Cost of Living Game

1. Cost of Living Game Middle School Financial Literacy #3

2. 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

3. 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?

4. 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/prepareforhsa/students/costofliving/costs.html

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. Google: Cost of Living Game

12. 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

13. 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.

14. 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