MEXICO – It was an eye-opening experience for Jeff Dow, a student at Region 9 School of Applied Technology.

He found that costs for owning a vehicle were far more than he expected, and the rate of interest charged to buy that vehicle depends upon a person’s credit rating. And, he said, the interest rate goes up if only one payment is skipped.

“I’ve got to set aside a lot to be successful,” said the junior from Rumford

Dow and nearly 50 other students from Region 9 were taking part in a financial fitness program offered by Oxford Federal Credit Union on Friday morning.

“They are learning what it costs to live,” said Cheryl Ellis, student services coordinator for Region 9.

Each student chose a career, then worked through a possible budget using the average salary a person would expect to earn in that job.

Not only was the cost of a vehicle a lot higher than most expected once insurance, maintenance and the cost of gas was figured in with the payment, but so, too, are the costs of food, rent, and everyday living expenses.

Various booths with credit union employees staffing them were set up to show just what those costs could be and to emphasize the importance of a good credit rating.

Food costs could be cut if more house brands were bought. Eating out less also cut down on costs.

Monica York, a senior from Woodstock who plans to study nursing, was using the average salary of a nurse to figure out her budget.

“It cost a lot more to live than I thought. I’ve got to put more into savings,” she said as she tallied the bottom line on her personal budget.

Lenny Fairchild, marketing coordinator at the credit union, said her goal is to teach financial planning. Students received folders with their credit reports with information on how that affects interest rates, along with an abundance of other financial materials.

“They’ve learned that there are so many hidden costs,” she said.

Ellis said the information students learned on Friday will be followed up in various classes over the next few months.

Fairchild said the credit union has run several similar workshops for young people and plans to continue.

Dow and others said they were glad they had a chance to learn about living costs.

“I’ve learned a lot,” he said.