Budgeting on Minimum Wage

Budgeting on Minimum Wage
Budgeting on Minimum Wage
Budgeting on Minimum Wage
Budgeting on Minimum Wage
Budgeting on Minimum Wage
Budgeting on Minimum Wage
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Resource Type
Product Rating
2 Ratings
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Word Document File

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44 KB|2 pages
Product Description
This is a simulation I do in Personal Finance that has students reflect on "living on minimum wage". We do this prior to any discussion on income taxes and after watching the documentary "30 days: Minimum Wage".

They pick a savings goal card from me with goals ranging from about $50 for a birthday gift for mom to $3000 for a Disney World vacation. This could easily be done just with a deck of cards too. For example, if they pick a 7 from the deck, that represents a $700 goal that they'll try to save for.
I then have them play a couple games (maze, word search, tongue twisters, what's the difference? between 2 pictures, paper airplane throwing contest, etc.) and depending on how they do, that determines how many hours they get to work that week. For example, if they find 12 or more words in the word search in a given time (3 minutes), they get 44 hours. If they find 9 - 11 words, they get 40 hours and if they found less than 9, they only get 36 hours. You'll need a total of 9 mini games. (I didn't include the specific games I use in the document download because they're not things I created on my own). Then after each game (representing a week of work), I have a student select a card from the deck. If it's a red card, the whole class incurs an unexpected expense that week. Again, a 7 might mean that they had a $70 unplanned expense.

They then have to fill out the chart for each week to see how close they are to reaching their long-term goal. Even though it's a simulation, the students really get into the games and are frustrated when the unexpected expenses come up from week to week. They'll say things like, "I'm never going to be able reach my goal" and they are asked to reflect on what it's like to "live on minimum wage".
Total Pages
2 pages
Answer Key
Teaching Duration
90 minutes
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