The Personal Finance class at Redmond High School (RHS) is challenging teens to ponder what is in their wallets and what they’re going to do with that money — or what they’ll have to do without.
“With the current economic situation in our country, I have become even more passionate about teaching our youth how to navigate the financial world we live in,” explained teacher Jennifer Harris. “I believe the best way for students to learn about finances is by making the curriculum relevant to them and through discussion with parents at home. I e-mail the parents several times a week with information about the current unit we are studying and give them questions to ask their son or daughter at home.”
Responses from parents have been glowing. Several gave permission to publish their remarks.
“This kind of education is so basic to our understanding about ‘all things financial’ (e.g. LIFE) that so much of the time we learn the hard way,” said parent Sarah Stiteler. “I am glad that the knowledge she receives will put (my daughter) ahead of the curve with regard to some of these important life lessons.”
Parent Cindy London stated, “This class is amazing! My son is learning things about real life that every student should learn at this age. I wish that I had a class like this in high school. In fact, I wish I could take this class right now!”
In other e-mails to Harris, parents said their kids started asking them to put money into their savings accounts instead of buying them gifts for birthdays or holidays and that sons or daughters now think twice before they head to the shopping mall — “Can I buy the same shoes online, for less?” or “Do I really need another white t-shirt?.”
In addition, some graduating seniors who had hearts set on out-of-state universities have opened their eyes to the option of attending a community college, to avoid student loan debt.
In a recent Personal Finance class, Harris reviewed a favorite motto: “Truth creates money, lies destroy it.”
She clarified, “If we lie to ourselves about our living standards and what we can afford, we get farther and farther into debt. … If you’re lying to yourself about money, you’re lying to others, too. … And if you need to spend money to keep up with others, are they really your friends?”
As a major component of the Personal Finance class, students complete a project in which they imagine they are 22 years old, fresh out of college and entering the workforce with a starting salary of no more than $35,000. They must choose an occupation and a city in which to live and research expenses such as rent and car payments, student loan payments, food, clothing, entertainment, etc. Then they must create a budget which accurately reflects that scenario.
On the day of the Reporter’s visit, the assignment was to research the pros and cons of new or used cars.
“Buy what you can afford, not what you want,” Harris cautioned.
RHS sophomore Charles Johnston said he took the Personal Finance class to earn some credit from Bellevue College — the course is one of the Career and Technical Education electives which presents that opportunity — and also because he liked “the good applicable skills — I know this is something I’ll use.”
Senior Kelsey Morton admitted, “I’m really bad at financing things, budgeting. The most valuable thing I’m learning is budgeting and about credit debt.”
Senior Luke Wylie commented, “I understand the economy a lot more now. (The recession) is definitely going to change the way people think about money, especially my generation. … I think everyone has been hit by it, in some way.”
In fact, RHS has established a confidential program to help students pay for testing fees, caps and gowns, graduation party tickets or other school-related expenses that their parents can not afford. For information, e-mail rhshelp@lwsd.org.
