CHS juniors and seniors recently participated in a hands-on financial workshop that had them fast-forwarding to a future in which they navigated important life decisions while staying within a budget.
Representatives from Broadview Federal Credit Union bring the interactive Financial Independence Training (FIT) workshop to local schools to help prepare students for their financial journey ahead using real-life scenarios.
“Broadview was thrilled to partner with Cohoes High School to help the junior and senior classes develop a positive and realistic approach to money management, which is crucial at this age, as students prepare for their future,” said Broadview Vice President of Financial Wellness and Youth Services Sarah Trela. “Financial Independence Training – F.I.T. – was created to give students hands-on experience as financially independent adults, with an assigned job, income, and the decisions that come with these responsibilities.”
They worked alongside teachers and administrators, members of the board of education and other community members who volunteered their time to work with the students.
Armed with a financial booklet, students jumped right into decision-making mode. First, they had to choose whether they’re headed to college or trade school or straight into the workforce. A roll of the dice determined if they had a partner, were single or had a roommate to help split the bills.
If they chose to continue their education, they had to determine their monthly student loan payment and credit card payment.
Next up were children and pets. Students had to spin a wheel to see if they were parents to a newborn, toddler, school-aged child, cat, dog or none of the above. If they did have children, they had to budget for the cost of childcare, diapers, formula, doctor visits and more. With their pets, they had to figure out how much they had for food and routine vet care.
Housing costs took a big chunk of their budgets. Students learned about mortgage payments, paying down the principal, property and school taxes and homeowner’s insurance. They also had to choose between household services such as cable, internet, streaming services and phone.
Other financial decisions students had to make involved transportation (buy vs. lease, rideshare or public transportation), meals, furniture, clothing and personal care.
They were also urged to consider having an emergency fund of three-six months to take care of unexpected expenses.
Once they reached the end, they were promoted to reflect on their spending decisions, such as where they could spend less and how much did they save for an emergency and retirement.
“The young adults that joined this event were incredibly respectful, kind, insightful, and appreciated the many financial obligations that occur throughout life,” said Ms. Trela. “We had a valuable time working with the district and hope to continue our partnership soon!”
Students enjoyed the two-hour workshop, which really gave them a glimpse into what lies ahead.
“It gave insight into what I have to look forward to after I graduate and how to make things work financially,” said CHS senior Meghan LaBombard. “The workshop was informative and eye-opening.”