Money on Their Minds

Windsor Central High School senior Alex Balachick learned one of life’s immutable truths Wednesday.

“Things cost money,” said Balachick.

He had just finished taking part in the Visions Federal Credit Union’s Life is a Reality financial wellness simulation.
Event organizers gave the students an annual salary of $35,000 and had them complete a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing, and food. They also factored in additional expenditures such as entertainment and travel.

“I definitely have to learn how to budget more and think about what I’m purchasing. Things come up out of the blue,” said Balachick. “It was definitely a good experience learning how to budget.”

Throughout the simulation, the students had many temptations that could cause additional spending, and students had to balance their wants and needs to live on their own. 

“They have to look at priorities. Maybe you don’t need a top-line vehicle or an unlimited cell phone plan,” said Nick Minier, Windsor Financial Wellness Officer for Visions Federal Credit Union.

There were seven tables with eight stations: Housing, Transportation, Groceries, Savings at the same table with Student Loans, Entertainment, Clothing, and TV, Phone, and Internet. 

“For student loans, we show them that you’ll pay less per month for a longer term, but end up paying significantly more overall,” said Minier. “We’ll take out things like health care, insurance, taxes, and they’ll say, ‘Oh, I didn’t expect that taken out.’”

“The random deductions killed me,” said senior Markayla Madden. “You definitely have to choose what to spend your money on.”

“I would definitely think over my budget before spending it. Going off to college, I know I can’t go to Starbucks every day even though the cake pops are so good. I need to use my budget more wisely. No stupid decisions,” said senior Kaitlyn Jones.

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