Bank on it! North Salem students tackle financial literacy

NORTH SALEM, N.Y. - Twenty dried beans.

That's all North Salem High School students get to represent their entire monthly paycheck in math teacher Melissa Ruffler's new financial literacy class. Ruffler challenged them to make every bean count across housing, food, transportation, and everything else life demands.

"These beans are your paycheck. You're going to budget for what you feel is most important," Ruffler said to her students as they explored their priorities and the compromises they were willing to make. "They need to decide how to make their goals fit into their budget."

The activity became more challenging when Ruffler announced that their work hours had been cut, forcing students to reduce their budget by seven beans. 

"I cut back on housing. I can live with my family, and I'll make my own food," said Liam, a junior.

Nearby, Ashley weighed her priorities. "I really need a phone and unlimited data, but I don't have any more money to spend. I'll guess I'll give up having a car."

Beyond budgeting, the class will cover banking, investing, credit management, college financing, career planning, taxes, and consumer skills. Ruffler is starting with an emphasis on the importance of awareness of spending triggers, such as loss aversion, social media, and sales.

"This is behavioral economics, being cognizant of how you spend your money, and what drives your decision-making, like a fear of missing out," she said.

The full-year math elective uses hands-on activities to teach essential money management skills to juniors and seniors. The district is getting ahead of the curve, offering this comprehensive course two years before New York State mandates financial literacy for graduation.

Nico, a junior, appreciated the practical approach. "This could be real life. It's good to get some education on it so that I'm ready when I'm in the real world, making my own money."

Ruffler hopes students achieve financial independence and develop a saving mindset early.

"I hope that they take away that the earlier they start, the better off they are," said Ruffler. "They need to learn financial independence for themselves, what it means, and how to create it."

Article courtesy of North Salem Central School District.