Tennent Hosts Second Annual Financial Reality Fair

For the second year in a row, area high school students took a break from living under their parents' protective bubble and got a helpful look at what it's like to live independently at the Financial Reality Fair at William Tennent.

Hosted Wednesday by TruMark Financial Credit Union and the Pennsylvania Credit Union Association (PCUA), the event took participating students on a journey through the tough choices that have to be made for a financially secure life.

"At the end of each of these fairs, I tell the kids the same thing," said John Krebles of the PCUA. "Go home, hug your parents and thank them for providing food, clothing and shelter for all these years. This a wake-up call for them."

As juniors and seniors from William Tennent, Neshaminy and Bensalem high schools made their way through the numerous stations of the Pennsylvania Credit Union Association's Reality Fair and mapped out their mock monthly budgets, they saw their monthly income slowly chip away as they racked up expenses for cell phones, furniture and food. 

After depositing 5 percent of their monthly salary into a savings account, the first categories the participants take care of is housing and transportation. Once they figure out if they will rent an apartment or buy a home, or purchase a car or take public transportation, the students get to work on the day-to-day expenses that can eat up a paycheck.

"Many of them are used to stopping at Starbucks or Dunkin Donuts for coffee everyday," said Randi Marmer, vice president of public relations at TruMark Financial. "They don't realize that those little trips add up to a $140 expense at the end of the month."

After mapping out their mock budgets, the students presented the paperwork to one of several financial counselors who checked the plans and usually replied with the same advice, try again.

"We are kind of the buzzkills for the kids," said Peter Buchsbaum, a branch manager for Gateway Funding Diversified Mortgage Services in Horsham. "In order to meet their budgets and end the month with money for savings, they had to go back and get a second, part-time job."

Neshaminy student Nick Foraker was one of the few who managed to make it through in one pass, ending with a balance of more than $400. Foraker made the right, money-saving choices to exit in the black, but he still was surprised at some of the hidden costs those choices gave him.

"I decided to rent a home because I knew it would cost less," said Foraker. "I didn't factor in that I would have to buy renter's insurance. The insurance for the car was also higher than I thought it would be."