Friday, February 24, 2017

Students Learn How to Budget/Spend Income

Tricia Wilkinson and Randy Rauls of Union Bank participated in exercise.
Students from Warren High School took part in an exercise Thursday, February 23rd designed to help them understand the issues of spending money and living within their means.  The program was
sponsored by the University of Arkansas Division of Agriculture and was spearheaded by Michelle Carter, County Extension Agent-FCS.  Students were given a family scenario such as married with three kids and an income of $60,000.00 per year, along with a checkbook.  They then had to visit various stations set up throughout the high school media center where they bought a house, a car, insurance, food, child care, cloths, entertainment, visited stores to buy items of need or wants, etc.  They had to stay within their budget by balancing their family checkbook.  Decisions had to be made on the purchase of more expensive items versus less expensive options.  The students could choose to increase their level of education in a way to increase their income.

Volunteers from throughout the community manned the various stations to sell goods and services to the students.  In some cases they tried to urge them to spend more money while teaching them to be prudent and smart in their spending.  Part of the program was to teach them the difference between absolute needs and the purchase of things they just want.

The students who participated are members of Angie Ferrell's classes.  John Gavin, County Extension Agent-Staff Chairman, assisted with the event.  It appeared the students had a fun time and learned a lot.

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