Design
"I enjoyed how the event flowed as if I were really in the Game of Life. I thought it was fun and I learned a lot about what I should expect to pay after college, and I will now find ways to budget and spend my money wisely." — senior year participant
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Objective
The Game of Life Financial Literacy event for college aged students provides students with information to help them develop reasonable expectations for monthly expenses they will potentially encounter after graduation and facilitates conversations to educate them about the importance of strategic budgeting.
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Members of the Residential Life Office, representatives from Career Services, Student Financial Services, Human Resources, and Health Services were encouraged to staff tables to provide guidance and insight with regards to their specific areas of expertise. All estimated pricing info found on the final KEY has been taken from texasrealitycheck.com, an interactive website generated by the Texas Workforce Commission and the Texas Education Agency.
Work Together
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The program took the form of a life-
size game board in which students are the players. It is recommended that the program itself be set up in a high-traffic area between peak hours of class transitions so as to catch students walking to/from classes. Students should be able to complete the entire game within ten to fifteen minutes.
Set Up
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Students began the game by being
assigned a monthly salary based on national averages of entry-level positions in their intended field. Students then determined their monthly pay
on their worksheet and were taught how to calculate deductions for taxes and mandatory withholdings. They were then urged to consider voluntary contributions to retirement and savings. Participants then proceeded to move around the
game board one space (i.e. one table) at a time.
Game Play
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Spaces were created for recurring bills
such as housing, utilities, food, transportation, healthcare, and financial aid payments as well as tables for additional monthly costs including entertainment, clothing, and miscellaneous personal expenses. At each table, representatives asked questions about the student’s habits that related to the specific cost. The student then calculated their monthly costs based upon “real world” decisions they would have to make.
Spaces
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At the final table, students calculated
how much money they would have left over at the end of the month, if any, after paying for the goods and services they selected. Students also received a key that included estimated monthly costs for each category so they are able to see prices for items they had not selected. A handout of budget tips and tricks helped the learning continue even after the program was finished. To add extra spice, students had a chance to receive financial gains or losses by scratching off a card at select tables. There were also REAL prizes to be won!