Frankenmuth

5 Article continued on next page The Financial Reality Fair By Alexander M. Choate EFR 8th Grade Student The Financial Reality Fair that Frankenmuth Credit Union volunteers put on was amazing! At the fair, we had to budget to pay for housing, furniture, tax, transportation, phone plan, food, credit card, student loans, and that's just what's required. We could also donate to charity, pay for hobbies, and get electronics. Walking into the fair, I expected to be able to get new furniture, a nice truck, a pet and a big apartment. I soon discovered that on a teacher's salary I could not afford any of that. I bought used furniture, a small used car, and a one- bedroom apartment, and I still needed a part-time job to cover it all. I know many students who got pets but had to get rid of them because they could not afford them. Some students saved money by spending little to no money on hobbies and electronics. Other students saved money by getting used items. A few students with well-paying jobs could get nicer things by getting a part-time job. The program randomly gave out credit scores to students. Students with bad credit paid a higher interest rate on their car loan. To combat this, some students got cheaper cars. When we were all done, we went to a financial counselor. The financial counselors told us if there was a problem and if so, they gave ideas on how to fix it. I thought the financial reality fair was very fun, and it helped me see how hard it is for adults to manage money. It also taught me how important it is to learn to manage my money now to be more prepared for the future.

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