Anyone who has ever had that “Now what?” feeling after taking that first step in the real world following graduation from high school or college knows that those days are filled with many surprises. (Rent is how much? Wait- you have to pay for laundry?) Don’t you wish that someone had told you the whole story of the many expenses, challenges and sacrifices that come with the long awaited transition into adulthood? For many Maine high school students, this is a reality that is not merely explained to them, but one they can experience firsthand through the several Financial Fitness Fairs hosted by Maine’s credit unions each year.
The Financial Fitness Money Management Experience is a half-day event during which students receive a scenario packet of their life at age 22, which includes their occupations, income and credit history. From there, students map out their financial future from financing their housing to purchasing food and clothing. They also experience the consequences that come from having a high or low credit score, a great advantage compared to the many who only realize what a credit score is when they are declined for a loan! Not only does this dose of reality give students an incentive to start preparing for their future today, it also gives them a greater appreciation for the challenges their parents are faced with each day.
As a result of these events, there will be less of us lamenting, “If I only knew then what I know now,” in the years to come. And in today’s economy, more of us could benefit from this kind of practice run!
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