SALT LAKE CITY — Zions Bank says they know this generation of college students doesn't always make the best financial decisions. They also face challenges with student loan debt and finding a job. So Brad Herbert says they came up with the Cheapster competition and reality show.
"Not only have fun with it, but teach them honest-to-goodness ways to live in a budget and they can be financially savvy and it will bless them for rest of life," said Herbert, who is vice president of marketing at Zions Bank.
Students compete through budget-saving challenges and the winner walks away with $10,000, plus another $10,000 for their school.
BYU student Lance Halladay competed last year. Challenges included a fashion show on a budget and cooking
"I made spaghetti, which is the ultimate cheap meal, and I got through that round," Halladay said.
Now Zions Bank is looking for new Cheapster competitors.
"We want to know who is the biggest tightwad college student in Utah and Idaho," Herbert said.
Not only will the winner and their school get some much needed dollars, they'll get some financial advice and budgeting lessons along the way. Herbert says this generation needs more financial literacy, and thinks they'll cross those bridges when they come to them.
Of course, for Halladay, that hasn't been too much of a problem. He is proud that he's been frugal.
"Throughout college I had a job," he said. "Because of my frugality, I don't have any loans to repay."