Local high school seniors learned about real-world finances during the annual Dollars and Sense event recently held at the New College Institute (NCI), and sponsored by the United Way of Martinsville Henry County.
Bassett, Magna Vista and Martinsville high school seniors participated in the event that organizers hope will help prepare them to make better financial decisions.
Houston Stultz, director of operations and marketing at the Smith River Sports Complex, said he wanted to work in sports and ended up coming back to the area to fulfill his dream job. He advised students to stay in contact with their classmates and keep a strong network of connections.
“Become a Swiss army knife. You may not know what that means, but a Swiss army knife does a little bit of everything,” he said. Statistically speaking, many adults will change from their career trajectories later in life, and Houston advised students to keep a multitude of talents in their portfolio.
Students heeded that advice as they navigated the program, selecting a dream career and an accurate salary that reflected their choice. Students then received paperwork which reflected withheld taxes to aid in preparing a monthly budget. Among the careers selected, health and trade-related fields were the top picks.
The room was lined with volunteers at different stations for rent, utilities, food, vehicles, banking, and temptations. Visiting each booth, students had to decide how they wanted to spend their money. Each booth had several different choices, adjusted according to the student’s household needs.
The event included a station that doled out randomized life events, ranging from something as simple as getting a speeding ticket to a costly hospital stay which would cost hundreds of dollars. Students were given various options, from eating out to paying for a more expensive grocery budget.
A variety of cars were presented with a mix of affordability options – from low-cost used cars to more expensive autos and trucks. The prices directly impacted student’s assigned credit ratings.
Temptation Island was the final station for many, offering luxuries like a vacation to Disney World. Students would calculate their budgets at the end of the exercise to determine whether they were over, under or on target.
While some only needed to cut down on fun spending to have a comfortable budget, other students learned that their career choices couldn’t make ends meet, even with severe cutbacks. Students could make additional money by donating their time to a charity or getting a part-time job.
Students who participated in the event said it helped them make decisions in terms of career choices, and several teachers, who chaperoned the event and actively engaged with students, said the event was successful in helping to prepare students.
“I think this is a very important opportunity to give our students the chance to see what exactly lies ahead from a budgeting standpoint, from a preparing for the future standpoint,” James Law, who teaches government at Bassett High School, said. “My hope is that the students get an idea of what it’s like to put together a budget. I hope it puts some thoughts in their minds about some of the things that they need to prepare for.”
