We are excited to announce the May 2025 Financial Goals Scholarship winner is Ed! Congratulations!
"I am honored and absolutely ecstatic to be receiving this scholarship. I never thought that my passion for frugality or my aptitude for gig work could land be such a fantastic reward. This money will be revolutionary in shaping my future, giving me the ability to fund my education and head into the workforce with one step ahead on repaying my student loans. I am so thankful to have been given this scholarship, and I certainly will not let it go to waste." - Ed M.
As a student, your days are likely packed with classes, study groups, extracurriculars, and social events. With such a busy schedule, finding time to earn money during the school year can be a real challenge. That’s why summer break is a great opportunity to focus on earning some extra income. In his essay, Ed shares his three-fold plan to take advantage of the summer months to earn money.
"During my semesters I am always spread thin from all the homework, jobs, and friends that all demand my attention. It makes me so tired that by the time summer rolls around all I want to do it rest! But there is no rest to be had when summer is the most lucrative time of year. Summer break is the perfect time for taking on temporary positions, hunting for random one-off gig jobs, and saving money.
Summer gigs are easy to come by when you know where to look. On Facebook, local parents will post about needing babysitters during the weekdays, on LinkedIn businesses will post about needing summer interns, and summer camps will be clamoring for temporary workers. I try to find something consistent first – something that I know I will have each and every week of the summer – and then I focus on one-off gigs to add some extra income. This summer I have a consistent gig of babysitting during the week, which gives me stability and predictability. I am also contracted as a face painter and balloon twister for a family entertainment company and can pick up random gigs there to fill up my weekends. Between all of that I am also an artist, so I have a 24/7 display at a coffee shop near me where I hang and sell my paintings.
Those jobs will generate a good amount of money, but all that is for naught if I don’t properly save it. When it comes to saving money, frugality is the name of the game. I decide how to spend my money based on a rigid hierarchy of needs and wants. I will always put my absolutely necessary expenses first: my car payment, gas, school supplies, groceries etc. everything after that is a frivolous purchase. I try my best to limit myself to one or two frivolous purchases a month, things like books, video games or clothing fall into that category. Almost all the money that isn’t eaten up by my spending goes straight into a savings account where I can build a little bit of interest on it.
I also have some of my money invested into a Certificate of Deposit. This account gives me high interest returns on the money I put into it, but it also locks that money away for 15 months. To withdraw anything from that account would cost me significantly, so I let it sit an accumulate interest as a passive form of income.
My summer breaks are financially rewarding due to my ambitious spirit and frugal spending. I recommend to anyone struggling to save money to assess the amount of spending they truly need to make as well as utilize every opportunity for income they can find or create for themselves. In the current job market it takes ingenuity and creativity to stay afloat, and summer break is the best time to develop those skills.”
Established in the year 1910, 1st Financial Bank USA (1FBUSA) provides quality community banking services in South Dakota, credit card and other financial services to college students and college graduates, and construction lending to builders, developers, and investors from coast to coast. 1FBUSA will award a $2,000 scholarship to a new winner each month. View full rules and eligibility at 1fbusascholarship.com.
