Wall, N.J. (Monday, November 26, 2012) – Do you ever wish your children would truly understand the value of money and what it takes to run a household? Thanks to an innovative program called the “Financial Reality Fair,” parents of students from Wall Township High School will have their wish granted on Friday, December 7 thanks to a partnership with First Financial Federal Credit Union.
First Financial will be hosting the fair which is sponsored and supported through the New Jersey Credit Union League Foundation.
The Financial Reality Fair, which will begin at 8 a.m., is a full school day hands-on experience where students, after identifying their career choice and starting salaries, are provided a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing and food.
“Of course, there are many temptations for additional spending and students must learn to balance their wants and needs to live on their own,” said Kathleen Zimmer, Business Development Director at First Financial.
After they have visited all the booths, students will balance their budget, and then sit down with a financial counselor to review their standing and get a “financial reality check.” The Fair is a unique opportunity for each student to experience some of the financial challenges they will face when they start life on their own.
For example:
- Students are encouraged to discuss their financial difficulties
- Students learn how to finance cars, furniture, appliances etc.
- Students learn how to get their own cell phone plan -- without Mom or Dad!
- Students determine how to choose between buying a car or using public transportation
- Students learn about buying food
- Students then determine how to pay for all the little extras that add up like the gym, nail and hair salons, etc.
An important component to a responsible financial lifestyle is saving. In the Financial Reality Fair experience, students are encouraged to save a minimum of 11 percent of their income, placing 3 percent in a long-term retirement investment, and 8 percent in a shorter-term investment. The Financial Counselors explore the importance of planning for future needs and preparing for future financial challenges through savings. While the Fair will tempt students to spend their income on “fun,” the Financial Counselors will bring the focus back to saving and budgeting practices.
About First Financial Federal Credit Union:
First Financial Federal Credit Union (formerly Mon-Oc Federal Credit Union) is a not-for-profit financial cooperative whose goal is to provide the highest level of quality products and personalized services while maintaining financial integrity and stability. Our vision is to be a long-term financial partner with our Members. While First Financial has a highly trained, professional staff using the latest technology, we also pride ourselves on our personal touch. Unlike huge banking conglomerates, policy setting and overall strategic direction of First Financial are overseen by a volunteer Board of Directors made up of credit union members. The credit union is federally insured by the NCUA. For more information on First Financial, visit www.firstffcu.com.