Students Link Education with Future Lifestyle Choices.
In February, Miami Valley Career Technology Center students participated in a Real Money. Real World. Simulation. Each student visited the various booths, making spending choices based on their family situation, hoping they would have enough money to make ends meet at the end of the month. Electives Supervisor David Peltz noted, “The interactive spending simulation fostered great discussion and problem-solving and presented students with real-world challenges they may soon encounter!”
The program includes four classroom lessons to prepare students to assume the role of a 27-year-old adult who is the primary income provider for a family. They received an occupation of their choice, a monthly salary, and the number of children they were raising. Students learned to subtract savings, taxes, and other deductions from their monthly income. The amount of money left over is what they spent during the simulation activity. Students spent their money at booths on items typically found in a monthly budget, including housing, utilities, groceries, insurance, child care, and transportation. Throughout the activity, students kept track of their finances and attempted to complete the simulation with a positive balance. “The cost of living is really high and even higher with kids. I plan on making and following a budget once I get a job,” noted Jayla Thompson.
The program is a product of Ohio State University and was organized for the community by Extension Educator, Family, and Consumer Sciences Pat Holmes in collaboration with MVCTC Instructor Lindsay Griffin. Eighty students participated in this program.
During the post-simulation lesson, students reflected on their experience and what they learned by completing a self-assessment. The students thoroughly enjoyed their experience but were shocked at how hard it was to meet a monthly budget. Many had newfound respect for their parents and what they dealt with daily. At the end of the experience, student comments included, “This is a great and fun simulation,” “I need to stay in school and graduate to get a better job later,” and “Life is more expensive than I thought – especially the most needed expenses,” and “I need to manage my money better and make a savings plan.”
As reported in a Real Money. Real World. follow-up study, students reported significant changes in their financial behavior after the program. Over 80% of participants reported changes in the extent to which they now repay money owed on time, set aside money for the future, and compare prices. Over three-fourths of students indicated they now think more carefully about spending money.
If you would like more information about the Real Money. Real World. program, please get in touch with Pat Holmes at the Montgomery County Extension office, 937-224-9654.
Recent Articles
Veterinary Science Students Achieve 3rd Place in State Animal Care and Management Contest
We are dedicated to providing premier educational choices and advanced employment preparation for youth, adults, and organizations of the Miami Valley.
