Along with improving their reading and math skills, Knox County students attending this summer’s Freedom School at Sarah Moore Greene Magnet Academy learned how to manage money and prepare for adulthood. On July 22, the students applied what they learned by participating in a “On My Own” simulation.
“On My Own” is a youth financial education program provided by the Family and Consumer Sciences department of the University of Tennessee Extension Service. It was one of the many summer programs offered through Great Schools Partnership’s Community Schools.
During the simulation, the students took on the role of a 26-year-old who is the sole provider of their household. Each student was given a different career and life scenario, such as being married or single with or without children, and then had to figure out how to budget their salary to pay for housing, transportation, childcare, healthcare, groceries and other needs and wants.
The lesson in finances taught the students how to start making decisions about their future and hopefully have a better understanding and respect for the tough financial decisions their own parents have to make.
“Money does not grow on trees,” said 13-year-old Noah Johnson.
“I learned that if you save just $25 a month, you can have the money you need if there’s an emergency, like if your car needs fixed,” said 11-year-old Chyina Petty.
“I started out rich, then was broke in a few seconds. I made some bad decisions,” 13-year-old Joseph Stafford concluded after finishing the simulation.
To learn more about the “On My Own” financial simulation, check out these news clips.