Students Take on the Real World at Hanscom FCU Financial Fair

Hanscom AFB, Mass. –  At Hanscom FCU’s CU 4 RealityTM fair this week, about 100 students worked to manage a hypothetical monthly budget. The students chose a job and were provided with an entry-level salary.

Cadets from the Air Force JROTC programs at Lowell and Bedford (MA) High Schools attended this morning of hands-on learning at Hanscom Air Force Base. Each student was assigned a list of fixed, variable, and optional expenses. Some also were required to make student loan payments or carry special insurance, depending on the job they chose.

The students noticed some differences right away. A future pediatrician attracted attention for her hefty income, despite student loan payments that eclipsed another cadet’s entire monthly wage. Another student managed to take a luxurious vacation, but gave up eating out, wearing expensive clothes, and driving a new car.

“I learned I can be really cheap,” one student noted. “With the job I had, I had a lot of money left over. I ended up saving about a quarter of my check. It’s a good idea to save more, rather than waste more.”

“I had to get a second job, because I was $400 in debt,” another student said. “The thing I liked least about today was my salary.” The student, who chose an office worker position, is now thinking about other career options.

 “CU 4 Reality works on several levels,” said Hanscom FCU Chairman of the Board Paul Marotta. “First, it helps students understand the big picture – how education and career choices impact one’s lifestyle. Second, they learn to recognize needs versus wants, and take care of the big items before the optional ones.”

“Life is all about choices, and it’s unpredictable,” Hanscom FCU President/CEO David Sprague told the students during the closing ceremony. “Congratulations on taking this step towards understanding finances.”

The event brought together about 50 volunteers from Hanscom FCU, Hanscom AFB, and the community. “We pull together as a community to make this happen,” Marotta observed. “Hanscom FCU sponsors the event, but we couldn’t do it without the support of volunteers. We are grateful for all the different types of people here. It shows students the level of investment the community has in making sure they understand these important lessons.”

Hanscom Federal Credit Union, headquartered at Hanscom Air Force Base in Massachusetts, serves 72,598 members across the country and overseas through 18 branches, over 100,000 service centers and surcharge-free ATMs, 24-hour telephone service and a web-based branch. The credit union holds $1.2 billion in assets.

Photo caption: Cadets in the AFJROTC program at Lowell High School enjoy the CU Reality Fair presented by Hanscom FCU. The fair helped young people practice sticking to a budget based on choices they make about their future.