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Students at Haverhill’s Gateway Academy recently took part in a Financial Reality Fair, learning about real-world financial scenarios, budgeting and personal finance management.
The fair was organized Haverhill Public-Private Partnership, known as HP3, and Align Credit Union.
HP3 Director Allison Heartquist said “Many students found the experience eye-opening, including one student who participated multiple times to refine their budgeting skills for a positive month-end balance. The Reality Fair is designed to ignite interest among students exploring career options and to educate them on considerations based on their desired lifestyle.”
Gateway Academy Principal Brian Edmunds called the fair “a tremendous success,” noting students were talking with him about their experiences throughout the day.
During the fair, students select a career and receive a gross monthly salary. Various deductions like Federal Income Tax, 10%; Social Security, 6.20%; state income tax, 5%; Medicare, 1.45%; and Student Loan expenses are subtracted to reveal students’ net monthly salary. With the guidance of Align team members, students go on to learn about responsible spending, saving for emergencies and making informed financial decisions. They move from station to station, making choices on expenses like housing, transportation, utilities, food, clothing, subscriptions, pets and entertainment. The fair concludes with students spinning a wheel to encounter unexpected expenses or windfalls such as a popped tire, computer crash, tax refund or work bonus.
Organizers said the fair partnerships demonstrated are critical component of a strategy that includes organized career exploration and mentorship opportunities.