Learn to save money, win nice prizes

SALT LAKE CITY — "We couldn't figure out how everyone had a home but us," says Ann Neslen of the three years she and her husband Jared first took a class and then socked away little bits of cash toward the purchase of one. It sometimes seemed they were the only ones who couldn't just jump right into ownership.

In truth, they were just better prepared than most when they finally plunked down a hefty down payment and signed the mortgage paperwork two years ago.

She says they were cautious. "Wise" is how financial experts see the Neslen's make-haste-slowly approach to what for most will be the biggest purchase of a lifetime, buying a house.

An alarming number of people don't have the basic financial information they need to make wise financial decisions and manage their money well, according to state Sen. Pat Jones, D-Salt Lake. And she's determined to do something about it.

Tuesday, Jones will kick off a week of financial challenges under the title "Utah Saves Challenge Week," complete with knowledgeable partners, legislative backing and the chance to win some prizes by the end of the week if you take the challenges. The grand prize is a $500 Utah Education Savings Plan scholarship provided by Jones. There are also three $100 gift cards to Temple Square Hospitality, five $100 UESP scholarships provided by UESP and a $100 savings account provided by Zions Bank. It promises, says Jones, to be educational and enjoyable.

"I think so many people lack financial knowledge and education," says Jones, who notes that Utah wins acclaim in the business world for many aspects of its fiscal management as a state. But it's also near the top in individual home foreclosures and personal bankruptcies. There's a disconnect somewhere.

Utah Saves Challenge Week will formally begin Tuesday as Gov. Gary Herbert signs the Financial Responsibility Concurrent Resolution, sponsored by Jones and Rep. Patrice M. Arent, D-Salt Lake, and Jones announces the first of what will be a week's worth of daily financial challenges. Those who take the challenges can log onto Imagineahappieryou.com to report on each day's challenge. Participating in even one makes the individual eligible for various prizes.

For every couple like the Neslens who are taking financial literacy classes of some sort — they took a homebuying course, but there are others on debt reduction, investment strategies and more, many of them free — there are people who don't even know their own basic financial situations, much less how to build a solid future. It stuns Al Bingham, of Republic Mortgage, who wrote a book on the FICO credit scores called "The Road to 850."