Tag Archives: Crazy Cash City

Gila River Goes Crazy for “Crazy Cash City”

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Once again, students are going crazy for First Nations Development Institute’s “Crazy Cash City” workshop. In December 2014, 84 high school students from the Gila River Indian Community in Arizona participated in a “Crazy Cash City” financial education simulation in which students navigated a series of simulated financial tasks and challenges designed to teach basic budgeting and banking skills. The goal was for them to successfully balance their personal budgets through a simulated month of spending.

First Nations Development Institute (First Nations) staff conducted three two-hour reality fairs at the Gila River Indian Community’s new multipurpose building in Chandler, Arizona. The event was organized through a collaboration of First Nations and the Pima Leasing & Financing Corporation (PLFC), which is community development financial institution organized by the Gila River Indian Community Council. The mission of PLCF is to promote self-sufficiency and economic development by providing financing and business development services for community members. PLFC sponsored the workshop to promote financial skills development for local youth.

The workshop was a success thanks to volunteer support provided by the Office of the Special Trustee for American Indians – Gila River Agency, and numerous Gila River tribal programs and partners. Funding for the workshop was provided in part by the FINRA Investor Education Foundation. The event was presented as an exciting, hands-on financial simulation for the students – since they were spending play money and not really buying things – but it was also informative, educational and highly interactive. The “Crazy Cash City” workshop is based on experiential learning principles – the belief that youth learn by doing, which research suggests is more effective than lecture-format workshops.

“Crazy Cash City” students were all given a folder containing a fictitious yet culturally appropriate family profile that listed an occupation, income, spousal and dependent information, and any outstanding debt or benefits, along with a debit card and budget-balancing sheet. The high school students then visited nine merchant booths that provided various choices for housing, transportation, child care and more, and they were asked to make smart financial decisions based on their family profile. “Fickle Finger of Fate” cards were also given to students to help them learn to plan for unexpected emergencies and opportunities that can arise in day-to-day life. The youth also were presented with examples of financial and investor fraud so they could learn when an offer might be too good to be true.

At the conclusion of the seminar, the students were expected to have a fully balanced budget logged in their check register and budgeting sheet. “One of the hardest things is trying not to go over your budget, trying not to go into debt,” said one student. “It’s really easy to go over your budget and get a lot of stuff.”

The main goal of “Crazy Cash City” is to give high school students the opportunity to practice good spending and budgeting habits prior to entering the real world after graduation, as well as to promote smart and informed decision-making skills that will last a lifetime. Learning how to manage finances ensures that Native people will be more likely to save and to challenge financial service providers to develop products that respond to their particular needs. These dynamic, interactive simulation workshops allow students to try out the skills they are learning and gain confidence when managing their money.

At the end of our last workshop, one enthusiastic student commented: “This is a great workshop. I think it should be brought to more communities around the nation.”

We concur young man. We concur!

By Tawny Wilson, First Nations Program Officer

Seneca in a “Frenzy” While Northern Cheyenne Goes “Crazy”

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Seneca students during their $pending Frenzy

Wouldn’t it be nice if financial education was offered in a dynamic, interactive format where individuals can try out the skills that they are learning and gain confidence to manage their money?  These workshops, often referred to as “financial simulations,” give youth (and adults) the chance to practice managing their money in a safe environment.

On June 30, 2014, First Nations Development Institute (First Nations) offered an interactive workshop specifically tailored to Native American youth receiving minor’s trust payments.  Four certified financial literacy trainers from the Seneca Nation of Indians – together  with experts from First Nations – hosted the “$pending Frenzy” for Seneca Nation youth. This workshop provided the youth with play money in the amount of a tribal annuity payment to learn about a range of spending and investing options.  Students were asked to make a series of budgeting decisions over a two-hour period.  The model was developed in response to demand from certain tribes who were struggling with how to prepare their youth for this once-in-a-lifetime event.

Seneca students getting their "cash" to budget and spend

The $pending Frenzy workshop is based on experiential learning principles – the belief that youth learn by doing.  Students learn to use a bank to cash their check, and then are asked to make decisions about buying a car, buying a home, and balancing their wants and needs while budgeting their money.  Unexpected emergencies and opportunities were presented to the youth in the form of “Cards of Fate,” which helped them learn to plan for unforeseen life events.

Justin Schapp, assistant to the Seneca Nation of Indians’ treasurer, coordinated the event and said the $pending Frenzy was well-received by the students.   “People need to be educated as to how long you really can make money last” was the thought of one participant.  Another student noted that “budgeting it out so it will last me a long time” was one of the biggest challenges or hardest parts about handling a large sum of money.

The $pending Frenzy is similar to “Crazy Cash City” events that First Nations has hosted, mirroring the belief that learning by doing is the most effective approach for helping youth develop financial skills.  The Crazy Cash City workshop is a 90-minute reality fair in which students have to navigate a series of simulated financial tasks designed to teach basic budgeting and banking skills.  It is designed to be fun — since they are spending play money and not really buying things — but it is also informative and highly interactive.  All participants are given a folder containing a fictitious family profile that listed what their income is, the income of a spouse, the ages of any children, and any outstanding debt they have or benefits they receive.  The youth then visit about 10 booths that provide various choices for housing, transportation, child care and more, and are asked to make smart financial decisions based on their family profile.

Pondering financial options at Chief Dull Knife

In early June, First Nations conducted a Crazy Cash City workshop in coordination with the Chief Dull Knife College cooperative extension service for youth on the Northern Cheyenne Indian Reservation.

“There is tremendous demand for effective financial education for Native youth,” said Sarah Dewees, First Nations’ senior director of research, policy and asset-building programs. “We are honored to have worked with so many tribes and Native nonprofits to help provide financial education in their communities.”

By Tawny Wilson, First Nations Program Officer

Purchasing decisions being made at Chief Dull Knife

“Crazy Cash City” for a Crazy Cash World

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A scene from a similar "Crazy Cash City" event in Gallup, New Mexico.

What’s the best way to learn about personal finance? How about a workshop where you get to make financial choices – and sometimes mistakes – but all with play money?

First Nations Development Institute partnered with the Native American Youth and Family Center (NAYA) in Portland, Oregon, to offer a “Crazy Cash City” workshop just yesterday, May 19, 2014. NAYA sponsors an alternative high school known as the Early College Academy that emphasizes student empowerment and academic excellence while integrating core American Indian and Alaska Native values in partnership with parents, families, elders and community members. First Nations is working with the Early College Academy to provide innovative financial education programming, including the “Crazy Cash City” workshop where more than 100 youth will learn the basics of budgeting, bill paying and financial responsibility.

“Students learn best in experiential settings,” noted Shawn Spruce, First Nations’ financial education trainer coordinating the event. “Kids like to hear, see, think and do. They are not just learning the concepts, they are carrying out the actual activities of budgeting and bill paying. Research shows that this is a much more effective learning model for youth than classroom lectures.”

The “Crazy Cash City” workshop is a 90-minute reality fair in which students have to navigate a series of simulated financial tasks designed to teach basic budgeting and banking skills. It is designed to be fun — since they are spending play money and not really buying things — but it is also informative and highly interactive. All participants are given a folder containing a fictitious family profile that listed what their income was, the income of a spouse, the age of any children, and any outstanding debt or benefits they received.  The high school kids then visit about 10 booths that provided various choices for housing, transportation, child care and more, and are asked to make smart financial decisions based on their family profile.  At the conclusion of the seminar, the students were expected to have a fully balanced budget that they logged in their check register and budgeting sheet. This workshop has been held multiple times with high schools in Gallup, New Mexico, and is based on the Credit Union National Association’s “Mad City Money” program.

Students calculate expenses at a similar event last year in Gallup, New Mexico

The purpose of the event is to give the youth opportunities to practice good spending and budgeting habits prior to entering the “real world” after graduation.  The idea is to promote smart and informed decisions that will last a lifetime.  This event was made possible with the support of the Bill and Melinda Gates Foundation and the Paul G. Allen Family Foundation. First Nations is honored to be partnering with NAYA on this project, and proudly supports their work in an additional grant supported by The Kresge Foundation.   “This event really brings together community partners and it is always great to work with the students and teachers,” said Michael E. Roberts, president of First Nations Development Institute.  “We are happy that we found an exciting way to teach youth practical budgeting and banking skills that they can soon apply in the real world.”

By Sarah Dewees, First Nations Senior Director of Research, Policy & Asset-Building Programs

Students Practice Money Management in “Crazy Cash City”

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Students received prizes for taking turns in the Money Machine at the event

“Thank you for the experience. I finally got an idea of how things are in the real world.” — Comment from a student after participating in Crazy Cash City.

On December 10, 2013, First Nations Development Institute (First Nations) partnered with First Financial Credit Union to provide the “Crazy Cash City” money-spending simulation for students at Gallup Central High School in Gallup, New Mexico.  The program was offered to the entire school, and 85 students participated.

The Crazy Cash City event  was held in the school’s gym and consisted of two 90-minute reality fairs in which the students had to navigate a series of simulated financial tasks designed to teach basic budgeting and banking skills. It was all in fun — since they were spending play money and not really buying things — but it was also informative and highly interactive.

Bernadine Lee from the Navajo Partnership for Housing explains recreational expenses

All participants were given a folder containing a fictitious family profile that listed what their income was, the income of a spouse, the age of any children, and any outstanding debt or benefits they received.  The high school kids then visited about 10 booths that provided various choices for housing, transportation, child care and more, and were asked to make smart financial decisions based on their family profile.  At the conclusion of the seminar, the students were expected to have a fully balanced budget that they logged in their check register and budgeting sheet.

Jason Valentine of Coldwell Realty (right) pitches a "hard sell"

The event was made possible by a partnership between First Nations, faculty and leadership at Gallup Central High School, and First Financial Credit Union. Other community partners chipped in including volunteers from the Office of the Special Trustee for American Indians, Navajo Partnership for Housing and local retailers. Gallup Central High School Teacher Arnold Blum, First Financial Business Relations Manager Dale Detrick, and First Nations Financial Consultant Shawn Spruce coordinated the event. The event was partially funded by a grant from the National Credit Union Foundation and resources from the W.K. Kellogg Foundation.

Mike Chavez of Lowe’s Supermarkets (right) discusses grocery spending

Students who filled out an evaluation form for the event expressed their support for the workshop and stated that the Crazy Cash City money simulation was a valuable experience.  Most importantly, all agreed that the simulation helped them learn to manage their money and that they could now successfully make and use a monthly budget.   Some students had such an enjoyable time during the first simulation that they participated again in the second event.  Many of the students who repeated adjusted their approach from the lessons they learned during the first go-around and even served as mentors to first-timers when they needed help.

The purpose of the event was to give the youth the opportunity to practice good spending and budgeting habits prior to entering the “real world” after graduation.  The idea was to promote smart and informed decisions that will last a lifetime.  When asked what was the most challenging part about managing monthly expenses for her fictitious family, one student responded, “Keeping up with my bills, and putting food on the table and caring for my one-month old baby. Also, keeping (the baby) in good hands when I leave.”

Liz Sanchez from My Closet (right) sells to a student

“This event really brings together community partners and it is always great to work with the leadership at Gallup Central High School and First Financial Credit Union,” Shawn said. “We are happy that we found an exciting way to teach youth practical budgeting and banking skills that they can soon apply in the real world.”

By Benjamin Marks, First Nations Research and Program Officer