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Adulting: Finance Sim

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Lesson Plan

Adulting: Finance Sim

Students will successfully complete a multi-step financial simulation, including creating a budget and paying two bills.

This lesson is crucial for developing practical financial literacy. Students will gain hands-on experience with budgeting and bill payment, preparing them for future financial independence.

Audience

8th Grade Students

Time

20 minutes

Approach

Students will rotate through stations, managing income, expenses, and bill payments.

Materials

'Life Scenario' Cards, Finance Stations Project Guide, Play Money (optional), and Student Budgets & Transaction Logs

Prep

Prepare Simulation Materials

20 minutes

  • Review the Adulting: Finance Sim Lesson Plan and all generated materials.
  • Print and cut out the 'Life Scenario' Cards.
  • Set up 3-4 distinct stations around the classroom using the Finance Stations Project Guide. These could include a 'Bank,' 'Utility Company,' 'Landlord Office,' etc.
  • Gather play money if desired for a more tangible experience.
  • Prepare student budget templates and transaction logs (can be simple worksheets or digital documents).

Step 1

Set Up 'Real World' Stations (5 minutes)

5 minutes

  • Introduce the 'Adulting: Finance Sim' by explaining that today they will experience managing real-world finances.
  • Briefly explain the different stations (Bank, Utility Co., etc.) and their roles, as detailed in the Finance Stations Project Guide.
  • Distribute one 'Life Scenario' Card to each student. Explain that this card will dictate their starting income and initial bills.
  • Ensure students have their budget templates and transaction logs ready.

Step 2

Students Rotate and Complete Tasks (10 minutes)

10 minutes

  • Instruct students to begin at their designated starting station (e.g., Bank to deposit income, Utility Co. to pay a bill).
  • Guide them to use their 'Life Scenario' Card to understand their financial situation.
  • Circulate to monitor student progress, answer questions, and facilitate movement between stations.
  • Emphasize the importance of accurately recording all transactions on their budget and transaction logs.

Step 3

Budgeting and Bill Pay Challenge (3 minutes)

3 minutes

  • After a few rotations, pause the simulation.
  • Challenge students to review their budget and ensure they have enough money to cover at least two bills from their 'Life Scenario' Card.
  • Ask students to identify any potential financial challenges or unexpected expenses they encountered.

Step 4

Review and Celebrate Success (2 minutes)

2 minutes

  • Bring the class back together for a brief discussion.
  • Ask students to share one thing they learned or found challenging about the simulation.
  • Celebrate their efforts in managing their 'finances.'
  • Collect 'Life Scenario' Cards and student work.
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Slide Deck

Adulting: Finance Sim

Welcome to the real world! Today we're tackling personal finance. Get ready to manage your money and pay some bills!

Greet students and introduce the day's activity. Emphasize the fun and practical nature of the simulation.

Our Mission Today

Objective: Successfully complete a multi-step financial simulation, including creating a budget and paying two bills.

Explain the learning objective clearly. Reiterate that this is a safe space to practice financial skills.

Key Concepts

  • Budgeting: Planning how to spend and save money.
  • Bill Payment: Paying for services and expenses on time.
  • Bank Transactions: Managing deposits and withdrawals.

Briefly describe the key concepts they will encounter and apply during the simulation.

Your 'Life Scenario' Card

Each of you will receive a unique 'Life Scenario' Card. This card will tell you:

  • Your starting income
  • Your initial bills
  • Your financial situation

Explain what a 'Life Scenario' card is and how it will guide their starting point in the simulation.

The Simulation Stations

You will rotate through different 'real-world' stations:

  • Bank: Deposit income, withdraw cash.
  • Utility Company: Pay electricity, water, or internet bills.
  • Landlord Office: Pay rent.
  • Grocery Store/Shopping: Manage daily expenses (optional, depending on time).

Go over the different stations. You can point to where each station is set up in the classroom.

How We Play

  1. Get your Life Scenario Card.
  2. Start at your assigned station.
  3. Follow the instructions at each station.
  4. Important: Keep track of ALL your money and bills using your budget and transaction log!

Outline the steps students will take during the simulation. Emphasize record-keeping.

What's a Budget?

A budget is like a financial roadmap! It helps you:

  • See where your money comes from (income).
  • Track where your money goes (expenses).
  • Make smart spending choices.

Why is budgeting important?

Briefly discuss what a budget is and why it's important. Ask a quick question to engage students, e.g., 'Why do adults budget?'

Paying Bills

Bills are payments for services we use (electricity, internet, rent).

Why pay bills on time?

  • Avoid late fees.
  • Keep your services running.
  • Build a good financial reputation.

Explain why paying bills is a critical part of financial responsibility.

Reflect & Share!

What was the most challenging part of managing your finances today?

What is one new thing you learned about budgeting or paying bills?

Encourage reflection and sharing. This is a good time to ask students what surprised them or what they found challenging.

You're Doing Great!

You've taken important steps toward understanding real-world finance. Keep practicing these skills!

End with an encouraging message about their newfound financial skills.

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Project Guide

Finance Stations Project Guide

This guide outlines how to set up and manage the interactive financial stations for the Adulting: Finance Sim.

Objective

To create a dynamic and engaging classroom environment where students can simulate real-world financial transactions, including managing bank accounts and paying bills.

Materials Needed

  • Cardboard boxes or designated areas for each station
  • Station signs (e.g., "The Big Bank", "City Utilities", "EZ-Rentals")
  • Pens/Pencils
  • Student Budget & Transaction Log worksheets
  • Play Money (optional, but highly recommended)
  • Stamps or "Paid" stickers for receipts (optional)

Station Setup Instructions

1. The Bank

Purpose: Where students deposit their income and withdraw cash.
Setup:

  • Designate a student (or teacher) as the "Banker."
  • Provide a secure box or tray for "deposits" and "withdrawals" (play money).
  • Banker's Role:
    • Verify Life Scenario Card income for initial deposits.
    • Process withdrawals when students need to pay bills in cash.
    • Sign/initial student transaction logs for proof of banking activity.
    • Keep track of the
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Game

'Life Scenario' Cards

Cut along the dotted lines to create individual scenario cards. Distribute one card per student at the beginning of the simulation.

Card 1: The Part-Timer

  • Monthly Income: $1,200 (from a part-time job)
  • Bills Due This Month:
    • Rent: $500
    • Phone Bill: $50
    • Internet: $40
  • Unexpected Expense: Your bike tire went flat! Needs a $25 repair.
  • Savings Goal: Try to save $100.

Card 2: The Freelancer

  • Monthly Income: $1,500 (from various freelance gigs - income can be inconsistent!)
  • Bills Due This Month:
    • Rent: $600
    • Electricity Bill: $75
    • Student Loan Payment: $100
  • Unexpected Expense: Your laptop charger broke! New one costs $35.
  • Savings Goal: Try to save $150.
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