BAKERSFIELD, Calif. (KERO) — A Bite of Reality is a simulation provided by Valley Strong Credit Union and RMJ foundation. The app allows students in Bakersfield to create an alternate reality and see how life works with bills.
- Learn how life works, students have to decide what car, home, food, etc. They want to provide for their family.
- Organizers plan to visit multiple schools across Kern County.
- Organizers suggest the 50/30/20 rule for budgeting.
BROADCAST TRANSCRIPT:
Teaching students about financial literacy is important, especially before entering the real world. I'm Eric J. Dockery, your Bakersfield neighborhood reporter. Valley Strong Credit Union is hosting a bite of reality at West High, teaching students how to budget.
Graduating high school without an education in financial literacy can leave you feeling lost while making big purchases. Volunteers helped Valley Strong Credit Union inform students about the importance of saving... and better ways to spend their money.
Chei Whitmore said "Showing them the choices they make, and the impact of those choices. Trying to get them to make wise choices when they are making their purchases."
Organizers suggest that students and adults follow the 50,30,20 rule. 50% goes to household bills, 30% personal use and 20% savings.
"Express is offering you that credit card and you're just like. What free money! We're trying to prevent that right now. Before they go into the real world. We're trying to show them that everything does cost money. You have to come up with your necessities and wants. So we're trying to get them to exhaust their budget and just get ready for the future." said Brie Lancaster
The students were given fake names, jobs, income, and family... all things that adults might deal with daily. Students like Samuel Lopez had to crunch the numbers with a wife and child.
Samuel Lopez said "He's 4 ½ years old. Currently, I learned it is important to budget. You can get certain nice things, but you have to be careful what you get so far."
Students told me they were surprised at how quickly a budget can wipe out your bank account... emphasizing the importance of managing your money.
Erick Atkinson said "I kind of like making some options to go to department stores like Target. Cause they have some nice things, you can style the budget, especially for a kid. They asked for daycare who did you want to watch your kid? I told them my grandma.. that's free."
In the end, the students were visited by Cashsquatch, who encouraged them to open an account with Valley Strong and to be smart with their money.
Im with Cashsquatch… Isn't it important to teach students about financial literacy while they are young before they go to school?
Valley Strong plans to bring this event to multiple high schools within the year. Next on their list is Stockdale High.For 23 ABC, I'm Eric J. Dockery, your Bakersfield neighborhood reporter.
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