The Pompton Lakes High School Students Learn How To Budget Their Money
The Pompton Lakes High School Future Business Leaders of America (FBLA) club partnered with local credit unions to teach students about financial planning.
The Pompton Lakes High School Future Business Leaders of America (FBLA) club recently taught students in the school's financial literacy class how to maintain a monthly budget.
The FBLA's Partnership with Business committee sponsored a financial reality fair in partnership with Visions Federal Credit Union at the school on Dec. 11.
The goal of the fair was to teach the students how to manage their money and how to fit all their living expenses into a monthly budget.
To do this, each student selected a potential career and an estimated salary. They then were required to create their ideal monthly living expense budget by selecting what would be most appropriate for their lifestyle as determined by their career selection.
At the fair, students stopped by booths manned by business owners and faced decisions as to whether their budgets could provide for housing, transportation, insurance, food, clothing, phone, Internet, TV, and various other options.
After completing the fair, the students learned the reality of creating a monthly budget that works versus struggling from paycheck to paycheck as some people are forced to do, said FBLA member Caitlyn Bonnett.
Another positive result of this event was that as a result of creating budgets, students become more aware of how critical it is to their future lifestyle to obtain the education necessary that would lead them to higher-paying careers, Bonnett added.
"As a result of this fair, you can see the real-life cost of living and how your ideal lifestyle and career may or may not fit into your budget," said student Luke Calamita. "This fair provides perspective and a sense of reality."
Amy Waldenberg, branch manager of Visions Credit Union, said, "I wish we had this when I was young. I think the concept is fantastic. Great way to get multiple levels of thought and perspective both for them and for us."
The Reality Fair was created in partnership with Kim Bell, business development representing Visions Federal Credit Union; Marissa Anema, marketing and communications manager of the New Jersey Credit League and the FBLA Partnership with the business committee consisting of Yuti Gandhi, Noelle Butera, and Bonnett.
"The financial literacy students were very excited to be a part of this Reality Fair. Not only did they learn real-life skills that all the students will need to use in their future, but they also were afforded an opportunity to interact with the business owners from various credit unions," said Gandhi.
"It was very obvious during the activity that the higher-paying careers allowed students to incorporate more extras like better cars and homes, additional social activities, which would create a higher standard of living," said Butera.
The FBLA members who assisted the business owners also got a close-up look at what it is like to be a financial advisor as they interacted with the students attending the Reality Fair and learned about their experiences.
At the end of the day, when all classes were over, students were graded and a winner picked from each class based on who had the most money left while fulfilling all their expenses.
To continue this project, the Partnership with Business committee plans to create a financial booklet that will be integrated into the financial literacy curriculum for the benefit of future classes.
LAST UPDATED: THURSDAY, DECEMBER 24, 2015, 12:16 AM
BY LESLIE SCOTT