Teens and Money SPRINGFIELD, OH (WYSO) - It's a chilly November day in South Charleston as volunteers gather in two basement classrooms of Southeastern High School. They're preparing for approximately 80 freshmen who'll be going through an exercise called Real Money Real World. There are tables around the edge of the rooms. Each table represents an expense like utilities or groceries and features a bright display about differing costs and tips on how to save money.

Patty House is an educator with the Ohio State University Extension and Clark County 4H. 4H is putting on the Real Money Real World simulation, which puts students in situations they're likely to face as adults.

"It is a financial management simulation where students pretend that their twenty-five years old. They have a job, and they have a ready-made family with at least one child. And with that job, of course, comes a paycheck, just like their families have, and they have to visit fourteen different stations to spend that paycheck: from insurance to housing, clothing...all those bills that mom and dad pay every month," says House.

Real Money, Real World began as a pilot program in 2005. It starts with classroom instruction on financial basics like what is credit and how to work with checking accounts. But the impact happens when the students have to budget for a month's worth of expenses. The students travel from table to table making choices about what kind of housing and transportation they'll provide their family and how much money they'll have left for groceries, clothing and other expenses. As they visit each table, their balance gets lower and lower.

"They're All Over the Map"

If the students don't have enough money to pay their bills, they need help. They visit Carol Miller at the financial advisor table. Miller is a Family and Consumer Science Educator.

"Any of our volunteers that we've had work with us here at Real Money Real World say, 'Gee I wish I had that when I was in high school.' Learning financial strategies and skills can't start too soon," says Miller.

When she's asked where people learn financial literacy outside of high school, Miller smiles. "Good question. They pick it up from their parents who are either good role models or poor role models. So they're all over the map."

"The Unexpected Things in Life"

Kristy Muller is a 4H volunteer manning the Chance table at the Real Money Real World simulation. If that name reminds you of playing Monopoly, you've got the right idea. Chance cards represent the unexpected things in life.

"They're everyday occurrences that you don't factor into your budgeting. Whether it's buying three boxes of Girl Scout cookies or that unexpected trip to the vet with an animal, blowing a tire on a car," says Muller.

"I Figured That'd Be the Smartest Choice"

When the students have finished visiting all of the stations and have factored a chance card into their budget, they return to Patty House. House looks over their budgets and asks the students what surprised them.

One student mentions credit cards saying, "I don't want to get a credit card when I get older."

Others mention the cost of groceries and childcare.

Another students describes his experience at the clothing table, "There were bad clothes and there were mediocre clothes and then there were really nice expensive clothes. I just got the middle one 'cause I figured that'd be the smartest choice, and then I had to go back and buy clothes from thrift stores."

Real Money Real World has been endorsed by Ohio's Treasury Department and supports the state's new financial education standards. The Clark County 4H hopes to bring the simulation to more school districts in the coming months. As for the students, they're already thinking about things they can do to be financially prepared for the future.

One student says he'll price things before he buys them. Another says he wants to start saving for his retirement soon. © Copyright 2010, WYSO