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ElmiraTelegram

Elmira High School Hosts "Mad City Money" Event

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Today from 9 a.m. – 11 a.m. all current Career and Financial Management students will be participating in a financial literacy simulation called Mad City Money, sponsored by Corning Credit Union.  This will be held at the Elmira High School gymnasium. A strong partnership exists between the Elmira City School District and Corning Credit Union. There is a CCU branch office in Elmira High School and is student-run.

“Mad City Money is a very unique learning experience, where students are getting hands on practice managing finances while also balancing the wants and needs of a growing family. Students are paired and must work together to decide what will be best for their family and their budget. Often this means students will disagree on where to live, what cars to buy, or when to splurge on a vacation. However, by working together to make these decisions, students quickly learn that openly communicating with their partner and being willing to compromise will help them be successful with their finances in the future.” –Skyler Harwood, Youth Education Coordinator for Corning Credit Union.

Mad City Money is a hands-on budgeting simulation facilitated by Corning Credit Union that provides students a fun way to learn about the real-world, must-need skill of managing money.

Similar to the game of “Life,” students are given a brand new identity complete with a career, salary, family, debt, and financial obligations.  Students navigate the challenge of building a budget and making financial decisions to ensure their family is well cared for. Luckily for students, volunteers from the community serve as merchants who are readily available to sell them their wants and needs.  The simulation also includes the Fickle Finger of Fate, which comprises random windfalls and expenses.

“Mad City Money teaches many important lessons including budgeting, check writing, managing a check register, how to differentiate between needs and wants, and more, in a relatively short period of time.  Students often remark how much they gain from the experience as well as how tricky it is to be an adult with a budget.”  -Neil Folnsbee, Youth Education Coordinator for Corning Credit Union.

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