Cost of Living Game Middle School Financial Literacy #3

Objectives Connect – Expected expenses – Careers that cover those expenses – Postsecondary education needed for high skill careers Play the Cost of Living game – Learn more about long range financial goals

Benefits of a College Education Take Notes – What are the reasons given why to get a college education? – This video is about 4-year degrees. Do you think a 2- year degree is also beneficial? Why or why not?

Cost of Living Game Matches expenses with possible careers Watch the sample student play the game – In the upcoming slides You can play the game at – hsa/students/costofliving/costs.html hsa/students/costofliving/costs.html

Sample Student: Cost of Living Game Choice – Apartment: $500 (monthly expense) – House: $900 – Mansion: $1,800 Selects: House $900 Choice – Walk: $0 – Bus: $60 – Car: $400 Selects: Car $400 Notice: Expenses Per Month $1,300

Sample Student: Cost of Living Game Choice – Cook at Home: $200 – Eat at Normal Restaurants: $400 – Eat at Very Nice Places: $800 Selects: Cook at Home $900 Choice – Hiking: $20 – Movies: $40 – Sports or Concert Tickets: $90 Selects: Hiking $20 Notice: Expenses Per Month $1,520

Sample Student: Cost of Living Game Choice – No Kids: $0 – One Kid: $350 – Two Kids: $550 Selects: Two Kids $550 Notice: Expenses Per Month $2,200 Sample Student needs at least – $2,200 dollars to cover her expenses – Notice that she did not select anything too extravagant Now the sample student will see what careers will cover her expenses

Sample Student Selects Careers Selected Bus Driver Career – Will it cover the expenses? No Expenses Per Month: $2,200 Income Per Month: $1,500 Selected Computer Programmer – Will it cover the expenses? Yes Expenses Per Month: $2,200 Income Per Month: $2,922

Sample Student Selects Careers Selected Architect Career – Will it cover the expenses? Yes Expenses Per Month: $2,200 Income Per Month: $3,215 Selected Cashier Career – Will it cover the expenses? No Expenses Per Month: $2,200 Income Per Month: $887

Sample Student Selects Careers If the sample student had the career – Bus driver or cashier She will most likely have to change her lifestyle – Or get a college education Notice that the big difference between the expenses and income – Expenses: $2,200, Income: $887 This would cause many problems for the sample student

Google: Cost of Living Game

What do you want when you are an adult? Select Answers Food – 1. Cook at home, 2. Combination, 3. Eat at restaurants Housing – 1. Small Apartment, 2. Medium-Sized House, 3. Big house Family – 1. No children, 2. One Child, 3. Two or More Children Transportation – 1. Bike, 2. Bus, 3. Car Technology – 1. No Cable or Internet at Home, 2. Just Cable, 3. Cable & Internet – 1. Home Phone, 2. Cell Phone, 3. Cell Phone with Internet & Text Entertainment – 1. Stay at Home, 2. Movies/Fun twice a month, 3. Movies/Fun 3 or more times

Total Scores and Education Needed Total your scores – If you score is more than 10, you will most likely need a postsecondary education to cover those costs Students with only a high school diploma – Will have difficulty covering necessities – Have little money for technology, fun, transportation, etc.

Groups Activity: Cost of Living Game Students will report to group – Expenses for their desired lifestyle – Careers that cover those expenses Groups will – Decide what education is needed for selected careers – Report to class their thoughts on what education is needed for specific lifestyles