If you asked the average teen how much her parents spend for housing, you’re likely to get a blank stare. That’s probably true for most of the household expenses families regularly incur each month. If you ask the typical teen how much income his family earns, he probably gives you that same blank stare.
When we think of our children’s education, we generally focus on academic topics and, more recently, skills that prepare them for real-world realities they will confront when formal education ends and working life begins.
Yet, there are many things that are important to know that go beyond fields of study and career preparedness.
That’s why we enthusiastically endorse a program by the Junior Auxiliary of Columbus that helps teens become aware of the financial realities that await them. Each year JA members visit various LCSD schools to put on a “Reality Fair.” On Tuesday, the program came to the Lowndes County Career and Technology Center.
In the fair, students are given a monthly wage based on their GPAs, and from there they must go through monthly costs many high school students don’t think about. An A student receives $2,800 per month, a total that is reduced by $600 for each subsequent letter grade, presumably to reflect the importance of hard work that good grades represent.
From that income, students must take care of regular household expenses: housing, utilities, car payments, car insurance, gas, groceries, cable, internet and cellphone costs.
It doesn’t end there, though.
As poet A.E. Housman noted long ago “While the sun and moon endure, luck’s a chance, but trouble’s sure.” The Reality Fair takes that into account, too, requiring the spin of a wheel that could add or subtract from their income — from car trouble to unexpected illness or a tax refund to finding forgotten cash in a coat pocket.
The tighter the budget, the greater the impact of those twists of fate can be.
The Fair also makes students aware that they have choices about how they spend their money. For some, it’s a lesson in understanding the difference between a necessity and a luxury. Costly thy habit as thy purse can buy, as Shakespeare put it.
Finally, students with money left over at the end of the month are advised about saving and investment options.
For many, if not most, it’s a moot point. The most common response from students? There is simply not enough money to make ends meet.
That’s the reality many, many Mississippians face regularly. Last year, a report by the U.S. Senate Labor Committee, revealed that half of Mississippians are ALICE — an acronym that stands for Asset Limited, Income Constrained, Employed — and have trouble meeting their monthly expenses.
The student’s response, then, should not be unexpected, nor does it suggest the student has necessarily failed the experiment.
What it does achieve is make teens aware of the financial realities that await them.
Having at least a rudimentary understanding of those realities should help our teens in their formative years. Parents can reinforce these lessons by including teens in practice of setting and managing the family budget. It’s good training for what lies ahead.
The Dispatch Editorial Board is made up of publisher Peter Imes, columnist Slim Smith, managing editor Zack Plair and senior newsroom staff.
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