"Surviving Adulthood"

October 21, 2019

Recently in my Personal Finance class, students have been learning about budgeting. Learning about how hard it can be to pay for all the necessities of life has been eye-opening for many. One student told me he wasn't going to ask his parents for money as much anymore because he doesn't know how they can handle all of the expenses of life. We run online simulations where the students are given a job and a salary at random. They have to make decisions on what type of housing they will have if they will eat at home or at restaurants, and even how much money they will spend on entertainment. I teach the students that having a 50-20-30 Budget (50% fixed expenses, 30% variable expenses, and 20% savings) can serve as a guideline on how much they should spend. At the end of the unit, I hope the students will be better prepared for the realities of adulthood.