By Staff Reports
A local credit union recently hosted a "Bite of Reality" workshop, providing high school students with hands-on experience in managing finances and budgeting. The event, designed to simulate real-world financial decisions, is part of an ongoing effort to prepare young people for the challenges of adult financial responsibilities.
The "Bite of Reality" program uses a unique, interactive approach to teach students about budgeting, saving, and the importance of financial planning. Participants are assigned a fictional persona complete with a career, salary, family, and debt. Using smartphones and an app, they are tasked with making financial decisions that reflect real-life scenarios, such as purchasing a car, paying rent, and managing credit card debt.
During the simulation, students interact with volunteers from the credit union, who act as merchants for necessities like housing, transportation, and childcare. They must make decisions on how to spend their monthly income while trying to avoid financial pitfalls such as overspending or taking on too much debt.
"This is a fantastic opportunity I wish I had when I was younger because the mistakes I made had real life consequences. In a workshop like this, students can make mistakes and learn from them before they have real jobs, real money, and real responsibility," said Dr. Lisa Rubin, who teaches SOAR's financial algebra class and set up the workshop with Edwards Federal Credit Union.
The workshop also included opportunities for students to reflect on their spending habits and discuss what they learned about the balance between needs and wants, as well as the consequences of unwise financial choices.
Rogue Parker, one of the participants, said she had some idea of credit because of her dad but the workshop offered a better understanding of what a budget is.
"I underestimated a lot of expenses, like having a kid," she said, adding "All the variables they had really helped me understand what goes into a budget and how to manage those variables."
Others said the workshop was really beneficial because many students don't have family who sits down and talks to them about budgeting, savings, debt, and credit scores. The workshop helped them to understand what needs have to met before any money should be dedicated to wants like entertainment, vacation or a larger home.
"It helped me to understand what to do to reach my own financial goals," said Mariah Crocker, who envisions buying 300 acres to establish generational wealth as one of those goals.
By offering these life lessons in a supportive, hands-on environment, the "Bite of Reality" workshop aims to provide young people with the tools and knowledge they need to build a secure financial future. The credit union plans to offer more sessions in the coming months, hoping to reach even more students and further promote financial literacy within the community.
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