FORT WASHINGTON, Penn. — More than 130 students participated in a Financial Reality Fair sponsored by TruMark Financial Credit Union and the Pennsylvania Credit Union Foundation at La Salle University in Philadelphia, where they experienced what life would be like having a career and managing their own finances.
The credit union said the day provided a practical exercise in personal financial management aimed at helping students understand the art of budgeting. The Fair provided a birds-eye view of what financial challenges students might face when tasked with managing their own finances. They chose a career, complete with a salary, and were given a budget worksheet, according to TruMark.
Students were required to visit 14 booths to make spending decisions within their budget on such necessities ashousing, transportation, food and clothing, insurance, and other categories. Following their selections, students met with financial counselors who reviewed their worksheets and advised them on adjustments that might be necessary to live within their salary constraints.
After meeting with a financial counselor, a senior who graduates in May, said she realized she was spending too much money on her cell phone and had to reduce her data plan.
“It was an enlightening moment for one student when he realized Wi-Fi was not free and he was going to have to include the costs in his budget,” the credit unions said.