Office Administration students Samantha and Dalton ponder their cell phone purchase.

Once a year, credit unions throughout the world recognize International Credit Union Day. As part of recognizing the role credit unions play in finances and the economy, Point West Credit Union held a Financial Reality Fair at Springdale Job Corps Center.

The Financial Reality Fair provides an opportunity for students to work with a budget, learn about the difference between monthly and one-time expenses, and how to pay for necessities using their available funds. “Students visit a series of stations we set up to make simulated purchases necessary to set up a household,” said Chris Berrie, Community Advocate for Point West. “Purchases at certain tables are required, like housing and transportation. Others are optional, like the tables for part-time jobs, or adopting a pet. We hope that students come away with an understanding of the importance of budgeting and good financial health when they are on their own in the real world.”

Each student was given a card that included an entry-level job in a particular career path, level of education, yearly salary, take-home pay, taxes, credit score, current savings balance, credit card balance and limit, and student loan payment, if applicable. All of this information was entered into a worksheet that would allow students to fill in information like rent, car payment, credit card payment, utilities, furniture purchase, and apartment deposit, as well as other expenses.

At the end, students added up their expenses and subtracted the total from their monthly take-home pay. “Hopefully they end up with some money left over,” said Megan Cruikshank, the Career Services Secretary, who helped staff the Part-Time Job table. “But if they ended up in the red after calculating their monthly expenses, they could either reconfigure their purchases OR they could take on a part-time job to help fill in the gap.”

Volunteers staffed the tables and included Springdale staff, community members, and volunteers with other credit unions in the area. “It was so great to have so many people come out to help us put this on,” Business & Community Liaison, Anna Snyder, said. “We are grateful for the partnerships we have with our neighbors in the area.”

Students seemed to enjoy the experience and felt they learned something new. In a post-fair survey, one student commented, “It definitely has me wanting to make better choices with my budgeting in the future.”

To learn more about International Credit Union Day, visit www.woccu.org/icuday.