cost of living game
Post on 05-Jan-2016
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Cost of Living Game
Middle SchoolFinancial 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 – http://mdk12.org/assessments/high_school/preparefor
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
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