MARQUETTE, Mich. (WZMQ) – Northern Michigan University along with Honor Credit Union held a financial reality fair for area high school students Friday at the Northern Center, where they were shown how to spend wisely and budget their money.
For these students from Ishpeming and Gwinn, today was all about being an adult, financially speaking that is.
The event was an exercise in financial literacy and responsible spending. The students first had to choose a career, were then given a salary, factor in taxes, and then came the hard choices. They had to use that money to select housing options, transportation, food, clothing, and many more monthly expenses, in all, the students visited 12 stations, all vying for a place in their budget. The students were presented with some challenging decisions about their priorities and what they cost. Bella Demattia of Honor Credit Union helped them create a realistic food plan.
“We have a lot of kids coming back up to us saying that they ran out of money and they need to downgrade their food plan. So, it’s Ramen for a lot of them,” Said Demattia.
For Ishpeming’s Hadden Hyry, it was time well spent.
“It’s scary, but I think, I think this is really going to help you get prepared for it,” Said Hyry.
Honor Credit Union’s Jamie Gollakner says people often overlook things like their credit score.
“So when they’re going to a transportation table, they need to kind of choose what payment is best for them, and that’s really going to involve that credit score,” Said Gollakner.
Invariably some students make poor choices and run out of cash, but, according to NMU entrepreneurial professor Corine Bodeman, they can start over.
“They then have to go back to Honor Credit Union, go through the counseling, start again, and try to figure out how they can do it within budget,” Said Bodeman.
If all this seems difficult, it is….Because they only have 45 minutes to budget for an entire month.
