On Friday, February 23, Mill City Credit Union (CU) hosted Mad City Money, a financial literacy and budgeting simulation that mimics real life as an adult, at the Robbinsdale Transition Center. Located in Crystal, MN, the Robbinsdale Transition Center is a program helping young adults with disabilities transition from school to adult life. Twenty students between the ages of 18 and 21 participated in the simulation.
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.
After going through Mad City, participants stated that they learned the importance of budgeting and making smart financial decisions. Many also stated they learned some expenses were larger than they initially thought, such as taking care of a young child and buying a home. They also learned valuable financial skills including how to write a check, how to track debits and credits in a check register, and tips for being a smart saver. Jackie Slyter, Work Experience Teacher/Coordinator of the Robbinsdale Transition Center, stated that “everyone had a great time, and the students learned a lot!”