Nearly 400 Andover High School juniors got a taste of real-world budgeting and financial decision making in the Service Club of Andover’s ninth annual Credit for Life Fair on Tuesday.
During the 80-minute exercise, students had to navigate financial decision-making in order to practice what it means to budget for financial needs and wants as a 25-year-old adult.
Using their smartphone or tablet, students logged on to creditforlife.org, a web-based platform developed during Covid that is now used by dozens of schools across Massachusetts in which students chose a career, learned the annual salary and taxes associated with that career, were assigned a credit score, starting checking and savings account balance and then met with over 40 community volunteers to create and manage a budget as if they were an adult at age 25.
The students were exposed to the many choices they will need to make as adults such as: the costs of housing, rent, furniture, utilities, the real costs of food, whether to buy, lease, or not own a vehicle, deciding between a PPO, HMO, impact of student loans, whether a part-time job might be necessary, the benefits of investing early for retirement, budgeting for lifestyle and fun activities, and the value of devoting either time or money toward charity/community.
Students also learned how to avoid common financial and cyber scams, took their chances on a life reality wheel and learned how to write a check. Andover Police and Fire Departments also attended and interacted with many students regarding personal safety, driving and related topics.
At the fair’s conclusion 25 students, who successfully passed the budget review, won a $20 gift card from Perfectos of Andover in a raffle.
Andover High School has served as a model for several other high schools in developing their own fair and received a grant of $3,200 from the Office of Economic Empowerment in the state Treasurer’s office to offset part of the fair’s costs. As David Floreen, the Chairman of the Credit for Life Fair Committee, said “This is truly a community event with members of the Service Club of Andover, the Rotarians, Kiwanians, Businesses, Faculty, First Responders, Parents, and Government Leaders all volunteering to “Make a Difference” in the lives or our Andover Youth!”