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 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 was set up for those who ran out of money before making it to each station, and it 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. An unpredictable stop along the month was called “That’s Life,” which accounted for random expenses that come along such as unplanned vehicle repairs and accidents.
Each station presented the children with options of a dollar amount to spend. The high, medium, and affordable options forced the children 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 things 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.
“I’m real life broke!” said one student. Overby said, “I like this because it enlightens the kids. Spring Break is coming up, and they’re going to want to take trips and vacations. This will help them realize what their parents go through with having to still pay their bills while planning a vacation.”
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 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 career you pursue is important as well.
“Welcome to the Real World” was a success and most students got a better understanding of their parents’ financial responsibilities.
Overby explained the timing of the exercise. She said this leads into the finance unit of her Keystone class. After the experience she believes her class will be more attentive when speakers come to talk finances.
