Real Money Real World Simulation
On April 19, Mrs. Evans's financial literacy classes took on a massive task: a real-world financial simulation. The on-campus field trip was held in the gym by Ohio State's Real Money Real World events. Many people made this opportunity possible including, parents, faculty, and coordinators.
Photo by Cooper Palmquist.
In the simulation, financial literacy students took on the task of living as a 27-year-old for one month. Each student was given a level of education, a job with a salary, and a number of children at different ages. Students then made calculations in the classroom to find how much money they had to pay for taxes, and they found out how much money they could spend each month. They budgeted what they should spend on each category, then each student went out on his own and tried his best to survive for a month.
There were many categories that each person had to attend. Some examples of these categories were housing, financial advice, food, transportation, college loans, entertainment, and chance. In each, there were expensive choices, middle-class choices, and low-income choices. Each student could decide how he wanted to live, but there were a lot of sacrifices that had to be made. Having kids or college loans made decisions even more difficult. Some people with higher incomes could afford luxury houses and cars, but low-income people could only afford living in a basement and using public transportation. This activity really showed how budgeting and getting a good job can help make survival easier.
Photo by Cooper Palmquist.
The Crusader talked to Senior Brennen Hickey, who participated in this event, to find out how the experience impacted him.
The Crusader: What did you learn from this simulation?
Brennen Hickey: I learned how important it was to be careful with your money. I also learned you need to watch your expenses because it adds up quickly, and before you know it, you can be in debt. I also learned how expensive kids are.
The Crusader: How did it make you feel?
Brennen Hickey: It was exciting at times, and at other times, I was scared because I went in debt a couple times. I had to go to the chance table to try to win some extra money. I also had to gain a few jobs to earn some more money.
The Crusader: How will this simulation help you in the future? What will you do differently?
Brennen Hickey: I will watch my money a lot closer. I won't spend as much money on the material things in life and try to save my money for my needs.
Overall, this simulation was very effective and fun. As a participant, I would recommend that more students attend, as I believe there can be a ton of meaningful lessons that come out of it.
Thank you to Brennan Hickey for talking with The Crusader and thank you to Mrs. Evans for putting this special event together!