Patti McGrath is a Marketing Specialist II at SRP Federal Credit Union. She has worked in marketing for more than 25 years and has five years in the credit union industry. Joining the SRP team has been rewarding for her due to their involvement in the community, especially regarding financial literacy. She wanted to share one of her experiences with you, our readers.
On Wednesday, July 20, about 30 teenagers representing numerous area high schools gathered at SRP Park’s WOW Club for a morning of interactive learning at SRP’s Reality Fair. But there were no long lectures on how to budget their money when they got into the real world after college graduation.
Instead, students were given the scenario that they recently graduated from college. They visualized themselves at their first post-college job and were given a gross and net salary from the position, so they could understand the amount they earned would not be the amount of money they could spend or save.
Each student had different jobs and incomes. Now, they had to learn to live within their net income.
Each student received a budget sheet with specific items they were required to budget for like housing, transportation, food, and entertainment. Tables were set up across the room that represented each of these items, and the student had various monetary options available from which they could choose.
For example, housing was one budget item, so each student stopped by the housing table which was staffed by SRP employees. At the table, they had several housing options at numerous price points, from a one-bedroom apartment to a three-bedroom/two-bath home.
The students had to choose an option that best fit their budget, then visit every other table in the room and budget items from each category. They could make changes as they went along if they found they were spending more than they had made.
The exciting, unexpected part of the budget process is when they would spin the Wheel of Reality. Depending on where their spin landed, they could gain extra money like a tax refund, or lose money for items like car repairs. It was a wonderful way for teens to realize planning for unexpected bills through a savings account is wise, because things do not always go as expected.
It was a challenging experience for many of the teens as some changed their original choices several times to finally stay within their budget. And, as the activity concluded and the students discussed where they had problems and how they fixed them, there was laughter and understanding between them.
I am so happy to have participated in this interactive Reality Fair. The teens enjoyed it, and I believe the financial lessons they learned will stay with them for years to come.
For more information on financial literacy classes call 803-278-4851 or email communitydevelopment@srpfcu.org and request Community Development.
