DANVERS — You would think that an elementary school teacher’s salary of $44,000 a year would be enough to get you through the month.
However, Danvers High senior Emma Randazza got a dose of reality during a recent financial literacy event held for the entire senior class. Even with a monthly take-home pay of $2,454 after taxes, she had just $2.86 left in her account by the end of the month.
Randazza was one of about 250 students who took part in the Reality Check program last week at North Shore Community College. The program is sponsored by People’s United Bank. [Cabot Wealth Management staff help support the program as volunteers.]
The good news for Randazza: she was debt-free. She had even booked a trip to Las Vegas at the program’s “Fun, Fun, Fun” booth, which features trips and other distractions designed to wreak havoc on the kids’ budgets. But, of course, in the end her virtual bank account was virtually empty.
“It’s pretty eye-opening what the real world is like,” Randazza said.
Senior Stylianos Vatousios said he, too, didn’t know much about personal finance until Reality Check opened his eyes.
“I think it’s a pretty good representation of what real life is like,” he said.
On May 18, the Salem High School senior class will take part in a similar program at Salem State University.
Read the entire Salem News article here.