VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2017

STUDENT RESPONSIBILITIES EVERYDAY DURING THE SIMULATION:

  1. Login daily
  2. Pay bills on-time
  3. Adjust 401(k) contribution % and bank account type, as needed
  4. Read simulation communications via email, Dashboard Alert, and push notifications
  5. Maintain their CFS reconciled
  6. Take quizzes and surveys
  7. Review pay stubs and W-2
  8. Use the Student Quick Tips to help navigate the simulation and perform common tasks
  9. Use the Knowledge Base to answer questions about the game, scoring, website navigation, etc.

TODAY:

GOAL: Before you leave today you will understand what a budget is, the parts of a budget, and why it is important.

DON’T BE THAT GUY WHO MAKES HIS ROOMMATES PAY FOR CEREAL

  1. Look at the poster and the illustrated scenario. Using sticky notes record items you think you should budget for that are not reflected on the classroom poster. Add the sticky notes to the poster.
  2. A budget is a document that shows how much money you earn (income) and how you spend it (expenses).
  3. Organize the sticky notes into income and expense categories.
  4. A budget includes both fixed and flexible items. Do you know the difference? Fixed is the same each month, while flexible items vary.
  5. Re-categorize your sticky notes into fixed and flexible columns.
  6. Study the outcome of the budget on the poster front and notice the differences between categories. For example:
    1. Why is transportation both a fixed and flexible expense?
    2. Why should you include savings as an expense?
    3. What categories can you adjust or control in a budget?
  7. Open this file: STUDENT ACTIVITY HANDOUT and think through your own income and expenses.
  8. How can budgets evolve over time and how can decision making influence our budgets—and can it increase or decrease our financial stress?

NOW:

  1. Use this time to update your budget and schedule bills.
  2. Actively manage your budget.
  3. Reconcile the CFS to the bank account activity to ensure it is accurate.