Lashunda Overby’s Keystone Class at Mendenhall Junior High recently received an eye opening experience thanks to the Mississippi State Extension Service.
MSUE conducted an exercise titled “Welcome to the Real World” to give students a hands-on experience on how to manage money and to shed light on some of the decisions their parents make every day.
Each child was given an assigned scenario and budget. The scenario included an occupation, salary, and family situation that students had to consider when making basic living decisions. Their monthly salary after taxes was their starting point. Volunteers from various occupations around the community made themselves available to assist with the exercise. Several stations were set up around the Mendenhall Junior High gym, and the students’ goal was to make it to every station without running out of money. The stations represented monthly expenses. A special table for those who ran out of money before making it to each station consisted of finding a part time job to make ends meet.
The stops throughout the monthly cycle included student loans, entertainment, child care, groceries, housing, transportation, contributions, communications, insurance, and personal care. There was also an unpredictable stop along the month called “That’s Life,” which accounted for random expenses throughout the month such as unplanned vehicle repairs and other accidents.
Each station presented the students with options of a dollar amount to spend. The high, medium, and affordable options forced them to make economically responsible decisions to make it through the month. Many students opted for the more expensive options early in areas such as transportation and entertainment only to realize later that it limited their ability for more important expenses such as groceries and insurance. After making adjustments many of the students still had to get part time jobs to make it through the month.
Overby said, “It’s really an eye opener for kids. It helps them see what their parents have to go through to make things happen on a daily basis.” She said, “Our goal was to help the students learn to prioritize their lives and put things into perspective.”
Many students’ expressions changed by the end of the exercise. When first receiving their budgets and seeing dollar amounts such as $1,534 and in some cases less, students were excited and immediately began discussing all the things they could buy. After realizing the cost of living and other sacrifices that must be made monthly they truly began to understand the value of a dollar. Each student was assigned a different career at random which came with different salaries. The exercise also helped students realize that selecting the careers they pursue is important as well.
Amanda Blakeney with MSUE said, “The program is designed to teach a life lesson, and for students to know how to budget. Their end goal should be to have money at the end of the month, during this money management exercise.”
“Welcome to the Real World” was a success and several students walked away with a better understanding of the responsibilities adults are faced with on a monthly basis.
