School educates students about economy

By Molly Reuter - bio - email

Posted by Ellen Krafve - email

Financial responsibility is something many of us are taking seriously during this hard economic time. Unfortunately, for some it's too late. President Bush has asked Congress to release the remaining 350 billion dollars intended to help the nation deal with its financial crisis.

Knowing this, what can people like you and me do, now, to prepare for the future. One East Texas school is starting young, teaching its students the importance of spending wisely.

Stimulus checks, bailouts and tax cuts, words foreign to most teenagers, and at times even adults, but these high schoolers at T.K. Gorman Catholic School" in Tyler know just how much they cost.

"I wrote down food and gas," said Hunter Sullivan, a senior.

"School supplies and lunch and dinner," said Sofia Soto, also a senior.

"Our monthly rent, you know electricity, bills, insurance, anything that would add up to my expense of living," continued Sullivan.

For one month these students wrote down everything they purchased.

Daye Collins, their economics teacher, said she hopes her cost of living project teaches her students just how hard it is to save.

"It's also a good opportunity for them to get with their parents because they have to get the mortgage and the utility bills, and it also gives parents the opportunity to put out there family financial philosophy," said Collins

She has been teaching economics for fourteen years and says the current economic crisis has helped her instill the importance of financial responsibility.

"This isn't just economics, this is civics, this is responsibility, this taxpayer money," said Collins.

Her students agree.

"I think it's really important, especially the situation the country is in right now," said Soto.

"It's obviously not a perfect world and there are times when economies are down so it's good to learn this, especially at this time," said Sullivan.

Collins wants to remind parents that financial responsibility starts at home.