PersonalFinanceLab is a gamified platform that focuses on engaging the student through interactive and experiential learning. The platform has a Budgeting game and a stock market platform, that allows the student to learn while doing, making mistakes and repeating the actions until they succeed, thereby learning and understanding the fundamentals of managing money and investing it.

In the last example, I had mentioned Opportunity Cost , which in itself is one of the fundamentals of money management. You have choices that are available to you, whether it be price versus quality or price versus functionality or price versus convenience.

In this edition, I want to discuss the value of money. By this I mean, before you spend your money, you have to recognize it’s worth. For every dollar that is spent, the student has to recognize the value of each dollar in terms of how long it took to earn it and whether the purchase made is the best “value” of your time.

In the Budgeting game the student will receive a paycheck every Friday. In this example, the student is paid $15 an hour, but after taxes they receive $246, which equates to $13.67 an hour.

Now for every purchase, when a student buys a product, they need to be thinking that for every $13.67 spent on bills or random products, it will take 1 hour of their time to earn that money. So if a student wants to buy a pair of sunglasses for $50. It would take that student nearly 4 hours to earn enough money to buy those sunglasses. Firstly are they worth the time taken to earn that money? What else could they have bought with that money (opportunity cost) and did they get the best price and value for their money (comparison shopping)?

Building on from students receiving a paycheck in the game:

Simple activities:

Print out a US map.

1. Research the minimum wage in 5 states plus their own and label them on the US map.
2. Research the state income tax in 5 states plus their own including the highest and lowest levels and label them on the US map.
3. Explain the difference between Total Earnings (sometimes called Gross Pay) and Net Pay.
4. List 5 thing that you would like to buy or have bought. Using the minimum wage in your state, calculate how many hours it would take you to earn enough money to purchase those products.

In the next edition  we will discuss unlimited wants, limited earnings and how we can manage expectations of earning and spending through a Budget.

Want more examples? Check out our lesson plan library, or book a demo with our team to discuss how PFinLab can be used in your class!

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Want to get a walkthrough of PFinLab, but no time to schedule a demo with our team? No problem! This recording walks through all the essential features that can help transform your classroom!

For a deeper dive into how PFinLab can be used in your classes, also check out our library of customizable lesson plans, with tons of class project ideas on how you can use our resources in your class!

Get More Information

If you want more information, or a quote for your class, let us know!

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Bringing gamification into your classroom By Paul Vasey – Former Business teacher, head of department, external examiner, teacher trainer, author and game designer.

Engagement, experiential learning and differentiation.

Through my years of teaching, I found that the most engaged students were ones that were talking about themselves and learning without really realizing it. To expand on this – I liked to use a lot of activities and discussions to teach the basics of concepts before adding theory and terminology so that there was a fundamental understanding of the topic being covered. I would involve the student by making it about them, whether it was a story or an activity so that they could relate and build.

With the PFinLab platform, we do that. We have 2 games, a budgeting game and a stock market game. Students have direct buy in as their decisions made throughout show consequences, which creates an experience that empowers the student to talk about it. We all want students talking about the things we are trying to teach!

Our Budgeting and Stock Market game can be used as both a supplemental and integrated resource. The philosophy of our games is for the students to learn by doing. The focus of the game is to keep things simple and for the student to learn the fundamentals of money management. This resource is not here to replace you, but merely to become a teaching tool that you can use to introduce or consolidate a topic, so the basics can be understood, while theory and terminology can be scaffolded onto initial understanding.

Over time I will be picking an aspect of the game and giving ideas of how it can be used in the classroom. The aspect will include playing the game, completing an activity to apply knowledge and then answering questions to consolidate knowledge.

Lesson 1: Opportunity Cost and Comparison Shopping

Here is a QuickStart lesson that I like to use with my classes to introduce some of the fundamentals of money with our Budgeting Game. Each lesson will require the player to play at least one “virtual month” in the game which will take approximately 20 mins. Further time can be taken to do research and answer questions. Differentiation can be by outcome.

Activity – Making a decision:

When the game starts, the students will have to make choices. They will need to consider their needs and wants, what the alternatives are (opportunity cost) and is it the best price that they can find. Although they will be focusing on price, it is important to recognize that the price is not always the single factor in making a decision.

Here are some sample questions for your students to consider based on deciding where they want to live. These can be done as a written or verbal (group) exercise.

Questions: Testing Understanding

1. When renting, why should cost not be the only consideration?
2. How might the location of an apartment have an influence on the monthly rental price?
3. What are the advantages and disadvantages of sharing an apartment with other people?
4. Using a realtor website such as Zillow and Realtor.com, find 3 rental properties that you would like to live in and compare pricing, proximity to college and other amenities.
5. If you are sharing an apartment with others, why is it important to set ground rules?

I hope you enjoy teaching this lesson as much as I do.

Keep an eye out for another lesson shortly. Any feedback, ideas or requests for lessons on topics, let us know!

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Our latest teacher webinar walks through some of the basics of gamification – and the keys to best leverage these new levels of engagement to supercharge your blended and remote classrooms this Fall!

If you are using a blended or fully-remote classroom, quality online resources are more important than ever! Our new Badges and Achievement update to encourage exploration, and Rewards to incentivize students to complete their classwork on time, we are excited to work with your classes this Fall!

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With the next major update to the PersonalFinanceLab Budget Game, your students can graduate from school and start their Full Time Jobs!

How It Works

If you have used the Budget Game before, your class would have taken on the role of college students with a part-time job. They would be working variable hours each week, and have had roommates to keep their bill costs down.

With the new Full Time Mode, your students will take on the role of a freshly-graduated student who just started their first full-time job. From a student’s perspective, the new additions include:

• Consistent Hours – students will always work 40 hours per week for bigger, and more consistent, paychecks.
• New Bills – full time workers now have to make Health Insurance and Student Loan payments. These bills come up near the start of each month, and students need to be careful on how they prioritize their bills to make sure they can always hit their savings goals!
• More Expenses – students no longer have roommates, which means their rent and utility bills go up substantially.
• Professional Development – instead of “studying”, students have the option to conduct “Professional Development” on the weekends to build new skills useful for their job. If they build enough new skills, they can earn a raise at their job!
• New Events – the “life events” throughout the game also get updated once students enter the workforce, with dozens of new (and often very expensive) events coming into play.

Graduation

With this update, your class can get the best of both worlds. Teachers can have their class start the game in the “part-time mode”, where they act as a college student with a part time job. As the teacher, you can say that every student “Graduates” into the full-time workforce after a certain amount of time.

A typical class would have the students start out with a part-time job, graduate after 6 or 12 months, and continue as a full-time worker for an additional 6 or 12 months, as your class time allows.

Transition to Full Time

When a student graduates, they are given a “Congratulations” screen, and informed that they are transitioning to the full time workforce. Key elements of the transition period include:

• Students need to move out of their old place and to a new part of the city. They will have to pay fees to break their old lease, and choose new options for their bills.
• Extra time students spend “studying” as a student count towards “Professional Development” when they start their job. If they studied hard, they might start their full-time job with a bigger salary than the rest of the class!
• New thresholds are added for their Emergency Fund. Saving an additional $1500, $2000, and $5000 will earn students even more points.
• Their credit score, quality of life score, and savings bonus points all carry over – every action taken as a student can impact their new life as a worker!

Behind The Curtin

As the teacher, you still have complete control over your class, so you can tweak all settings to reflect your town or city’s reality. You can separately set the wages and “base” bill amounts for everything, both for while students have their part-time job and full-time job.

But don’t worry – we have default settings that work well for almost every class!

As the teacher, you have complete control of your class’s game modes. You can have students start immediately with their full-time job (skipping the “college student” phase entirely), include the transition period of Graduation, or continue to use the Part-Time mode only, depending on the objectives for your class.

All together, this makes the Personal Finance Lab Budget Game the most realistic and engaging way to teach your class how to manage their money and prepare for the road ahead! If you don’t have a license for PersonalFinanceLab yet, or need a renewal, request a quote with the form below!

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This Summer, PersonalFinanceLab has partnered with BountyBlok to power our awesome new Badges and Achievement system to bring classroom engagement to a whole new level!

Personal Finance should never be boring for students – by working with BountyBlok, our Assignments engine is supercharged with new ways to track student activity and provide them with real-time rewards.

With your next class, your students will have an “Achievements” option on their menu under “Dashboard”:

This new page shows a list of achievements they can achieve, along with their current accomplishments.

Students can earn achievements by completing actions throughout the Stock Game, Budget Game, and Curriculum library. Completing each achievement earns the student a badge they can show off on the rankings page too! Once a student earns a badge, clicking it makes it “Active”, and appears throughout the site as their new avatar.

If a student clicks another students’ badge on the Rankings Page, they will get a list of all the other badges earned – a great way to “show off”!

Badges are “Leveled Up” as students improve their mastery of a topic or subject. Higher level badges are harder to get (with fancier colors and effects), and students will usually need to complete new challenges at a higher level than your class requirements to achieve full mastery!

Our new Badge system gives students a great way to differentiate themselves in the class rankings while also encouraging every student to go “Above and Beyond”, learning to explore new concepts beyond the base requirements for every class. However, if you do not want to utilize Badges for your class, you can also turn them off in your class settings.

If you don’t have a PersonalFinanceLab license yet, or need a renewal, request a quote for your class with the form below!

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Our first major enhancement of the summer is almost here! The next release of Personal Finance Lab focuses on our Assignments – our awesome system used to manage curriculum and track your students’ progress through our Stock Game and Budget Game. There’s three game-changing new features you can expect for your next classes: Rewards, Prerequisites, and Content!

Rewards: Instant Cash Bonuses!

The next time you set up your class Assignment, you’ll notice a new option – “Rewards”:

This is a brand-new way to make sure your students complete their work on time!

A “Reward” is a cash bonus that your students receive when completing the assignment. You can choose whether the rewards are applied to their Stock Game portfolio (it appears as extra cash added to their account), or their Budget Game checking account (it gets direct deposited).

This means students who finish their assignments get an instant boost in the Class Rankings – the perfect incentive to get their work done on time!

Prerequisites: Self-Paced Learning!

You might also notice another option when you’re creating your assignments – “Prerequisite”:

For the first Assignment you create for your class, this will be empty. This new tool will let you “queue” assignments for your students to let them learn entirely at their own pace.

By setting a “Prerequisite”, students will need to complete one assignment before they can progress to the next. As soon as students complete the “Prerequisite”, students are prompted to continue to the next set of lessons and activities, letting them move at their own pace.

Typical Use Case

As a teacher, I want to set up activities for my students every week, and I want to make sure everyone completes everything in a certain order. However, I know that some students might take longer than others.

I would:

• Set up my first assignment (“Week 1”), with a “Start Date” of today, with the first set of activities
• Set up my second assignment (“Week 2”), with a “Start Date” of a week from today, with the second set of assignments. I would set my “Week 1” assignment as a prerequisite.

For my students, everyone starts today and start work on the “Week 1” assignment. Next week, students who finished the first assignment are prompted to begin the “Week 2” assignment.

BUT students who have not yet finished the “Week 1” assignment need to complete that first. As soon as they do, the Week 2 assignment pops up for them to start too.

Combining “Start Dates”, “Due Dates”, and “Prerequisites” give teachers a whole new toolkit for giving students pacing and structure to their experience throughout PFinLab!

Curriculum Update

We are also rolling out an update to our entire Personal Finance curriculum! We’ve been working hard with a team of dedicated educators from around the country to conduct a full audit of our lessons and assessments to make sure they are the best they can be. The topic list will have minor updates, but the contents of every lesson has been reviewed, updated, and revised for 2020.

There’s a lot more coming where that came from – with new updates coming throughout the Summer! If you already have a Personal Finance Lab license for your school, set up your Fall classes today. If you don’t have a license yet, or need a renewal, request a quote for your class with the form below!

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If you find yourself teaching a class remotely for the first time this Spring, never fear! PersonalFinanceLab.com has everything you need for a knock-out distance learning class, all in one place. Our engaging simulations, interactive games, built-in assessments, multi-media curriculum, customizable lesson plans, and teacher presentation and video library has everything you need to turn this semester into a smashing success.

If you’re using our resources for the first time, this guide will have everything you need to get off to a running start in less than 5 minutes!

Step 1: Set Up Your Games

PersonalFinanceLab centers our resources on our Stock Market and Budgeting Games. Both games are highly customizable, and will keep students fully engaged and focused on the class. The first step in having a successful online course is to set up these foundational activities – and our support team will be with you every step of the way!

You can use one game or the other, but using both is the best way to get the most engagement out of your class!

The Budget Game

In the Budget Game, students taken on the role of a college student with a part time job – they will need to manage their variable income, unexpected expenses, and tough decisions as they work to improve their Net Worth, Credit Score, and Quality of Life. Students progress through time (each “month” taking about 20 minutes), with each decision having long-lasting impacts on how the game plays out.

Teachers can control the types of life events that occur in-game, along with what bills students receive, how much they earn at their job, and much more. You can even give them “shocks” by increasing their rent or other bills mid-game! Students can also see their performance against other students in the class by Credit Score, Quality of Life, Net Worth, or their overall Game Score.

The Stock Game

Our real-time stock game brings investing education to a whole new level. Students buy and sell stocks, mutual funds, and bonds at real-time prices, and can track their performance with real-time class rankings. Students take notes with every trade to explain their rationale. Teachers can group their students together into Teams to build a shared portfolio for an excellent group project.

All research is built right in, with quotes, charts, analyst ratings, and much more put right at your student’s fingertips (along with plenty of help and tutorials to help them get moving!). There are tons of teacher reports showing all student activities, and lots of teacher help to show how to get investing conversations started in class.

Step 2: Pick Your Lesson Plans

Next up, you’ll take a stroll through our comprehensive, customizable lesson plan library. Each lesson plan overs a specific Personal Finance topic, like Credit or Investing.

We then break down 7-15 activities specifically optimized for distance learning: specific prompts for how students should approach their budget game or stock game, lessons from our mixed-media Curriculum Library, pre-built Google Slides and PowerPoint presentations that you can use for direct instruction, class discussion points you can use as prompts on your LMS, and more.

Each activity shows an approximate time for completion, pick and choose the activities – everything you need to give an awesome distance learning experience, all in one place!

Step 3: Add Curriculum and Assessments

Now that your games are set up and you’ve chosen the lesson plans you want to use, set up “Assignments” for your class on PersonalFinanceLab.com. Assignments are list of tasks and lessons you assign to your students – our curriculum library has over 300 lessons aligned to state and national standards that you can integrate with your class with a click of a button.

If you started with the Lesson Plans, it will include several recommended lessons from our curriculum library for each topic, but feel free to mix and match to suit your class.

We use mixed media for our lessons, with a combination of articles, videos, infographics, and interactive activities to bring everything together. Every lesson ends with a short, 3-5 question Pop Quiz Assessment – you can choose whether students can re-take the assessment for a higher score, or if you want to save their first attempt to your Grade Book.

Each Assignment will have a start date and a due date. When your students log into PersonalFinanceLab to check their portfolio in the Stock Game or make more progress in the Budget Game, their Assignment will also appear on the page, listing the lessons they are expected to complete and a countdown for when it is due.

Step 4: Students Compete And Learn!

Now you’re home free! The live rankings from both the Budget Game and Stock Game help keep students engaged, while your Assignments keep students on-task for the course learning objectives. You can use the discussion prompts to encourage further engagement, and review student performance on each Assessment to identify any problem areas.

To get started, you’ll need to order accounts for your class. We cut our normal price of $15 per student down to $5 per student to help out schools forced to go “Remote” for the remainder of the Spring 2020 session – you can either buy accounts directly or request we invoice your school.

Create A Trial Student Account!

Don’t want to schedule a demo? Click Here to create a demo account and preview the platform as a student.

Just in time for March, the Personal Finance Lab team is excited to announce a massive new update for our budgeting game!

Our latest update includes some huge enhancements for your class, including:

• An overhaul to the Quality of Life scores, making the point scoring system much easier to understand.
• A new Overall Game Score, synthesizing student’s Credit Scores, Quality of Life, and general savings habits into one metric.
• A new “Budget Builder” activity each month, where students compare their upcoming income, estimate their expenses, and set savings goals for the month.
• A new “Budget Summary” at the end of each month, showing students how well they stuck to their savings goals (and awards bonus points!)
• New integrated Tutorials and Lessons that occur regularly throughout the game highlighting key budgeting skills

Quality of Life Update

The key trade-off in our budgeting game (and real life) is the decision to Save or Spend. We capture this in our Quality of Life score, where students can increase their Quality of Life by renting nicer apartments, having better cell phone/internet plans, or buying luxury goods. Our original feedback was that many students were having a hard time understanding this score, so our new update makes things pretty simple:

They will get Quality of Life points for spending and purchases beyond the “Bare Minimum”, plus bonus points for Socializing, Studying, or taking care of their Household Chores.

Points From Spending

Every month, students make dozens of decisions in the game. But one of the biggest is where live. We give students 3 options when they first join:

In the example above, students who choose the $270 option would earn 0 Quality of Life points, since they are choosing the bare minimum to survive. Students choosing the middle option would earn 80 points each month (350 – 270 = 80), while students choosing the most luxurious option would earn 212 points.

Students have the option to move apartments or change their cell phone/TV plans any time (for a fee), so if they find they can’t quite afford the luxuries, they can scale down (and lose some Quality of Life). The same point system applies for all the other spending choices students face throughout the game – points are earned for luxuries above the bare minimum.

Points from Weekend Choices

Every weekend, students choose how to spend their time – Working to earn more money, Socializing with friends, taking care of Household chores, or Studying.

We now also award 50 Quality of Life points every time they Socialize, and 25 points every time they take care of their Household or Study.

New Game Score

There’s a brand-new Game Score we added to the top of the Budget Game:

The Game Score is a metric on how well students are following Personal Finance best practices. Students maximize their Game Score by making wise personal finance decisions (not just trying to save every penny).

The new Game Score combines the student’s Quality of Life Score, Credit Score, and how well they are reaching their savings goals.

• Students earn 1 Game Score point for every Quality of Life point.
• Students earn 5 Game Score points for every Credit Score point.
• Students earn 1000 Game Score points by funding their Emergency Fund – 1000 points when they put $500 in their savings account, and another 1000 points when they save up a full $1000.
• Plus additional Game Score points for hitting monthly savings objectives.

We’ve balanced the Game Score to encourage students to build up their Emergency Fund quickly, always save at least 10% of their income, responsibly use their credit card, but also take care to invest in their Quality of Life (rather than simply always choose the cheapest options for every choice).

New Budget Builder

At the start of every month, students will now need to complete their Budget Builder – this will ask students to find their expected income for the month, estimate their expected expenses, and set a Savings Goal.

Estimating Income

First, students will see how many hours they are scheduled to work for this month. They need to sum up what they expect as their paychecks, and we give them an estimate for how many “Tips” they will receive, and deduct their income tax. We also show students how much they earned last month, so they can plan ahead if they expect to earn more or less.

Estimating Expenses

Next, students see their expenses for the upcoming month – plus any unpaid bills and credit card balance they are carrying over from last month. Students need to make a guess as to how much they will spend in “Unexpected Expenses”. The first month of the game this will be a blind guess, but we also show students what they spent last month. This gives students a great way to learn how to estimate their expenses based on their spending history.

Setting Savings Goals

Last, we show students what they found their income and expenses, and ask them to set a Savings Goal for the month. We highly encourage to students to set a Savings Goal of 10% of their income, but it is more important to set a goal they can actually achieve than one they cannot. On the right side of the page, we give them a gauge on the quality of their goal (with 10% being “Great”), and a difficulty level (depending on their expected surplus or shortfall) – giving students a perfect benchmark to temper their spending for the month ahead.

End of the Month

At the end of each month, we also now prompt students with a Monthly Summary, showing how well they hit their savings goals.

• Students with a 10% or higher savings goal that hit it will earn an extra 600 Bonus Points to their Game Score.
• Students with a 5% or higher savings goal that hit it will earn an extra 300 Bonus Points to their Game Score
• Students with very low goals, or who miss their goals, don’t earn any bonus points.

Integrated Lessons and Tutorials

When students start the game, the calendar will look a bit different, with some new Green calendar days:

On these days students will be prompted with a mini-lesson both to illustrate an important Personal Finance concept, and to help them to be successful in the Budgeting Game.

Students need to read the short lesson and complete a Challenge Question to continue. Each mini-lesson takes between 2 and 5 minutes to complete.

Some of the first lessons include:

• The difference between their Debit Card and Credit Card
• The importance of an Emergency Fund
• How their Credit Card charges interest and fees
• How to prioritize their bills if they are short on cash

Students will get the most tutorials right at the start of the game, but a few more appear throughout the session (filing taxes, budgeting for the holidays, and other special events).

We hope your class gets as excited as we are to dive in and get budgeting!

As you may well be aware, we have a Budgeting game which can be used as both a supplemental and integrated resource. The philosophy of the Budgeting game is for the students to learn by doing. The focus of the game is to keep things simple and for the student to learn the fundamentals of money management. This resource is not here to replace you, but merely to become a teaching tool that you can use to introduce or consolidate a topic, so the basics can be understood, while theory and terminology can be scaffolded onto initial understanding.

Here is a QuickStart lesson that I like to use with my classes that you can use with your classes to introduce some of the fundamentals of money with our Budgeting Game. Each lesson will require the player to play at least one “virtual month” in the game which will take approximately 20 mins. Further time can be taken to do research and answer questions. Differentiation can be by outcome .

Lesson: Comparison Shopping

When shopping it is really important to understand that we do have choices. But buying objectives should be noted. With opportunity cost, we are looking at the cost of giving one thing up for another. With comparison shopping, it is the process of finding and then looking at the choices available to us.

Quite often we assume that price is the only thing that we should consider when comparing products. However, along with the initial price saving, will quality actually be a factor? Are the needs we have defined met by that choice? Do you get what you pay for?

It is always important to understand why you are buying that product and how you intend to use it. There are various ways to compare products, including price comparison websites, reviews of products and the part where you actually try things for yourself and make a decision.

This concept follows on nicely from opportunity cost where the student will want something, but will have to forgo other options.

Activity

Within the Budgeting game, students will have many choices to make.
For one round of the Budgeting game, students should find out how much they have paid for their internet, cell phone and groceries. They should then research alternative plans available to them and produce a comparison list. For the internet and cell phone, they could include the price, plan, coverage etc. For the groceries, they should create a list of groceries that they would buy for a week and then compare prices between 3 supermarkets, remembering to look at the price per unit/weight/volume. Encourage the students to discuss the variation in prices they have found and how they can use this method to reach saving targets.

I hope you enjoy teaching this lesson as much as I do.