PersonalFinanceLab is a gamified platform that focuses on engaging students through interactive and experiential learning. The program has a Budget and Stock market game that allows students to learn while understanding the fundamentals of managing and investing money.
When focusing on money management, people tend to concentrate on either looking for ways to earn more money or cut costs to have more money. However, we sometimes overlook another essential aspect of money: the quality of life. An important part of money management is finding a healthy balance.
In the Budget Game, students need to make choices. To increase their disposable income, they may choose to work extra hours or choose to purchase cheaper options. Here is where our Quality of Life concept comes in. If students are always working, they may neglect their studies. If they are always socializing, they may not have enough money to pay their bills or keep on top of their school work. The Quality of Life score rewards players for choosing a balanced lifestyle between working, studying, spending time with friends, and looking at ways to cut costs and keep on top of household chores and tasks.
When discussing quality of life, we should not confuse this with standard of living. Standard of living refers to the level of wealth, comfort, material goods, and necessities available to someone. Quality of life, on the other hand, is a subjective term that can measure happiness.
Points to consider
Every $ saved from cutting coupons, looking for items on sale, reducing bills, etc. are fewer dollars that need to be earned.
Socializing does not mean always going to the mall and “hanging out” with friends. It could mean networking and widening your social circle to get an internship or future job.
Studying, learning a new skill or joining a club are always great to add as additional information on a resume.
Working extra hours could mean building reserves of money to cover future expected costs. It also means showing a good work ethic and being given additional responsibility and possible promotions.
Quality of Life Exercises
- In your own words, explain the difference between quality of life and standard of living.
- When playing the Budget Game, you will be asked whether you want to work extra hours, socialize, complete household chores, or study. For each of these choices, explain the opportunity cost of choosing one over the other.
- Apart from working extra hours, describe some activities that may help you increase your savings.
- Regarding studies, are there any courses or skills you would like to develop or wish to try?
- Regarding household chores, is there anything in your house that you could do to save money? It might be painting some walls, changing the decoration, etc.
- If you had to spend time socializing, who or where should you go to improve your chances of getting an internship, future job, or improving your skills?
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!