ELIZABETH—In reality, you are a teenager. Imagine, however, that you are an employed, single 24 year-old. Then, honestly assess your lifestyle choices, spending, and living expenses. Now ask yourself these questions- are you earning enough money to pay for your lifestyle? Do you have more debt than you would like? Do you have a road map or strategy that will lead to financial freedom? 

          Students at Benedictine Academy in Elizabeth were asked those realistic and challenging questions at a financial literacy workshop presented at the school on October 16. The “Budget Savvy Workshop” was presented by Northeast Planning Corporation to young women in grades 9-12 at the all-female Catholic college prep secondary school. Emphasis on saving money and budget planning were key points stressed at the workshop, with a goal of putting  students on the road to achieving financial freedom. Patricia Ferrara Comforti, a graduate of Benedictine Academy who is employed at NEPC, facilitated the workshop. One grade at a time, students participated in 45 minute sessions that featured budget planning facts and  budget worksheets for each, as well as money skills and strategies for long and short term savings goals. “The rules don’t change when you are an adult,” Comforti told the students. “If you develop good patterns when you are a teenager, you will do well managing finances as an adult. Try to imagine your self ten years from now,” she added. Each student was asked to consider where their money would be coming from and where it would be going.

          “Hope is not a strategy,” stated Karen Swartz, NEPC  lead financial representative at the workshop. Swartz stressed how vital it is to have money management skills. “It is important to be financially informed and look at everything you owe and everything you have,” she emphasized. “If it doesn’t add up, you can become bankrupt,” she pointed out. She encouraged the young women to ask themselves if they can “really afford” the things they see in stores. Swartz referred to the “IHH” (“I Have to Have”) Syndrome--questioning “need” vs. “want”. She encouraged the students to control that temptation and live within their means, preparing for the future by saving money. “Pay yourself first, then give back to society, and, set aside a weekly amount for spending money,” she suggested. She spoke about “credit”, emphasizing credit “is making purchases without having the money to pay the full cost”. Other advice included setting realistic short term and long term financial goals; tracking one’s spending; and never letting anyone else navigate one’s financial road map. “People don’t plan to fail,” Swartz pointed out, “they fail to plan.” “Learn good spending habits; don’t get in over your heads,” she added.

          Students at the Academy were asked to evaluate their spending and lifestyle choices based on the “salaries” they would earn in the careers they chose during the workshop. Many were surprised to learn they were in thousands of dollars of projected debt after completing their budget worksheets. “It made me aware of how much I take things for granted,” said Melanie Lazaro of Newark, a senior at the Academy. “I never really looked at money and what I spend. I learned I have to save more,” Lazaro added. Fellow senior Gabrielle Teixeira of Newark agreed. “I’m not moving out of the house until I’m 40,” she joked. “I’m a shopper. I will start putting money away. This really opened my eyes a lot,” she added. Freshman Lydia Oquendo of Elizabeth commented, “I really need to be re-thinking my money!” Fellow ninth grader Iana Amsterdam of Elizabeth echoed that sentiment, saying, “I want too many luxuries.”

         NEPC's Director of Marketing Ken Phillips offered words of wisdom for the students. “Saving 20% of one’s money is the ideal, and, work off of a balance sheet whatever you do,” Phillips commented. “Most of the general public doesn’t have a budget…corporations do,” he explained. “We try to get people to think more like a business to deal with challenges and personal business,” he said. “Hopefully this workshop will help the students see reality and then plan realistically,” he stated. NEPC also conducted a similar workshop for the faculty at Benedictine Academy in October. Entitled “Practical Applications for a Healthy Financial Life”, the same presentation will be made to parents of students at the Academy on November 11.

Benedictine Academy is a Catholic, college-preparatory secondary school that was founded by the Benedictine Sisters in 1915 to serve young women in Elizabeth and the surrounding communities. The Academy is Middle
States-accredited, and for the past fourteen years, 98% of graduates have been accepted to college. The mission of the Academy is to educate young women to “listen, learn, love and lead”. Focusing on academic growth and character formation in the Benedictine tradition, the Academy challenges students of all faiths to become life-long learners with listening hearts and loving spirits committed to justice and integrity. Academic achievement and personal growth are developed in a unique educational family setting. Students attending Benedictine Academy reside in Union, Essex, Middlesex and Somerset Counties. For more information about the school contact Ms. Branco at 908-352-0670, ext. 104.  For more information about the "Budget Savvy program"  call Pamela Adriano 908.709.0020 ext. 180.