Real-Life Simulation: Romeoville Students Tackle Paying Car Bills & Mortgages

Nearly 100 Romeoville High School juniors and seniors went through real life simulations this week designed to help them understand what they will face when they’re 25 years old.

“We want them to learn about real life and paying your bills on a monthly basis,” said Susan Trask, Marketing Specialist for Abri Credit Union which sponsored the simulations. 

Students were assigned an occupation and a salary ranging anywhere from $1,850 a month for a photographer to $6,500 a month for a pharmacist. After calculating income taxes and determining a new monthly income, each student had to make a series of decisions including housing, transportation, food and much more.

Options in the housing realm included buying one of two houses with mortgages of either $665 or $1,020 a month or renting an apartment for $600 a month. Of course, living on your own means paying for utilities every month ($225-$335 a month) and buying homeowners insurance.

And transportation is critical to get to any job so payments on a car ranging from $320 a month for a compact up to $620 a month for an SUV must be included, as does auto insurance, gas and maintenance (another $100-$150 a month.) Food ($190 to $335 a month) and clothing ($80 to $200 a month depending on what stores you shop in) must also be considered.

Plus don’t forget “fun” things like video rentals, going to a movie, eating dinner out, going to a sporting event or going on a mini-vacation all of which can run $10 on up to $300+.

By the end of the class period, some students were living within their means, while others were broke.

“Abri and RHS feel it’s important for them to understand that when they do graduate, they will have to be financially responsible,” Grask said.

“This will give them a little taste of what their parents have to go through every day,” RHS teacher Laura Bargas said. “We’re exposing them to financial expectations they’re going to face in life…how to manage their money, manage their checkbook, and not over spend.”