The students, all members of Jennie Batista's personal finance class, came to this realization at a Reality Fair, arranged with the help of Sikorsky Financial Credit Union.

Sikorsky is partnering with the school to help students learn how to manage their money. Toward that end, it recently opened a bank branch in the school store where students and staff may deposit funds and earn 5 percent interest on the first $500.

The bank, currently staffed by a Sikorsky professional, is open three days a week.

The Reality Fair is another component of the program, which is being funded with a $25,000 grant from the state Board of Education and state Department of Banking.

Held at the school's media center, the event was an opportunity for the students to work up a fictitious monthly budget based on their projected income in their chosen profession at the age of 23.

Given a budget sheet and play money equivalent to the monthly income a person in their profession would be likely to receive, the students visited various stations where they explored the costs for housing, utilities, furniture, food, clothing, transportation, health and entertainment.

Manning the stations were employees of Connecticut Light and Power Company, Buddy's Fuel Oil, BJ's, Big Y, Green Light Auto, Raveis Real Estate, Verizon and others.

The students used their fake dollars to procure the items and services.

Anne Marie Bradley, Polly Smith and Nicole Jensen worked as a team, finding it was cheaper to room together in a two-bedroom apartment than to purchase a house.

Likewise, the arrangement allowed them to split the utility fees and share furniture, which also saved them money.

Polly, who estimated that she would be earning $1,365 a month as a starting-out neuropsychologist, said the exercise was a valuable life experience. "Everyone should take this class," she said.

Tyler Black, who projected a $1,588 monthly income as a starting news anchor, discovered he would have to take on a part-time job in addition to his regular job in order to make ends meet.

To pay for everything on his list, he found he would have to make at least $2,000 a month, he discovered.

In the process of compiling a budget, the students were each exposed to a "reality check." With the spin of a wheel, they were either saddled with an unanticipated expense like $450 for a checkbook error or $250 for damaging a carpet.

Conversely they might receive a gift from a parent or win the lottery, which would boost their monthly income.

Joanne Lucia, a Sikorsky credit line manager, who manned the pet station, said the students played it smart by addressing their priority needs before considering purchasing a pet.

Initially she hadn't sold any pets, but by the end of the fair, a half dozen students had enough money in their budgets to afford dogs and the expenses that go along with pet ownership. One even purchased a pedigreed animal, she noted.

Student Maria D'Ambruoso said after completing the program that it was an eye opener to see how everything added up.

Visualizing herself as a surgeon in residency earning $1,365 a month, she said she was able to afford lodging after getting a roommate, but still was restricted to necessities, especially after losing her cell phone in the reality check.

Maria said she enjoyed the fair, which she found both educational and entertaining.

Ms. Batista said the feedback she received was that the students were shocked at how much things actually cost. But she said most found a way to live within their means, either by hooking up with roommates or getting part-time jobs.

"All are saying they enjoyed it and they learned a lot," she said.