships and track your applications.
Scholarship of the Week:
Have fun with this week’s creative twist! Take time to reflect on what you’re thankful for and use those reflections to guide your financial goals.
Warm wishes and a Happy Thanksgiving from Sherri and the Imagine Team
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