The Budget Challenge Blog

How long have you been teaching?
I have been teaching for 33 years.

How would you describe your school?
North Star Academy is an urban charter school in Newark, New Jersey. We have 14 schools in Newark, including two high schools.

How long have you been teaching the class for which you use Budget Challenge?
We adopted The Budget Challenge in 2020 as a result of the pandemic. It helped us go all-digital for a class that had been purely pen and paper-based.

What class/grade do you use the program in?
I am the principal of our high school. I teach Budget Challenge as part of 12th grade Financial Literacy, which is a graduation requirement in New Jersey.

What aspects of Budget Challenge do you find most beneficial to your students?
Students actually benefit equally from the simulation and the online quiz content. I think that the program is nicely balanced between the two.

What part of the simulation do your students find most challenging?
They don’t really like keeping up with the Cash Flow Spreadsheet. But I’ve found that it does model the organizational ability needed by adults. It’s realistic.

What do you like most about the program?
Actually, the customer service might be one of the best parts. Our students don’t overuse the help button, but it is remarkable how quickly they get a response. I have asked some students to email at the beginning of class, and they often have an answer to them before class is dismissed. I have never seen such a response rate.

What tips do you have for new teachers using Budget Challenge?
I would suggest playing along with students. There is no better way to learn all of the components. I have also found it a little difficult to manage the trophy information and the videos. The videos could be better organized on the website. It is sometimes hard to find them. It would be helpful if there were in one library rather than scattered among the units.

Do you have a Budget Challenge story that is especially memorable?
The taxes unit is sometimes memorable. Some of our seniors are working in jobs where the employer is withholding their payroll taxes. When our students find out that they can get a refund if they file their taxes, that is a funny ‘adult’ moment. They often exclaim in surprise. They are shocked to learn that they can benefit by something like filing their taxes!

Jeanne White has taught for 19 years: 10 in middle school (in Texas) and 9 in high school overseas. Jeanne currently teaches at Kubasaki High School in Okinawa, Japan.

How would you describe your school?

We are located on an active-duty military. Our students are highly academically focused (with 18 AP classes available to choose from), highly engaged in school spirit (Dragon F.I.R.E. – Focus, Integrity, Respect, and Excellence), and charity / giving back minded with beach cleanups, environmental club, and support of other schools, volunteering and our MCJROTC program. Our students have lived in multiple countries and have attended 5-8 schools already worldwide.

How long have you been teaching the class you use Budget Challenge in?

I have been teaching Business and Personal Finance for 5 years and have used Budget Challenge since the beginning of my business (Personal Finance) classes.

What class/grade do you use the program in?

The majority of my students are 11th and 12th graders. While I have a couple of freshmen and sophomores (the class is open to 9-12), the juniors and seniors tend to be more highly motivated to take this class and get prepared for “adulting."

What aspects of Budget Challenge do you find most beneficial to your students?

The Cash Flow Budget tool is one of the best tools in Budget Challenge. The ability to view bills scheduled with formula bars programmed to update the balance column is super helpful for students to understand the immediate change in their budget with the input of the data. The dashboard alerts are amazing! When students use them (I always tell them to start with the dashboard alerts), they are most likely to be successful. When they aren't successful, we go back to the dashboard alerts, and there are so many of them that have been ignored or unopened. It's a great starting point for a discussion of keeping organized and following the timeline and progression of events.

What part of the simulation do your students find most challenging?

Most students struggle with the engagement of checking their accounts and CFB regularly. They tend to be more lax during a holiday week, and the leaderboard significantly changes when we return to school. Students are usually shocked and readily admit whether they were monitoring their Budget Challenge account over the holiday (or not).

What do you like most about the program?

While many students find this simulation stressful (their word, not mine), the comprehension and new understanding of making budgets, scheduling payments, and monitoring bank accounts is enlightening. They are better prepared for real-life occurrences after Budget Challenge. Students have a great sense of control, confidence, and mastery of financial literacy after this program. The chapters that address insurance, housing, cars, and careers (work/pay) are critical to their experience. There are light bulb moments in every class for different students, and they take this knowledge with them and process it. In the next class, they come back and may want to discuss something from the last class because they have had time to think about it and incorporate their new knowledge into what they "thought they knew."

What tips do you have for new teachers using Budget Challenge?

Start early. Try to give yourself an extra week to start the simulation. Get your class registered early. Watch the videos! They are very helpful. Read the material yourself first. Play the teacher simulation. It is super relevant and will help you as you “show” your students. I intentionally missed payments to show students how those actions impacted my score, budget, etc. Print the chapters for those who don’t read well online but like the paper copy. I allow my students to use the chapter as their “notes,” the quiz is an open book. I tell them I want them to know the information and learn it, not be penalized by a quiz.

Do you have a Budget Challenge story that is especially memorable?

I have sooo many memorable BC stories! The ones that stand out are those who are competitive and want to “beat" their opponent who doesn't work too hard. They ask me how to boost their score to the max, and after the holiday breaks (spring break, winter break, Thanksgiving), they are bumped to first or second place on the leaderboard and are proud of themselves. I take the top 3-4 students from each class (from each simulation) to an extended lunch (on my dime) supported by the school. Students get this privilege and recognition for their efforts in engaging with dedication to this program as an integral part of our class. They remember Budget Challenge years after they leave high school.

Thank you again for being a great program and an important part of my curriculum.

My students at Union Square Academy for Health Sciences in New York City are eager to participate in Budget Challenge during the second semester of the school year when our class transitions out of Participation in Government into Economics. Students are vocal about their desire to learn about personal finance and develop financial literacy skills. Although it's a common practice for Government and Economics to be taught as stand alone courses, independent from one another, it is vital for educators to develop unique ways to foster connections between personal finance, political science and civic engagement. 

Since 2020, there has been a renewed emphasis on civics in schools across America, as well as a push to include personal finance in core curriculum. This makes a lot of sense, civic engagement and financial literacy are both vital to being a contributing member of society, and are inherently interconnected in purpose and pedagogy. Practicing responsible financial habits and filing a tax return are meaningful civic responsibilities, similar to voting, serving on a jury and knowing your elected representatives in various levels and branches of government. Both civic engagement and personal finance emphasize learning by doing and have the ability to extend learning beyond the classroom.  As such, it is important for educators to find unique ways to overlap and interweave these educational initiatives.

When students in my Participation in Government and AP US Government & Politics classes transition to more economically aligned units of study during second semester, they start off by analyzing a pay stub to learn about how they personally contribute to government revenue and expenditure associated with fiscal policy. Over Civics Week, during the second week of March, students learn how to prepare and file a tax return. My students can utilize their financial documents from Budget Challenge for this task or their own W2 if they earned income from a part time job or a paid internship that is coordinated for students during their junior or senior as part of their career and technical education.

Grant writing is another meaningful project based learning endeavor that connects to budgeting and hones students' argumentative writing skills while extending students’ learning beyond the classroom. The process of writing a grant requires one to think strategically about money, determine community goals, and action plan for the future and most importantly, has potential for real world impact. My students' participation in Budget Challenge will be funded through a NEA Envision Equity Grant that I wrote and applied for over the summer of 2024 entitled Graduate with Financial $kills. Unlike most grants that often target non profit organizations, these NEA grants are specifically designed with teachers and schools in mind. I encourage all teachers to seek out and apply to grants as a meaningful expression of teacher leadership that elevates educators as multifaceted professionals that not only facilitate meaningful learning experience, but proactively seek out the funding sources necessary to extend learning beyond the classroom. Better yet, have your students identify and draft a grant proposal or cowrite a grant application together.

When I studied Economics in high school and college, my classes focused on theory and policy. Those lessons did not prepare me for adulthood or real life challenges such as purchasing insurance, filing a tax return or making sound investment decisions. The shortcomings of my own financial education within schools shaped my desire to provide my students with a hands-on approach to learning about spending, saving, and investing money responsibly that also fosters their civic readiness. As states begin to formalize civic engagement mandates, educational administrators need to develop ways to ensure financial literacy is included as a measure of civic readiness. Students in New York can earn a state seal of civic readiness on their high school diplomas for project work that includes developing action civics projects, participatory budgeting proposals, speech writing related to community issues, even completing a work based internship, yet preparing a tax return, creating an emergency fund or a diversified investment portfolio are not recognized as accredited tasks towards earning the graduation seal. The skill associated with borrowing and saving responsibly and their macroeconomic effects on our country warrant bundling personal finance into various civic education mandates.  

You can learn more about David, his teaching and see examples of his students’ civic engagement and financial literacy at his website: www.cagebustingclassrooms.com.

Under the Hood is back, and this time we will be taking a look at student reflections to better understand the impact of our 10-week experience.  Putting students in charge of adult finances not only empowers them; it also reshapes their perspective on money. What makes it so transformative? Let’s explore through the voices of students who’ve experienced it.

Hands-on Experiences are Impactful

“I now understand some of the financial challenges my parents faced and how important it is to pay bills on time. Participating in the Budget Challenge has made me realize how vital it is to stay on top of your finances and manage your money wisely."

Many students begin Budget Challenge believing money management is straightforward. However, the simulation shows the daily financial realities adults face. Exposing participants to unexpected expenses and deadlines replicates the pressure of maintaining a household budget.

“This experience was like a practice run for real life, and it taught me so much about the complexities of financial management. I now feel confident in my ability to make smarter decisions about saving, spending, and planning for the future.”

Confidence doesn’t come overnight—it’s built through trial and error and, yes, a bit of stress. The program immerses students in financial decision-making, teaching them to prioritize goals, meet deadlines, and prepare for the unexpected.

The Power of Financial Literacy

“I feel much more confident now in my ability to manage money and create a budget. The simulation showed me how important it is to have a plan for spending and saving, and it has eased my anxiety about handling finances in the future.”

Budgeting is more than math, it’s a mindset. Budget Challenge gives students a front-row seat to the importance of planning, showing how every choice, from paying bills to saving for emergencies, impacts financial security.

“Participating in this challenge made me realize how important it is to budget carefully, pay attention to due dates, and think ahead. I feel more equipped to handle my finances and have a better understanding of what it takes to be financially responsible.”

Through realistic scenarios, students learn that financial management is about more than just numbers. It’s about adaptability, planning, and the discipline to balance immediate needs with long-term goals.

Beyond the Basics: Building Lifelong Skills

“This program helped me understand the value of money and the importance of paying attention to every little detail, from due dates to saving strategies. I now feel more in control of my finances and better equipped to handle the complexities of financial management in real life.”

Budget Challenge doesn’t stop at the fundamentals. Financial decision-making in real-world situations over an extended time equips students with practical money management skills that extend far beyond the classroom.

“Through Budget Challenge, I realized that financial management is both a skill and a mindset. I learned how to balance my expenses, prioritize payments, and still save for my future goals. This experience has made me feel ready to tackle financial responsibilities with confidence.”

The key takeaway? Financial independence isn’t just about managing a paycheck—it’s about developing the habits and attitudes that lead to lifelong success.

Transformative Learning That Lasts

At its core, the Budget Challenge bridges the gap between theory and practice. It challenges students to think critically, manage stress, and take ownership of their financial future. As one participant put it:

“This challenge has completely changed the way I view money. It showed me that financial success is not just about earning but about managing and planning. I feel empowered and confident to take charge of my financial future after participating in this program.”

Few lessons are as crucial—or as empowering—for students entering adulthood as learning to master their finances. Thanks to this unique 10-week experience, many are now prepared to face the world with the skills, knowledge, and positive habits necessary for successful financial management.

Michele Moeller has been a Business Teacher for 23 years at Canon-McMillan High School in Canonsburg, PA. We asked to interview her about her experience using Budget Challenge. Here's what she had to say.

How long have you been teaching the class you use Budget Challenge in? 

I have been teaching Business Math for my entire career as a Teacher.

How many years have you used Budget Challenge? 

I have been using Budget Challenge in my Seniors Business Math class since 2015.

What aspects of Budget Challenge do you find most beneficial to your students?

I love that they have the ability to use a budget that predicts future cash flow and helps them to begin to understand how important it is to not just know that a bill is due but to see how all of their spending decisions impact them in the future.  It really helps them to make better decisions.  This is so much more beneficial than just a basic Expense/Income Budget that does not account for the timing of inflows and outflows.

What part of the simulation do your students find most challenging?

Students have difficulty remembering not to neglect the Cash Flow Budget Tool (CFB).

What do you like most about the program?

I mean, I really love the entire program. It has everything you need (even if a student starts late) to teach an entire Personal Finance course and also allows you to adjust it to your classroom needs. I use it mainly as a short unit on personal finance topics before I begin business-related topics. It has continued to improve year in and year out with the feedback teachers provide.

What tips do you have for new teachers using Budget Challenge?

Definitely sign up for a free Teacher Play account and try it.  Don't expect to be perfect the first year you try it.  I've added things over the years to fit my needs.

Do you have a Budget Challenge story that is especially memorable?

I don't have a specific memorable moment that I can recall except to say that this project-based learning has really helped many of my seniors understand the importance of the financial responsibilities that come along with having a checking/savings account, 401 (k), and credit card account.

Rhiannon Miller is in her 17^th year of teaching at South Park High School in South Park, Pennsylvania. For the last twelve years, she has taught a popular Money Management class to juniors and seniors. For the last four years, she has used Budget Challenge which has added a new dimension of realism to her class. “Budget Challenge resembles real life as closely as possible,” states Miller. “It prepares students for life in the “real” world as an adult.”

Miller’s students are always highly engaged in class but find that managing adult finances is not always easy. “My students find maintaining a healthy credit card balance the most difficult." Miller also provides extra motivation for her students. “At the end of the simulation, I provide the class winner with a $50 Amazon gift card.” Teaching the class is as rewarding for Miller as it is for her students. “It is fun to see my students overcome all the challenges of the simulation and earn the trophies.”

Laura Abel, an accounting teacher in Kingwood, TX, has taught Budget Challenge in her classroom since 2015. We reached out to her to gain insight into how Budget Challenge is used to teach Personal Finance in her class. Here’s what she had to say.

I have been teaching accounting for 22 years. I have been teaching 9 years at Kingwood High School in Kingwood, TX. Kingwood is a campus full of students pushing themselves and each other to achieve their goals.

I have been using Budget Challenge with 10 – 12th-grade students for ten years in my Accounting I, and Accounting II classes as well as my Securities & Investment class. I love that the simulation doesn't stop for school breaks. Just as life does not stop for vacations. Bills are due when they are due.

A bonus is the Cash Flow Budgeting Tool. It gives the students a tool to control their money, make a plan, and execute that plan.

I am relatively new to +Investing so that is a bit challenging, but the kids really like it. The real-life aspect of unexpected events helps students to think out of the box on how to manage unexpected events.

I recommend that new Teachers just do it! Commit the time to set it up and give the students time to process what is happening before the start of the simulation.

One year, I was I was explaining what Budget Challenge was all about to a class that was about to start their game. One of the students said, "Oh that is what those other kids were doing last year!" I asked him what he was talking about and he said he was at a party over spring break and all of a sudden one kid said "Shoot I forgot to pay my bills!" And then a few other kids at the party said "Oh man I forgot too!" They all scurried off to a corner and were on their phones frantically paying bills on their phone.

Thanks to our teacher feedback, we have taken our quiz scheduling tools out of beta! We've added a "Manage Quizzes" button to each class section on Teacher Home for quick access to managing your quiz schedule. This button is available during all phases of the simulation. To learn more about extending quiz deadlines beyond the simulation, read more here.

In addition, we have made the Class name a hyperlink to edit class details instead of the small pencil icon.  The edit class page has been streamlined as well with a new sidebar to easily switch between "Edit Class" and "Manage Quizzes."

I've been at Cape Elizabeth High School for 33 years and taught at the college level for six years before that. Cape Elizabeth is a small school of 500 students, a high-achieving, college-oriented, community-driven school in a small town on the coast of Maine (in Greater Portland).

Our school does an excellent job preparing students for college, but we hadn't been preparing them (financially) for life. In 2008, I piloted a one-semester course in Personal Finance and it has been a popular elective choice ever since. The course is offered to students in grades 10-12 with preference given to upperclassmen.

I started using Budget Challenge in 2014. I love that the program has been modified and updated over the years. It is an exciting way to engage students in real-world decisions and problem-solving.

All of the elements of Budget Challenge are beneficial to my students. I particularly like the "unexpected events" which do happen in real life. Students have to pivot and reassess what they can do with that paycheck and still meet all of their obligations. This simulation mimics the lives of so many people today living paycheck to paycheck. The struggles associated with limited funds help them understand the benefits of saving and setting that as a priority. Even though they don't like the “average American” charges on their credit card, which are dictated in the Simulation, it helps them understand how easy it is to swipe your way into debt. I actually get excited when they say “I wouldn't buy that!” (too bad, you did).

I think the initial choices they need to make regarding roommates, utilities, bank accounts, credit cards, insurance, loans, 401k, etc. are the most challenging. Students just don't have any experience - or even knowledge of most of those items. Very few of them have any financial independence. However, it does present an opportunity to discuss the different options and their impact.

I like the way the program has evolved over time and how costs are adapted from year to year. This year's option to dip into the emergency fund is a great exercise in actually using those funds and then working to replenish them. The realism around the myriad of decisions that a new grad needs to make is wonderful. I also feel the budget spreadsheet allows students to practice forecasting their expenses and gives them a broader view of their income and where it goes. Exposure to spreadsheets and mastery of their functions is an important skill.

My recommendation is that all teachers play along with their students, especially teachers new to the Challenge. It's a great way to start conversations about what's pending, what's due soon, how well you are managing trophy goals etc.

The growth, commitment, and success of so many students is especially gratifying. It's fun when they buy into their new (fictitious) lives. We joke about the taking the flight to Cincinnati and finding their way around the city. I post the weather in Ohio on the board and ask who their roommates will be. That is an important conversation since choosing the right roommate has many challenges.

Win or lose, when the Challenge ends, these students are empowered. They have new skills and experience and can make good decisions. They have learned from poor choices. Watching their progress nationally is also a great incentive. Who doesn't like a little friendly competition? It's fun to watch their standing change from week to week.

Teaching Personal Finance has been a highlight of my career at Cape Elizabeth High School. It is rewarding to watch students gain confidence in their financial skills and, more importantly, in themselves as they look ahead to life after high school. Having a program like the Budget Challenge to supplement the curriculum has made a significant difference.

Maine currently has a bill under consideration in our State Legislature (LD1284, An Act to Require Personal Finance to be Taught as a Separate Course to Obtain a High School Diploma). I'm hopeful we will join so many other states in the country that believe financial literacy is essential.

At Budget Challenge, we pride ourselves on listening to teacher and student feedback and improving our program each year. This year is no different, so here's a quick overview of what we have in store for the 2023-24 school year.

Updated textbook: Personal Finance is the most up-to-date resource with the latest statistics, figures, and topics.

Real World Activities and Readings: Textbook chapter resources now include Real World Activities and Readings, providing deeper learning experiences on vital topics. PDFs can be easily reproduced or converted to assignable Google forms.

Plus Investing Retirement Projection Tool: After the 4th paycheck, a 401(k) retirement calculator will appear in students 401(k) account under the Employer tab. It will show them the value of their current investments after 40 years and the value of continued investing based on their elections. It can also model returns at different % contributions.

Emergency Fund can now be used for emergencies: We've heard your feedback and have updated the Emergency Fund trophy goal so that students can use their emergency fund. Daily penalty and reward points will apply to more accurately reflect financial health. Here's an in depth look at the updated rules for the Emergency Fund goal.

During the simulation, you may use your emergency fund for unexpected expenses or budget shortfalls. After earning the trophy, students can

• Give up half the trophy and trophy points to use up to $375.00 of the emergency fund.
• Give up the entire trophy and trophy points to use $375.01-$750 of the emergency fund.

The trophy and trophy points are restored when your savings account balance equals or exceeds $750.00. Returned trophies and points are permanently lost if your savings account balance is below $750.00 at the end of the simulation.

In order to incentivize replacing the money used in students' emergency funds, there are new daily penalty and rewards.

3 Point Daily Reward for maintaining $750 or more in your savings account. This daily reward is active throughout the entire simulation.

3 Point Daily Penalty for having between $375-750 in your savings account. This daily penalty starts on Day 12, after the close of the Emergency Fund Trophy.

5 Point Daily Penalty for having less than $375 in your savings account. This daily penalty starts on Day 12, after the close of the Emergency Fund Trophy.

Regardless of whether the Emergency Fund Trophy is earned, savings account reward and penalty points are assessed.

More flexibility for year-long classes: The program now allows year-round textbook and quiz use. For more information on how to expand access, read our previous post on scheduling features.

Improved student videos: The Earning Trophies video series has been re-created to provide helpful instruction before the simulation starts. These videos have been included in each goal's description on student home as well as on the Videos page.

In the Works

Teacher Financial Literacy Certification: The Foundation for Economic Education will soon provide financial literacy training and certification at no cost to eligible teachers. They have selected Budget Challenge to provide the educational resources for instruction. Consequently, Budget Challenge teachers will receive priority access to this exciting opportunity.

Chapter Presentations: Powerpoint & Google Slides presentations for all 17 chapters of the Personal Finance textbook.

Streamlined Leaderboard: The current leaderboard contains a mix of ranking and activity statistics with a separate leaderboard for +Investing. The update will merge the Budget Challenge and +Investing leaderboards and create a new student activity center.

Class vs. Class Competition: New profile settings will allow teachers to opt-in to class vs. class rankings

Account status: Teachers will be able to see their account status, including student licenses available for use.