WINSTON-SALEM, NC – About 300 seventh and eighth graders at Philo-Hill Magnet Academy learned about budgeting and personal finance management recently when they participated in the School of Hard Knocks experience.
Coordinated by the Woman’s Leadership Council, an affinity group of the United Way of Forsyth County, the event involved 16 classes.
The School of Hard Knocks is a hands on financial literacy learning experience for seventh and eighth graders to learn about real life money management. Students are given a salary and budget worksheet prior to the activity. They each visit budgeting tables where volunteers will help them manage their money and invest wisely. Students learn to manage several budgeting categories, such as: housing, transportation, groceries, food, life unexpected situations, insurance, utilities, phone/internet, lifestyle and bank/saving.