|Students taste adult life|
|Thursday, November 29, 2012 1:55 PM|
Putnam County 4-H Youth Development Educator Jason Hedrick explained the preliminary work the students perform prior to attending the hands-on program.
“Each student completes three or four lessons in a careers- and/or finance-related class,” Hedrick said. “Then they are given a random generated ‘family’ — a wife or husband and children — and then try to balance the necessities, as well as luxuries, with the reality of monthly income.”
“It’s been a good learning experience and teaches real life situations,” Maag was introspective, especially when you jump from high school to paying for everything yourself.”
Jessica Young, a freshmen from Fort Jennings, chose to be a pharmacist. Her simulated family included a husband, one toddler and a budget before taxes of $6,500.
“This experience opened my eyes to the expenses my parents incur everyday,” Young spoke insightfully. “I’ll purchase items that are not as expensive. It gives me an understanding of what I’ll be facing.”
Fort Jennings eighth-grader Conner Stechschulte’s intentions of becoming a police or sheriff patrol officer, with a wife and one child, would yield him a budget of $3,558. “This [Real Money, Real World program] will be beneficial when I am on my own,” Stechschulte reflected on the experience. “It will help me budget my money.”
The booths were structured to encompass normal monthly expenditures like clothing, food, utilities and car ownership. Depending on the size of the family, it is estimated that a husband and wife with a budget of less than $44,500 per year, will spend $70 dollar a month on clothing and $30-$60 more if they have a child. Purchasing a small car would cost $495 per month and includes fuel, maintenance costs and insurance. Buying a small pickup would cost considerably more at $806 per month. A family — husband, wife and young child — owning a home would have utility bills running upwards of $345 per month and grocery expenses ranging from $500-$580
Putnam County Deputy Sheriff Dave Roney was on hand to patrol the booth activities.
“I’m here to ‘ticket’ the students when they purchase an auto from a booth, forget about buying insurance and then drive away to another booth. I pull them over, give them a ticket and hope they learn the importance of driving with insurance,” Roney said.
Pam Hickey, Family Consumer Sciences teacher at Ottoville Elementary, tries to instill one of the most important financial habits an individual can practice.
“The most important line item of any budget is P.Y.F. (Pay Yourself First),” Hickey spoke adamantly. “I teach my students to deposit 5 percent of their income into savings before any other expenses are paid.”
The curriculum is comprised of six lessons including How Occupation Affects Income; Deductions-What You See is Not What You Get; How to Use Checking and Savings Accounts; Making Choices - Preparing for the Simulation; Real Money, Real World Simulation; and What Did You Learn?
Many Ohio students have graduated without minimal formal education in finance. In 2009, The State Board of Education approved the requirements of Amended Substitute House Bill 1 (Am. Sub. HB 1), which calls for the development of academic content standards in financial literacy and entrepreneurship in grades seven and eight. Amended Substitute Senate Bill 311 (the Ohio Core legislation) requires that schools begin teaching economics and financial literacy to all high school students before the Class of 2014 graduates.
|Last Updated on Thursday, February 28, 2013 11:46 AM|