Have you ever played the game of LIFE? In this special edition of CU in a Minute, I'll take you inside one of the Maine's Credit Union's Financial Fitness Fairs, where high school students learn all about budgeting in a simulation that mimics the popular board game.
There's no plastic car or paper money involved in this simulation, just a great opportunity for students to learn how much things cost and how to budget their money every month. From food to housing and even fun stuff, students have to build their monthly budget, being careful not to exceed their monthly income.
Just like in the real world, credit scores effect student's ability to spend and save money. It's all part of making the experience as realistic as possible. Even a Wheel of Life doles out unexpected life events, where students either gain or lose money. Break an arm? Pay $200. Birthday card from grandma? Add $50.
In honor of April being Youth Financial Literacy Month, Maine's Credit Unions will host seven Financial Fitness Fairs across the state, reaching hundreds of students from many different high schools. Credit unions are dedicated to education and outreach all year long, and will host nearly 20 Financial Fitness Fairs by the end of the 2013 school year.
At this Financial Fitness Fair, nearly 180 students from 11 area high schools participated in the money management experience with the help of over 40 volunteers from the Kennebec Valley Chapter of Credit Unions. Check it out!