ILHS College and Career Readiness students recently got a valuable look at the costs of living in the real world playing “The Game of Life.”
Honda Federal Credit Union teamed up with the Midwest Regional Educational Service Center and the Logan County Chamber of Commerce to bring this expense-planning exercise to area high school students. Indian Lake juniors were the first to take part locally.
Honda Federal Credit Union Business Development Manager Cindy Haavistow patterned “The Game of Life” after a program taught near the Indiana Honda facility.
“I really saw the value, especially when the hot topic is financial wellness and literacy,” Haavistow said. “What better way to give these students the opportunity to understand the journey that’s ahead of them once high school is over?”
Prior to the event, CCR students researched careers, selected a job and chose their family situation.
During “The Game of Life,” they got a monthly pay stub with their earnings after taxes. Then students made their way around the cafeteria to about 20 different local business and organization representatives where residents typically spend their money.
Students were required to pay for housing, transportation and insurance, but could make other spending decisions based on their income. They had to consider groceries, utilities, child care, pet care, recreation, student loans, charitable giving and many other types of possible costs.
Participants were also required to draw a card from SRO Miller with an unexpected life event, like a speeding ticket, that might cost them more money.
After they visited each station, the pupils took their budget sheet to Honda Federal Credit Union employees to get advice and recommendations on their spending.
Junior Matthew Culp played the game as an aircraft mechanic making $5,567 per month with a spouse and one child. He made ends meet, but just barely.
“I really tried to save money on my house and save money on my car. This was very eye-opening compared to what I thought it was going to be — I thought I was going to come up with a lot more money at the end, but I only had $15 left.”
ILHS College and Career Readiness educator Alex Jacobs plans to take this concept and continue it in the classroom over the next few weeks while teaching more on financial literacy.
Honda Federal Credit Union also presented a Car Buying Experience workshop to help students understand their credit and be knowledgeable with what could be the first major purchase of their early adult life.
Students from other schools around Logan County will be taking part in “The Game of Life” and the Car Buying Experience over the next few weeks.