More than 150 Toll Gate High School students put their budgeting skills to the test at the school’s  12th Annual CU4 Reality Financial Education Fair on May 24. The fair was sponsored by Wave Federal Credit Union (FCU), a loyal partner of the school for over twelve years.

From 7:30 a.m. to 10:00 a.m., the school’s cafeteria transformed into a hub of company vendors, stationed at various tables throughout the room and representing real-world expenses – such as mortgage payment, cable TV and personal care. Students were tasked with completing a budget sheet with their own financial decisions, in accordance with the monthly income of a pre-picked career. The activity resembled the reality of adult-style living.

“A lot of kids are getting ready for the next stage in their life,” said President and CEO of Wave FCU David Dupere. “This is probably the perfect time to get them established with budgeting.”

Elected officials, school administrators and community leaders were represented at the event. Preliminary proclamations began at 7:45 a.m., which included remarks from Dupere, Rhode Island General Treasurer James Diossa, Senator Mark McKenney, Financial Education and Constituent Affairs Director for the Rhode Island Treasury Ranika Reyes, Superintendent of Schools Lynn Dambruch and Toll Gate Principal Candace Caluori.

Mayor Frank Picozzi proclaimed May 24 as Toll Gate High School Financial Literacy Day in the City of Warwick.

At each table, students learned the cost of specific expenses, ranging from necessities like electricity and insurance to frivolous desires such as vacations and pet care. Depending on their budget and priorities, students “bought” different things- and sacrificed others- in hopes of creating a stable month of spending.

“I thought the event was good,” said Toll Gate junior Dan Kennedy. “It helped a lot with things coming up, I know how to budget and save money better,” he added, asserting that, now, he will not go into debt.

Totaling up expenses

Students completed the first part of their budget sheet during a “fair orientation” that accustomed them to the event. At the fair, they visited every table, totaled their list of expenses and had their sheet approved by the Consumer Credit Counseling table.

Expenses were divided into nine categories: housing, food, transportation, utilities, clothing, loan or credit card payments, retirement savings or investments, education and other.

“Learning about personal finance is a key building block for future success,” said Reyes.

Event Coordinator Laurie Robinson described the fair as a “hands-on reality check” designed to broaden students’ understandings of smart financing. Dupere further announced that Wave FCU’s collaboration with Toll Gate “meets a critical need of our high school students.”

The CU4 Reality Financial Fair gives students the chance to apply their classroom knowledge of finances to a realistic budgeting experience, as well as interact with local businesses as consumers. Throughout the school year, credit union representatives gave students monthly presentations on financial topics such as banking and saving, with the fair as a cumulative event.

Freshman Jadyn Moore holds similar thoughts about the fair to her peers.

“It’s like, helping me, once I get a job, [to] learn how to deal with money,” she said, which is a skill she did not know well before.

The fair includes a Wheel of Reality. This requirement showed students the unpredictability of adult living. Fit with positive outcomes, such as a $250 raffle win or a $125 eBay sale, the wheel also held negative ones, like a $600 auto repair or a $400 stolen phone. Students spun the wheel and managed whichever outcome it landed on within their budget.

Students could also utilize a part-time job to assist their financial situation.

At each CU4 Reality Financial Fair, a $1,000 Donald R. Staley Scholarship is awarded to one student. Staley was a math teacher at Toll Gate High School and now works as Chairman for the Board of Wave FCU.

Wins scholarship

This year’s winner is Sean Mullaney. Selection for the scholarship is open to all students through the guidance office, but it centers on recommendations from a student’s volunteer work.

According to Robinson, financial literacy is a graduation requirement for Toll Gate students. This year, about 300 students were taught the subject.

Unlike her peers, junior Skyler Bandarrall regrets her hesitation to spend, although she admits that she learned a lot about the importance of stocks and bonds, as well as wise saving.

“I think it was fun, but I feel like I could have made better choices,” she said, claiming that many of her choices remained cheap.

A grand turnout of students, officials and community members presented themselves at the fair; attendees were welcome to a breakfast bar with assorted beverages, danishes and muffins. The room was decorated with Wave FCU balloons as well, and students received Wave FCU-branded bags.

Dupere stated that “[the students] do extremely well with the exercise,” and recognized their apparent success after the activity.

“We’ve even recruited some people from this event,” he said, some of them right out of high school. One student is now a Wave FCU Branch Supervisor, and two others as a financial officer and marketing executive.

Robinson additionally praised “each and every student” for their strong engagement and preparation for the event.

“I’m hoping that, when they enter the adult world, that we’ve given them the skill set for a secure financial future.”

Some additional expenses consisted of gasoline and parking prices, real estate taxes, student loan payment and recreation. In her proclamation, Principal Caluori highlighted the school’s incredible partnership with Wave FCU, and hopes it will continue “for ever and ever.”

Returning, represented companies included College Planning Center of Rhode Island, Community College of Rhode Island, Empire Beauty School, Liberty Mutual, Premier Home Realty, LLC, Stop and Shop, Tasca Chrysler Jeep Dodge RAM Fiat and Wealth Management Resource Group.