FORT WASHINGTON, Penn.– TruMark FinancialCredit Union, in conjunction with the Pennsylvania Credit Union Foundation, sponsored a Financial Reality Fair at Northeast High School. More than 200 seniors along with a group of 20 students visiting from George Washington High School tested their skills in a hands-on exercise in budgeting.
Students chose a career, complete with a salary, and were given a budget worksheet. Theywere required to visit 14 booths to make spending decisions on necessities such ashousing, transportation, food and clothing, insurance, and other categories within their budget. As part of the exercise, students also visited the “Wheel of Reality” where a spin of the wheel could bring good fortune such as a tax refund or bad fortune such as unexpected car repairs. Following their selections, students met with financial counselors who reviewed their worksheets and advised them on adjustments that might be necessary to live within their salary constraints.
The credit unions said the students were engaged and focused on making informed choices so they would not incur a large amount of debt. Many students decided to take a part-time job to supplement their income. Volunteers manning the booths said students were willing to sacrifice weekly entertainment costs or a gym membership so they would have money left over at the end of the month. “I was very impressed with the students’ decisions,” said Scott Isard, a volunteer who worked at the transportation booth. “They really deliberated before choosing a vehicle to purchase. After learning the loan payment amount and the cost of car insurance, some opted to use public transportation,” said Isard.
Representatives from local businesses, community leaders, students’ parents, and TruMark Financial employees manned the booths and helped guide students to make informed decisions as they budgeted for monthly expenses.