Anna Stock – Mustangs Ahead
(LAKEWOOD RANCH, FL) – LRHS seniors participated in the Big Bank Theory on Thursday during their economics classes. The Big Bank Theory is a foundation held by Manatee Chamber of Commerce that allows students to work on budgeting money and making financial decisions.
All government and economics classes were given a chance to participate in the event where students were randomly assigned a job and income. Students would then use their given income to budget money for necessities such as housing, food, transportation, and healthcare.
Senior Bailey Wegenast was assigned single fitness instructor with two kids and a monthly income of $1218.
“I was told I don’t have enough money to buy an apartment and ended up having to get a roommate with someone who was also a fitness instructor,” Wegenast said.
Wegenast believes that this program helped to give insight to the spending situations given as well as a chance to experience budgeting.
“It was cool to experience it hands-on and made me realize how many expenses there are, it kind of stressed me out,” said Wegenast.
The goal of the exercise is to budget your money and have enough left in your bank account to save. However, many students had trouble and were often left with little to no money.
“I thought it wouldn’t be that hard to spend my money wisely, but I quickly realized that everything was rather expensive and added up pretty quick,” said senior Ava Klein, “I ended up having to get a credit card to afford utilities and groceries, but overall it was a fun activity that I think will help further down the road. “
Big Bank Theory will continue Friday.