WHAT TO DO DURING THE GAME:
- Reconcile daily
- Check your email daily for communications from vendors.
- Log in every 5 days to stay engaged.
- Take ALL quizzes/surveys.
- Pay all bills on time.
- Stay engaged in your finances by updating and using your CFS and actively managing your 401(k) contribution and your bank account type.
GOAL: Before you leave class today you will know the difference between net & gross pay and about the different types of withholdings from your paycheck.
- READ AND DO THIS PIT STOP ON GROSS AND NET PAY
- In Budget Challenge, you have the ability to change your employee 401(k) contribution, but the employer match is determined by the plan selected during registration and is not changeable. In the real world, employers only have a single 401(k) plan, but multiple options are provided at the beginning of this simulation to replicate the evaluation process that would take place if you were comparing multiple job offers.
- Review the Budget and Cash Flow Spreadsheet.
- Does your current 401(k) contribution percentage leave enough to pay routine bills on time?
- Is there enough money left in case of an emergency?
- Is there cash left over that could be contributed to increase retirement savings?
- Use the Payroll Calculator found at the bottom of Student Home>Vendor Selections to review your paycheck components.
- This tool is helpful to forecast net pay when changing 401(k) contribution percentages.
- Keep in mind, 401(k) contribution changes take effect at the beginning of the next pay cycle.
- DO THIS PRACTICE TEST