How long have you been teaching?
This is my 11th year of teaching in my current program - an academically rigorous, classroom educational program for homeschoolers. I teach five different Social Studies classes. Prior to this, I've taught in a number of homeschool co-ops and homeschooled my own children. In a different career era, I was a CPA, CIA, CISA, and CMA - in other words, I worked in Accounting and in Internal Audit for a Fortune 40 company. My resume also includes several years in banking. Teaching Personal Finance is really a great use of all of my previous career experience. It's the best of both worlds!
How would you describe your school?
While it's not actually a private school, I like to describe it as an à la carte private school for homeschoolers. We provide an academically rigorous classroom learning experience for homeschooled students.
How long have you been teaching the class in which you use the Budget Challenge?
This is my fifth year teaching Economics and Personal Finance to 11th- and 12th-graders. I have used Budget Challenge every year! I wouldn't teach this class without it.
What aspects of Budget Challenge do you find most beneficial to your students?
It's hard to narrow it down to just a few! I am a big believer in "experiential education”. It's one thing to learn that you need to pay your bills on time, diversify your investments, reconcile your bank account with your register (CFB), etc. But to experience that in a very real way through the simulation is what makes the learning stick. The first time my students have to meet savings goals while still having enough money to pay bills on time, they learn in a way that discussion alone cannot teach.
The CFB is absolutely priceless to help students truly understand what is happening with their money. This is the first time many of my students have worked with a spreadsheet, so it's a two-for-one experience! After using the CFB, most of my students love it so much that they end up creating their own spreadsheets for their personal bank accounts.
What part of the simulation do your students find most challenging?
I warn my students that the first three weeks of the simulation are the hardest- the week we choose vendors and then the first two weeks after the sim begins. It's like drinking in knowledge from a firehose as they learn: how to play the game, what all of these terms mean (401k, gross pay, CFB, how to pay a bill, what vendors to choose, etc.), how to adult, the chapter content, and they complete the homework questions, etc. And several of those early weeks have two chapters! But the overwhelm of this time period makes the simulation even better. After we all reconcile our CFBs with our bank accounts for the first time (whole-class activity) and have earned those first three trophies, we settle in and get into a flow state. It's beautiful.
The other challenging part is mastering cash flow and paying bills on time. They have a hard time understanding the timing of paying bills before they are due (you can't write a check dated today). I love that I don't have control over forgiving their late payments. It's really fun to see those light bulbs come on after that first student pays a bill late and gets the late fee. They get so mad about those fees. Then one diligent student pops up and says, “But you can have a one-time late fee waiver." And suddenly, that kid is the most popular kid in the class.
What do you like most about the program?
I love that my students have tangible experiences to anchor their learning. I love that the bills keep coming even over Spring Break! I love that I can't "fix” their problems for them when they mess up. I can help, but I can't waive the magic teacher wand and make it all go away. And I LOVE that what students learn in this class will be used for the rest of their lives. It can make a difference in their future spouses' lives, their families' lives, their retirement, and every day of their lives. No one ever asks, "When will I use this in real life?" in this class!
The CFB is the tool that really makes this program so incredibly real and valuable for my students' financial futures.
What tips do you have for new teachers using Budget Challenge?
I recommend that new teachers participate in the Teacher Play opportunity for the full 10 weeks and complete it before their students start the simulation. Also, participate in the Teacher Play while your students are in their sim, too! My students love to compete with me for the highest performance score, most investments, leaderboard placement, etc. Plus, by playing along, you are right there with them as things happen. Help them through those first few weeks with every tip and helpful piece of advice you can give them. Then, once they get going and earn a few trophies, let them manage their own bills and expenses
Over time, I have tweaked how we use the CFB to help students track their finances more effectively. We now mark cycle, due, and grace dates. We change the color of the “Sunday and holiday” dates so it's easier to see the dates we can't pay bills; we change the color of cells to indicate pending checks; and we turn rows green after the dates have passed and the CFB has been reconciled with the account balance. These steps have been important to a complete understanding of the process.
Do you have a Budget Challenge story that is especially memorable?
Last year, one of the younger kids in our school asked his mom, "Who teaches the 'Life Class?" As it turns out, he was talking about our Econ class. He had been listening in from the room next door all semester and wanted to know more about the class where you learn how to do life. Over the semester, he had heard us discussing all kinds of important life topics and was very excited about when he would be old enough to take the class.
My class was at the top of the leaderboard for a little bit last week. They were so proud!! Suddenly, they were helping fellow students and holding each other accountable. While they had to do their part individually, they also became a team, realizing that they all had to succeed to be at the top. It was such a fun day to celebrate with them!! And as a teacher, I know that if they are at the top, they are all learning the adult-level personal finance skills that they will be able to carry with them forever.