High School seniors learn budgets at Financial Literacy Fair - FINANCIAL-24
Reading High School senior Miguel Romero is planning to become a mechanic after he graduates. He doesn't anticipate spending a lot of money on clothing because he'll probably wear the same overalls to work every day.
During the school's annual Financial Literacy Fair, Miguel was one of about 300 seniors who spent a morning considering how to budget for their futures. Living at home while completing his training and not going out much are two ways Miguel said that he plans to save money. His car will be an expense, "but I can fix it myself," he said.
Students participating in the fair, which took place in the high school auditorium, received a worksheet based on the level of education they plan to pursue. They completed the worksheet by walking around to a variety of booths staffed by local financial professionals.
At each booth, students considered one budget line item - such as housing, food, transportation and student loans - and wrote down the amount they expected to spend per month.
As a final step, they spun the "Wheel of Reality" to factor in financial events such as vehicle repairs, stolen credit cards, Christmas bonuses or tax refunds.
Once they had finished the exercise, students calculated whether they'd be able to afford the choices they had made and discussed the contents of their worksheets with a financial counselor.
Tim McLeod, the CEO of Riverfront Federal Credit Union in Reading, was one of those counselors.
McLeod said that above all, the fair gives students a taste of the real world.
He emphasized the importance of slipping money into a savings account whenever possible and planning for retirement early.
While some kids seem to have little idea of how they'll manage money on their own, McLeod said overall he was impressed at how many students came to him with a clear plan - something he personally didn't develop until he was a little older.
"If someone would've told me some of these things when I was 17 or 18 years old, I wouldn't be sitting here; I would be on a beach somewhere drawing 20 percent," he said with a smile.
Dr. Khalid Mumin, district superintendent, said the program is a wake-up call for some students who start to see how close they are to entering the real world. They may think about graduation in a new light, he said.
"We're constantly talking about college and career pathways, so an activity like this provides the authenticity to what that really means," he said. "A lot of our kids in here have work experience, and this gives them an idea of the difference between working everyday and having a career. "That's important for our kids to see, too. It's not always about the financial immediacy that they get from a job versus the sustainability of a career."
More than 100 volunteers from seven local credit unions helped organize the fair, which took place for the second year in a row during Senior Week at Reading High.
The Pennsylvania Credit Union Foundation hosts similar events across the state every year - 43 last year and counting, according to Kathleen M. Fey, executive director of the foundation.
Fey has seen plenty of financial planning workshops and said that getting students to think about their finances is a big step in the right direction.
"We don't expect any of them to walk out of here as an expert in budgeting, but at least they have had the chance to go through the steps of it," she said. "So when they are faced with going out on their own and getting their first apartment, buying a car, getting all of those credit card solicitations, they'll think about this experience and maybe have a little bit more information than they would have otherwise."
During the school's annual Financial Literacy Fair, Miguel was one of about 300 seniors who spent a morning considering how to budget for their futures. Living at home while completing his training and not going out much are two ways Miguel said that he plans to save money. His car will be an expense, "but I can fix it myself," he said.
Students participating in the fair, which took place in the high school auditorium, received a worksheet based on the level of education they plan to pursue. They completed the worksheet by walking around to a variety of booths staffed by local financial professionals.
At each booth, students considered one budget line item - such as housing, food, transportation and student loans - and wrote down the amount they expected to spend per month.
As a final step, they spun the "Wheel of Reality" to factor in financial events such as vehicle repairs, stolen credit cards, Christmas bonuses or tax refunds.
Once they had finished the exercise, students calculated whether they'd be able to afford the choices they had made and discussed the contents of their worksheets with a financial counselor.
Tim McLeod, the CEO of Riverfront Federal Credit Union in Reading, was one of those counselors.
He emphasized the importance of slipping money into a savings account whenever possible and planning for retirement early.
While some kids seem to have little idea of how they'll manage money on their own, McLeod said overall he was impressed at how many students came to him with a clear plan - something he personally didn't develop until he was a little older.
"If someone would've told me some of these things when I was 17 or 18 years old, I wouldn't be sitting here; I would be on a beach somewhere drawing 20 percent," he said with a smile.
Dr. Khalid Mumin, district superintendent, said the program is a wake-up call for some students who start to see how close they are to entering the real world. They may think about graduation in a new light, he said.
"We're constantly talking about college and career pathways, so an activity like this provides the authenticity to what that really means," he said. "A lot of our kids in here have work experience, and this gives them an idea of the difference between working everyday and having a career. "That's important for our kids to see, too. It's not always about the financial immediacy that they get from a job versus the sustainability of a career."
More than 100 volunteers from seven local credit unions helped organize the fair, which took place for the second year in a row during Senior Week at Reading High.
The Pennsylvania Credit Union Foundation hosts similar events across the state every year - 43 last year and counting, according to Kathleen M. Fey, executive director of the foundation.
Fey has seen plenty of financial planning workshops and said that getting students to think about their finances is a big step in the right direction.
"We don't expect any of them to walk out of here as an expert in budgeting, but at least they have had the chance to go through the steps of it," she said. "So when they are faced with going out on their own and getting their first apartment, buying a car, getting all of those credit card solicitations, they'll think about this experience and maybe have a little bit more information than they would have otherwise."
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