Budgeting for Life as an Adult
On Saturday, April 7, Mill City Credit Union hosted Mad City Money, a financial literacy and budgeting simulation for teens that mimics real life as an adult. The event was held at Mill City CU’s Minnetonka branch and had nine participants between the ages of 12 and 17 years old.
During the simulation, the participants were randomly assigned a family situation and monthly income with which they had to manage one month of expenses, such as student loan and credit card debt. They also had to visit nine different merchant stations in Mad City to purchase a method of transportation, housing, child care, clothing, food, and other wants and needs. The simulation also included a station of “fate,” where participants would receive unexpected expenses or windfalls.