Unable to make ends meet, Michaela Moebius, a public relations professional, was frustrated.

“I’m $400 in debt, and I don’t know why,” she said, as she tallied her monthly expenses.

It’s a familiar story of over-spending and under-saving – except that Moebius is 18 years old.

Moebius, a senior at Palmer High School, squeezed a month of spending, borrowing and budgeting into two hours during a “Credit for Life” fair earlier this month sponsored by Ware-based Country Bank.

The event, held in the Ware High School auditorium, drew about 150 seniors from Ware High School, Palmer High School and Pathfinder Regional Vocational Technical High School in Palmer.

It was one of 13 Credit for Life fairs being held throughout Massachusetts this spring. Sponsored by community banks, credit unions, schools and MassHousing, the fairs aim to teach high school juniors and seniors the real-life implications of their spending habits.

Students each chose a profession, and were allocated a monthly take-home pay amount based on their expected salaries. They were also randomly assigned credit scores, which meant some started out with the financial odds already stacked against them.

Armed with budget worksheets, the students were required to visit 14 booths and make decisions at each one about housing, transportation, food and other expenditures.

“They have to make a choice at every booth,” explained Jodie Gerulaitis, financial education officer at Country Bank. “We do not make the choices for them, even if we are looking at their budget and thinking they shouldn’t be choosing that car based on their salary.

“We let them make the choice,” she said.

Some of the decisions were harder than others.

Zach Hoy, 18, a Palmer High School senior, said he realized that buying a new, $32,845 Mustang on his $45,000-a-year auto mechanic’s salary “wouldn’t be the smartest decision.”

“But I’d do it,” he said.

Turned down for an auto loan because his income was too low, Hoy headed off to a nearby booth to get a part-time job for extra income to buy his dream car.

Dylan Sawabi, 18, a Ware High School senior, was doing fine until he agreed to buy a big-screen TV with his roommate, and got stuck with $1,150 of the total $1,400 cost. He ended up with only $66 a month left from his $4,000-a-month take-home pay as an engineer.

Others, however, were determined to live within their means.

“I didn’t get the Mustang; it didn’t look practical,” said Brandon Gayle, 18, a senior at Ware High School. Instead, Gayle, who chose business management for his profession, opted for a Toyota Camry with a lower monthly loan payment.

Lauren Gibney, 18, a senior at Palmer High School, took a part-time job as a waitress to supplement the $1,400 a month she took home as a journalist. She also decided to save money by not buying a car.

“I bought a bus pass,” she said. “I couldn’t quite afford the car.”

‘Walk The Walk’

Leo McNeil, a senior vice president at HarborOne Credit Union in Brockton, introduced the Credit for Life fair to Massachusetts 11 years ago, adapting it from a similar program in Rhode Island.

McNeil said he was searching for a way to help high school students learn the importance of their financial decisions.

“You’re not going to educate young adults with a three-hour lecture on budgeting,” he commented. “But they are competitive, and this interactive fair will compel them to participate.”

Mary Ann Clancy, a spokeswoman for Institutions for Savings in Newburyport, agreed.

“You can tell them all you want about managing money, but until they are out there, they don’t get it,” Clancy said. “So, just showing the students this is what you’re going to have to do – pick your profession, spend your money – I think it really helps them to walk the walk.”

Institution for Savings is sponsoring its first Credit for Life fair in May, for students from four Newburyport-area high schools.

McNeil said the recent economic meltdown has spurred increased interest in the fairs.

“The financial crisis elevated it,” he said. “Up until 2007, the fairs were growing, but slowly. The recession was a wake-up call.”

He said he has received requests for information about Credit for Life fairs from economic educators and financial institutions throughout New England, as well as Florida, California and Texas.

Life In The Pass Lane

At the end of the fair, the students’ financial results were calculated.

Forrest Boivin, 17, a Ware High School senior who chose a state police trooper job that paid $68,990 a year, ended up with $1,544 a month remaining.

“I was frugal on spending,” he said. “I didn’t go over what my needs were.”

Moebius also ended up in the black, after making a tough financial decision.

“I had to return my car, so I take the bus now,” she said.