Students Learn About Finances Through Simulation


Middle School South students experienced the Real Money. Real World. (RMRW) program last week. The financial literacy program, put on by OSU Extension, is a fun way for students to participate interactively in a simulation that allows them to make lifestyle and spending choices similar to those made by adults at age 27.

Money management is a crucial life skill young people need to be successful adults. RMRW was created to provide a hands-on way for students to learn more about basic money management.

The program consists of three parts; four classroom lessons; a hands-on spending simulation of budget management and decision-making; and a post-session evaluation of spending choices made during the simulation.

According to the RMRW website, the goals of the program are threefold:
  1. To increase awareness of participants as to how a person’s education level and career choice influence personal income and financial security.
  2. To increase students’ knowledge of tools used for money management and daily cost-of-living spending decisions.
  3. To increase participants’ awareness of how income and lifestyle choices affect the level of discretionary funds available for spending.
During the event, students chose a career, learned the amount of deductions to be taken from their gross pay and calculated expenses such as childcare, household expenses, transportation costs, etc. The goal of the program was to go through each of the stations, pay bills and end up with money left in the bank account.

By participating in the RMRW program, students become aware of how a career choice affects the income they earn, the level of education required to get a desired job, the amount of deductions taken for taxes, insurance, etc., the costs of childcare and maintaining a household, and ultimately, how every spending decision affects other spending opportunities.

The intent of the RMRW program is to get students to place more importance on doing well in school, getting more education or training after high school, waiting to have children until financially able, learning to live within their means, and saving regularly. 

  


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