WILMINGTON — Wilmington Middle School students recently got a taste of what it’s like to be an adult. Through the Real Money Real World program they discovered it’s not as easy as it looks to manage a job/career, family, and a household budget.
Real Money Real World (RMRW) is a financial literacy simulation that is offered to WMS students through collaboration with the Ohio State University Extension Office.
During the week prior to the event, students are assigned a job based on their GPA. Along with the job, they are given a spouse that is in college and only contributes a minimal amount to the monthly income, and at least one child.
The students calculate their monthly income based on the annual salary for their job as well as learn about the payroll deductions that are subtracted from their paychecks.
Students must visit 16 different booths to purchase necessities as well as luxuries. Some of the booths represent housing, transportation, food, utilities, clothing, entertainment, insurance, and financial aid. As students visit these booths and make purchases, they keep track of their money in a check register.
Some of the comments from students included:
• “Your grades really do matter.”
• “I didn’t realize child care is so expensive.”
• “I need to bring my grades up so I have more options for jobs when I graduate.”
WMS teacher Tammy Sexton said, “We really enjoy the conversations we have with students before, during and after the Real Money Real World simulation. We talk about how success in school and attendance impact job opportunities and how expensive “stuff” really is. We also share our own life experiences. It’s such a positive connection we get to make with students.”
If you would like to learn more about this program you can visit the OSU Extension website realmoneyrealworld.osu.edu.