This week, students at the Reese Education Center participated in a hands-on financial literacy experience during the annual Reality Fair, hosted by Alliance Credit Union. The event, designed to help students understand the realities of budgeting and money management, provided valuable lessons on how to navigate financial decisions based on the career salaries they are given. 

"This is the first time many of our students will do any kind of budgeting," said Elyse Evans, Communities in Schools Coordinator. "They learn about home insurance, credit scores, and how to work with a set salary. Students are given a career and salary, then rotate to different stations where they purchase housing, food, transportation, and other needs." 

The Reality Fair simulates real-world financial decisions, with students visiting six stations to make choices about essential aspects of life, such as housing, food, transportation, and entertainment. One of the standout features of the event is the "Reality Wheel," where students spin for a chance to land on either a financially beneficial scenario, like a promotion at work, or a challenging scenario, like a flat tire. 

Evans emphasized how impactful the event can be for students as they start to realize the importance of financial planning for their future. 

"For many of them, it’s a reality check for the next stage of life," said Evans. "They start to realize how essential financial planning and savings are to their lives." 

Tara Seymour, a Social Studies teacher at Reese Education Center, highlights how the Reality Fair helps students understand the importance of budgeting and saving.  

“Students quickly realize that balancing their budget means making tough choices about big-ticket items. They might opt for a more affordable used car, cut back on entertainment, or reduce dining out, all while setting aside savings for unexpected expenses like car repairs or medical bills,” said Seymour. 

As students navigated through their financial decisions, Seymour observed their reactions. 

"Learning how money earned may not go far and how job choice matters was eye-opening for many of them," said Seymour. "It was neat to see them think through how they would adjust their spending to avoid overspending. Purchasing a vehicle was particularly eye-opening for many. The cost of a brand-new truck, including insurance, gas, monthly payments, and maintenance, was just not worth it!" 

A new element to this year’s Reality Fair was getting to roll dice to add a spouse to the budget. Students had the option of rolling for a spouse who makes good money or rolling for a spouse who may be in college or is in-between jobs; the options varied. If students chose to roll, they had to double grocery expenses and clothing costs and add in extra expenses for children. This made lots of students realize how quickly their expenses could multiply and how important it is to plan for the unexpected, like having to support a partner or children, and the financial strain that can come with major life changes such as divorce. 

DeeAnn Masters, a Financial Education Specialist with Alliance Credit Union, emphasized the importance of financial literacy for students as they prepare for the real world.  

"We feel that students need to learn financial literacy now as they’re starting to make those really big life choices," said Masters. "We want to set them up for success with the information to make wise financial decisions." 

The students’ reactions were a testament to the event's success. Reese Education Center senior, Adolfo Thornton, shared his key takeaway about the activity. 

"I learned how life is a bit wobbly, so you have to save money. The activity showed me how to spend money correctly,” said Thornton. 

He added that his favorite station was the food section, where he realized how much he was spending and how it compared to his planned budget.  

"It was more expensive than I thought," said Thornton. 

The Reality Fair provided invaluable lessons for students, offering them a realistic and engaging way to learn about managing money and preparing for their financial futures.  

For information on financial education tools through Alliance Credit Union, click here.