Volunteer Guide. Curriculum made possible by:

Volunteer Guide Curriculum made possible by: Updated 9/22/2014

Volunteer Overview Welcome! Thank you for joining us at JA Finance Park for what promises to be an exciting learning experience. For several class periods, students have been learning about financial institutions, careers, taxes, budgeting, credit, and more. JA Finance Park, the simulation, gives students a hands-on opportunity to put this learning into action. Before students arrive at JA Finance Park, a JA staff member will conduct an on-site volunteer training to review the day s procedures and instructions. Prior to this training, please familiarize yourself with this guide. Don t hesitate to ask questions during training or during the simulation day. We are here to help you, which in turn, will help students have a more successful and enjoyable day. When students arrive, they will gather in the center of the Park for a brief orientation and then will move to their assigned business for their day s activities. Students will receive an ipad, which will link to a program they will utilize for the simulation experience. The ipad will give them a persona for the day. This persona details their gross annual salary, family situation, existing debt and savings, credit score, etc. Students will convert their gross annual income to a net monthly income and then plan for and implement a monthly budget. Your role is to be a group facilitator and student mentor, working with 6 to 12 students, in your assigned business. During the day, your group of students will work through the initial Set-Up, Research, Budget, Shopping, and Payment phases where specific activities will take place. Thank you for assisting the students. Without parents and volunteers, this program could not successfully operate. Remember to ask as many questions as necessary during the volunteer training. We want this to be the best day possible for you and your students. Have a super day! Page 2

Expectations Volunteers Provide guidance and assistance to students. Facilitate scheduled group discussions. Monitor and verify students work progress. See that a JA Finance Park ipad is signed out to each student and collected at the end of the day. Food and drinks must remain in the snack/dining area. At the end of the day, please leave this Volunteer Guide in the business area. Please remain in the JA Finance Park space until after student departure. Students Students must remain inside the Park area for the entire day. All food and drink must remain in the snack/dining area. No gum or candy is allowed in JA Finance Park. Students must consider their assigned family when making all budget and shopping decisions. Students should handle ipads with care and caution. ipads should remain in the assigned business during lunch and restroom breaks. Important Information Evacuation routes are posted on the walls of JA Finance Park. Questions or concerns you aren t equipped to answer should be referred to a JA Finance Park staff member. Page 3

Sample Daily Schedule (15 minutes) Opening and Student Orientation Students gather for a brief welcome and overview of the day. Students are dismissed to their assigned business where they join their adult volunteer. (45 minutes) Set-Up and Savings Volunteers read to their students a brief introductory presentation at their business kiosk. Volunteers sign out an ipad to each student and distribute at random an Account Number/PIN Card. Students complete Login screen on ipad and answer six Lifestyle Goals questions about their plans/hopes for their financial future. Volunteers lead a discussion in which students share highlights of their assigned persona including income, job title and education background, marital status, if they have children, existing savings and debt, and their credit score. Students select their personal avatar. Students calculate their Household NMI. Volunteers lead a discussion on saving and students decide what they will set as a monthly savings goal. Students then allocate that savings to three saving funds. (40 minutes) Research Students and volunteers visit each business/budget category to unlock all Research categories on the students ipads. Utilizing discussion questions, in their assigned businesses volunteers initiate group discussion with their students about their research discoveries and share personal experience and suggestions about budgeting. (50 minutes) Budget and Lunch Break Students build a monthly budget, informed by their research and volunteer discussion. Students allocate 100% of their Household NMI during this phase and record their budget plan in the software. (40 minutes) Shopping In their assigned business, students make shopping selections for all budget categories on their ipads. Students discover how close they came to budgeting accurately, based on their wants and needs. They may spend more in a category than they budgeted, but overall they may not spend more than their income, nor may they dip into existing savings. (30 minutes) Payment Students pay for all their shopping selections at business kiosks. Note: Some items are paid for with a debit card (groceries, gas and maintenance for their car(s), entertainment, etc.) and other items are paid electronically by making an online payment from their banking account. Volunteer reviews Student Budget Review screens highlighting student outcomes. If time permits, volunteer debriefs the student experience with guided questions. (20 minutes) Closing Procedures/Debrief Volunteer checks in the student ipads and collects all Debit Cards and Account Number/PIN Cards. Volunteer facilitates student clean-up of business. JA staff leads a group debrief prior to student dismissal. Page 4

Volunteer Checklist This list provides a high-level overview of the tasks you are responsible for during the simulation day. The subsequent pages give detail, including talking points. We encourage you to share your personal budgeting experience with students to enrich the conversation and their experience! Opening & Student Orientation (15 minutes) Log in to one of the computers in your business: Username: jani.volunteer Watch and observe during the student orientation. Password: jafp Set-Up and Savings (45 minutes total) Set-Up (approximately 30 minutes) Group introductions. Click Run Introduction on the kiosk computer you logged into and read the 2 minute presentation to your assigned students. Exit the presentation (Esc) and close the JA Finance Park application window. Discussion prompt: What information surprised you most? Review Model Budgets (inside front cover of Volunteer Guide). Discussion prompt: What items are included in your families budgets that others do not pay for? Distribute ipads students sign out ipads on ipad Sign-Out form located in assigned business. Distribute Account Number/PIN Cards at random. Do not distribute green Debit Cards at this time. Students log in on ipad and answer 6 Lifestyle Goals questions. Group discussion: Share personas and select avatar. For discussion: Ensure some students point out their income, family size, education debt, credit card debt, existing savings, credit score, etc. Students calculate their Household NMI on their ipads. PAUSE FOR DISCUSSION ipad locks Savings (approximately 15 minutes) Discussion prompts: What do you want to save for? Is saving easy or hard? How much is enough in an emergency fund? (3-6 months income) How much do lenders require homeowners spend on a down payment? See pages 13 and 14 for more. After discussion, share ipad unlock code: 111 Students complete savings decision on ipad. Note: minimum of 2% NMI must be saved. Page 5

PAUSE FOR JA STAFF ANNOUNCEMENT TO BEGIN RESEARCH Research (40 minutes) Change phase on every kiosk computer in your business by logging in: Username: jani.volunteer Password: jafp Group research. Visit 9 businesses with your assigned student group to obtain unlock codes. Return to your assigned business for research and discussion. (See pages 23-36 for Research Discussion Prompts.) Before moving to first business, share ipad unlock code: 321 Complete research and discussion for remaining 9 businesses in JA Finance Park. PAUSE FOR JA STAFF ANNOUNCEMENT TO BEGIN BUDGET Budget and Lunch Break (50 minutes) Students set monthly budget based on research and volunteer discussion. Note: 100% of NMI is allocated among business categories. As a group, work through major decisions: housing, transportation, child care, grocery. PAUSE FOR JA STAFF ANNOUNCEMENT TO BEGIN SHOPPING Shopping (40 minutes) Shopping is completed on student ipads in assigned business. ipad unlock code: 456 Support students as they work through shopping decisions. PAUSE FOR JA STAFF ANNOUNCEMENT TO BEGIN PAYMENT Payment (30 minutes) Distribute Debit Cards to students (be sure account numbers match correct student). Remain in business to assist students with debit payment process if necessary. As your assigned students complete the Payment phase, review the Student Budget Review screen on student ipads to highlight student outcomes. Volunteer discussion/debrief prompts if time permits: How accurate was your budget compared to actual spending? How would you have to adjust your spending if your family didn t have your spouse s income (or added a child)? How much debt did you have? Did you add to your overall debt today? Did you add to your retirement and emergency fund savings? Closing Procedures/Debrief (20 minutes) Check in ipads using ipad Check Out/Check-In form. Collect Debit Cards and Account Number/PIN Cards. Place cards in designated spot in organizer. Facilitate student clean-up of business. JA staff leads a group debrief prior to student dismissal. Page 6

SET-UP & SAVINGS Total time for this phase is approximately 45 minutes. SET-UP This phase introduces the students to their life scenario; they will learn their Net Monthly Income (NMI) and determine their monthly savings. LOGIN Before student arrival, log on to one kiosk in your assigned business as follows: Username: jani.volunteer Password: jafp INTRODUCTIONS Time After dismissal from the student orientation, the group 3-4 minutes of students assigned to you will join you in your business. o Introduce yourself, sharing your name and a little bit about yourself. o Ask each student to introduce themselves, sharing their name and grade. Page 7

RUN INTRODUCTION & DISCUSS Time 6-7 minutes Gather your students around the kiosk computer you logged onto. o Click the Run Introduction button. o Read the presentation to your students. NOTE: You may pause or move backwards in the presentation by using the slider bar at the bottom the screen. If it does not appear, you may need to move your mouse slightly for the slide bar to reappear. o Ask students to comment on anything they found surprising about the information in the presentation. Had they been aware that income and cost of living could vary so much in various parts of the country? o When the presentation is finished, press the escape button on the keyboard to exit the introduction. o Close the JA Finance Park application by pressing the x in upper right corner of the window. Page 8

DISCUSS MODEL BUDGET Time 2-3 minutes Point out the Model Budget samples located in the inside front cover of the Volunteer Guide. o Remind students they will be building a family budget today. o Let students know that average helps provide some guidelines but that personal budgets vary a lot depending on resources, personal preferences, and values. o Ask if there are things they or their families do or do not include in their budgets that others do (examples: cable TV, vacations, pets). DISTRIBUTE IPADS AND ACCOUNT/PIN NUMBERS Distribute an ipad to each student. o Each ipad will be numbered on the back. Have each student sign out an ipad on the ipad Sign-Out form, indicating the ipad they will use throughout the day. This form is located on a clipboard in your business. Time 3-4 minutes At random, distribute an Account Number/PIN Card to each student. o These are located in the black organizers on the counter of your assigned business. o DO NOT distribute the green Debit Cards at this time. Page 9

STUDENT LOGIN Students will now log in to the JA Finance Park application on their ipads. Time 5 minutes The software will guide students, step by step, through the following login process: 1. Enter their account number (from Account Number/PIN Card distributed by volunteer). 2. Enter their first name and last name. 3. Using the drop-down boxes, students will indicate their gender, school name, teacher, and grade level. 4. Answer the 6 Lifestyle Goals questions that pop up. All questions are multiple choice and have no right or wrong response. NOTE: Students should answer questions quickly. Students cannot go back to change answers. Page 10

STUDENTS READ AND SHARE PERSONAS Time 10 minutes STOP AND SHARE THIS INFORMATION volunteer will facilitate the discussion Have students read their individual Life Scenarios and describe their persona to the group. Encourage them to highlight key information like income, family size, education debt, credit card debt, existing savings, credit score, etc. o After sharing personas, students select their personal avatar. Student may scroll down for additional personas. Once selected, the avatar may not be changed. Have students click the Next button at the bottom of the ipad screen to move on. Page 11

STUDENTS CALCULATE HOUSEHOLD NMI Time 5 minutes Have the students: Drag the monthly tax amounts from the box to the right side of the screen to the box on the left. Activate the NMI calculator by clicking the Click to calculate button. An on-screen calculator will appear. Students will subtract Total Monthly Taxes from the Gross Monthly Income and press the equal sign. Then they should click the Done button. NOTE: Clicking Done before the equal sign will result in an error message and require the student to recalculate. Select the Calculate button to fill in the Household Net Monthly Income. Select the Next button at the bottom of the ipad screen. STOP! ipads will stop after Household NMI is calculated, requesting a 3 digit unlock code to move on. Begin the savings discussion AFTER ALL STUDENTS have reached this unlock screen. The unlock code should be given AFTER the following savings discussion is completed. Page 12

SAVINGS Tell students the first budget decision they are going to make is on savings and that you will be discussing a savings plan as a group before moving on. The JA Finance Park savings plan is called Pay Yourself First. SAVINGS DISCUSSION PROMPTS Why do we save money? To buy things that we can t afford to buy today. Time 8-10 minutes What kinds of things do we save money for? A home, car, vacation, emergency funds, children s education, retirement, etc. Why do we pay ourselves first? To ensure that we have set aside the necessary income for the important things we want down the road. Savings Strategy: Many experts recommend that individuals save at least 10% each month. Saving paying yourself first helps keep your priorities in order and helps assure your financial security. Do you think it would be easy to set aside this amount? Do you think having a saving goal or goals would make it easier to save? How much do you want to plan on saving this month? Whatever you save each month, the total is divided into multiple things you are saving for. Let s talk about how you may want to divide your savings into the following categories: Emergency Funds Many financial experts recommend having 3 to 6 months income in savings for emergencies. Emergency funds assist families in the event of income loss due to loss of employment, a major medical emergency, etc. What other reasons might a family need emergency funds? Do any of you have 3 months of savings in your emergency fund? The answer is no students will not have this much in their savings. Page 13

Retirement Savings Do you remember from your discussions in class what three things are key to growing savings in the long-term? The amount of money you save, the interest rate, and time. Time is on your side. Saving even a little each month will mean growth of your money 30, 40, or more years down the road. Other Savings Do you think you want to own a home some day? Do you know how much lenders typically want for a down payment before approving a home loan? 20% down is the standard. Do you know how to estimate how much house you can afford? Many financial experts recommend spending no more than three (3) times your annual income on a home. To determine what price you can pay for a home multiply your NMI times 36 (3 years = 36 months). What are other things that you would like to save for? Vacation, boat, technology, etc. CODE TO UNLOCK ipad Give students the 3 digit code to unlock their Savings Budget: 111 Students will be prompted to answer a question about Retirement Savings. Page 14

RECORD SAVINGS Time 5 minutes Have the students: Activate the Savings calculator by clicking each Click to calculate button. An on-screen calculator will appear. Students will multiply their Household NMI by 5%, 10%, and 15% to fill in the Savings Goal boxes. This gives them a guide of how much they could be saving each month. Students will enter the total they plan to save this month and then allocate this total monthly savings into the three savings types retirement, emergency fund, other. o Students must save at least 2% of NMI at JA Finance Park. Encourage them to save more than the minimum. o The total of the three savings types must equal the total savings planned for the month. Once all boxes have been filled, students will click Next. Additional Savings Talking Points: o If students want to save a very large amount (example 50% of NMI), let them know it might be difficult to do, but they can try. Students have the ability to change savings amount during the Budget phase and again during Shopping, if necessary. o Share with students that tracking savings and investments is easier today than ever. There are several apps that can be downloaded to mobile devices that help track progress. Page 15

What options are available to people who want to earn interest on their savings and make their money work for them? Savings accounts, CDs, money market accounts, bonds, stocks, mutual funds. o Let students know that when they record their savings, they have the ability to select what type of account they will put their savings in later when they visit the Investment business. STOP! ipads will stop after Savings Budget is calculated, requesting a 3 digit unlock code to move on to Research Master. The unlock code will be given after Research is introduced on the following page. When all students have arrived at the above Research Master unlock screen, log back into the JA Finance Park application on every kiosk in your assigned business. Begin by double-clicking on the JA Finance Park icon and log in as follows: Username: jani.volunteer Password: jafp Page 16

RESEARCH Total time for this phase is approximately 40 minutes. Please wait for JA Staff announcement before moving forward. In this phase of the day, you and the students will be moving from business to business in the Park to unlock expense categories on the students ipads. Further research and discussion will take place in your assigned business. INTRODUCE RESEARCH Explain to students that during the next part of the day they will conduct budget research so that they can build a budget that allows them to live within their means. Time 5 minutes What does living within your means mean? Simply stated it means spending no more than you earn. o Before students can build a budget, they need to do some research and be sure they understand the basics of each spending choice. o During Research, all students are required to visit every business. o Later, when building a budget, some expense categories will be required, while others are not. Example: Child Care - those who have children will have a child care expense; families without children will not have this expense in their budget. The three digit code for students to unlock Research Master on the ipads: 321 Page 17

RESEARCH ALL BUSINESSES Volunteer will: Using the following facility map, visit 18 businesses with your students to unlock all 27 expense categories during the Research phase. o With your assigned group, randomly visit 9 businesses to obtain the Business ID unlock code found on the business kiosk(s). Time 40 minutes HINT: Multiple expense categories may use the same unlock code. Refer to the kiosks for the expense categories assigned to each unlock code. o Once the students type in the unlock code, have them read the initial information and then press Ok. Specific research information will appear. Do not have students read this additional research information at this time. Select the Unlock More box in the upper right corner and proceed to the next business. o After visiting 9 businesses, return to your assigned business for further research and discussion. Allow the students time to explore the unlocked expense categories on their ipads. Use the Research Discussion Prompts on the following pages to lead the group in additional discussion. NOTE: Students should apply for Bank Mortgage, Bank Auto Loan and Transportation Loan during the Research discussion of these businesses. Page 18

o When your group is ready to proceed, you will visit the remaining 9 businesses to obtain the unlock codes then return to your assigned business to conclude the research and discussion on these businesses. o Ask students to confirm that all expense categories on their ipad screen have been unlocked. NOTE: There will be additional time during the Budget and Shopping phases to conduct further research. Page 19

Transportation Transportation Auto Insurance Home & Renters Insurance Insurance Gas & Maintenance Personal Investment Investment Clothing Clothing Furniture Furniture Housing Housing Home Improvement Home Improvement Better Business Bureau (view charity no unlock code for ipad) Bank: Mortgage, Bank: Auto Loan Credit Card Financial Institution Grocery Grocery Phone Phone / Internet / Cable That s Life Entertainment Child Care Training Room Healthcare Philanthropy Health Insurance Education Dining Out Utilities- Water/Sewer/ Trash Utilities- Electric Coat Restaurant Education Page 20

Students will: Visit 18 businesses with their volunteer/group to unlock all 27 expense categories during the Research phase. o Take their ipad with them as they complete their research. o Upon entering a business they will tap on that expense category icon on their ipad and enter the 3 digit Business ID displayed on the business kiosk. If multiple expense categories are displayed on the kiosk, students must be sure to unlock all categories. ipad Screen Business Kiosk Screen ipad Screen NOTE: Formative questions will appear on the student s ipads throughout the day. They will have to answer the multiple choice questions before they can move to the next step. These questions do not indicate a right or wrong answer but will be discussed with the students back at school. Page 21

o After returning to their assigned business (see instructions above about visiting businesses), students should read the introduction and research information provided for each category. Some expense categories have a Click here for more info button when this button is clicked, students will see samples of items that can be purchased later in the Shopping phase. o Students will not be able to select items to purchase during Research. They are only looking at future options. o During Research, students will apply for a loan on their ipad within the following expense categories: Bank Mortgage Bank Auto Loan Transportation (for dealer financing) NOTE: Students will not be able to create a budget until all 3 loans have been applied for. Page 22

RESEARCH DISCUSSION PROMPTS The following detail provides insight into the decisions students will be making during the Budget and Shopping phases. During discussions with students, it would be helpful to share some of these insights with them. Auto Insurance What is the risk of not having insurance? Are the minimum legal requirements good enough? Discuss some of the high level differences and risks associated with minimum coverages. Students choose between legal minimum coverage and full coverage. Bank: Auto This is a second application for purchasing a car. Even if students want to take public transportation, they must apply for a car loan. NOTE: The interest rate at the bank will be different from the dealer-financed loan at the transportation business. Bank: Mortgage All students must apply for a loan. What financial information do lenders take into account when deciding to approve a home loan? Point out that renting a home or apartment often requires a credit check for approval. Bank Savings Students can see the savings amount they entered during the Set-Up and Savings phase. (Pay Yourself First) Cable This is an optional expense. Student may choose to not budget or shop for cable TV services. Is this service a need or a want? Child care All students research child care, even if their persona has no children. This category is often a surprise to students. Discuss advantages and disadvantages of a professional childcare setting versus a home daycare and how those differences might influence the cost. What are ways families can control child care costs? NOTE: All children for all personas will need childcare. When a persona is single, full-time child care is needed. For married households, part-time child care is needed when the spouse works part-time. Full-time child care is needed when the spouse works full-time. Clothing Students are encouraged to purchase one item for each family member. Point out to students that purchases may not be made every month, but should be budgeted for as some clothing will need to be replaced each year. How can families help control clothing costs? Credit cards Each student has an existing credit card balance. What is the benefit of paying off credit card debt quickly? Discuss the consequences of making only minimum required payments each month. Page 23

Dining out Students will decide if they will eat lunch out during the work week or brown bag it. They do not have to purchase lunch. They may choose only to take the family out to eat during the month or perhaps a date night. They can choose to eat out as much or as little they like. If single, they pay for two adults on date night. Is it more expensive to eat out or to cook at home? Education Any student who has education beyond high school will be making a student loan payment. In addition, encourage students to look at the advancement opportunities section of their persona. Do they need to consider taking a continuing education class? Is another degree required for promotion? If yes, they should budget for the additional class they need to take. They also have the option of a fun education class and may choose to budget for a personal interest topic. Entertainment Students may choose any number of activities. At least one choice should include all family members. If they choose an activity that is adults only but have children, then they need to include babysitting expense in their budget plan. Furniture This budget item is optional. Purchases are made to a store credit card and the first month s payment will be due during Shopping. Discuss with students the importance of having new furniture and appliances in their home or apartment? Gas and maintenance The cost of gas and maintenance is based on the car or cars they purchase. Help students to recognize that older cars are generally more expensive to maintain. Maintenance costs include oil changes, new tires, tune-ups and expected and unexpected repairs. Gasoline cost is based on driving 1,000 miles per month and the MPG of the car(s) students select during Shopping. Grocery Students should choose the kinds of foods they want to plan on cooking and eating each month. They must select the same type of food for all members of the family. Cost per person is based on government reported national averages. Are brand names or organic choices worth paying extra? Health Insurance Students select an option based on their family size single, couple, or family. Single parents with one child must select the family option. Talk with students about high level differences between a basic policy and majormedical. (Basic may limit the doctors or medical facilities you can choose from/limit the events or conditions they will pay for.) What is the risk of not having health insurance? Page 24

Home and Renter Insurance Explain the difference between a cash-value and replacement value policy. Example: during an electric storm you have a power surge that fries your large screen TV and your computer. A cash value policy pays you what the TV and computer are worth today say $400 for the TV and $0 for the computer because you ve had them for a while. A replacement value policy actually pays you replace your TV and computer with an equivalent item perhaps $1,000 for the TV and $700 for the computer. What is the risk of not having insurance? NOTE: We do not include deductibles at JA Finance Park, but students may want to know that deductibles also affect insurance premiums. Home Improvement - This budget item is optional. Purchases are made to a store credit card and the first month s payment will be due during Shopping. Do home improvement expenses apply only to homeowners? Housing Students have the choice of renting or buying (assuming their mortgage is approved). Some students with a high credit score will not be approved for a home loan because their existing savings is too low. Students should recognize that credit history, current financial situation steady income, savings, and other debt affects their ability to be approved for a home mortgage. NOTE: If students are approved for a mortgage, they are not required to buy a house; they may rent if they prefer. Internet This is an optional expense for students. Is this service a need or a want? Investment Students can decide how they will invest their savings. There are two tabs on this page; students need to allocate savings on both tabs (retirement and emergency/other). Philanthropy Point out to students the importance of philanthropy in our communities. Some students may not understand that philanthropy is charitable giving. How have you, your family, or community received a benefit from philanthropy? Give some local examples of philanthropists and philanthropic organizations. Encourage students to give; if not financially, then through their time and talent. Phone Do you want a land line or cell phone? What about data and texting? Is this a need or a want? This is an optional expense for students. That s Life This line item represents those expenses that may not fall easily into another budget category. It is the surprise that people don t think about. All students will have a scenario that will involve an unexpected expense. How much will you budget for gifts, replacing broken items, etc. this month? Page 25

Transportation What should be taken into consideration before buying a car? If the student persona is married and their spouse works, they will need to budget for and shop for two cars (or two public transportation options). NOTE: The loan in the transportation business is a dealer-financed loan and will be different from the loan financed at the bank. Utilities: Electricity Monthly electric bills are tied to each home or apartment based on the size of the living space. How can families control their household energy costs? Utilities: Water, Sewer, Trash Would the size of a family make a difference for this bill? Why? Water bills will be based on the number of people in the household. Trash removal is a flat rate per household. Students have the option of recycling if they pay for the service. Page 26

BUDGET AND LUNCH BREAK Total time for this phase is approximately 50 minutes. Please wait for JA Staff announcement before moving forward. Following the conclusion of Research, the student will select Create Budget from the bottom of their ipad screen. In this phase of the day, students allocate their Household NMI to each budget category. Page 27

Students will allocate their NMI based on the research they just conducted and the minimum and maximum recommendations on the Budget screen. Time 30 minutes Savings, minimum credit card payment, and minimum education debt payments are pre-filled in the budget. Students can adjust the amounts, if desired, though savings cannot be less than 2% of NMI and credit card/education debt payments cannot be less than the minimum required. As a group, work through major decisions: housing, transportation, child care and grocery. 100% of their income must be allocated. As budgeting amounts are input, the screen will indicate how much the student has left to allocate. NOTE: Remind students to scroll down their screen to view all budget categories. Hints and reminders to share with students as they plan their budget: o The budget guidelines provided are national averages students may choose to budget more or less than the guidelines indicate. Use the Model Budget on the inside front cover of the Volunteer Guide to demonstrate how budgets vary for families with and without children. o As students enter a budget amount, they can refer back to the information shared during Research by clicking the Research button at the top of the ipad page or clicking the budget category name. o For more information on individual expense categories, refer to pages 23-26. Page 28

When students have allocated 100% of their budget and confirmed they have considered all budget categories, they will press Save at the bottom of their screen. NOTE: Once the budget is saved it cannot be changed. However, students will only use the budget as a guideline and may shop above or below their budget during the next phase. STOP! ipads will stop here and request a 3 digit unlock code to move on to the Shopping phase. The code is provided on the following page. Page 29

SHOPPING Total time for this phase is approximately 40 minutes. Please wait for JA Staff announcement before moving forward. In this phase of the day, students will go shopping and discover how easy, or difficult, it may be to make spending choices that stay within their budget. Volunteers should remain in their assigned business during the Shopping phase. BEGIN THE SHOPPING PHASE BY DISCUSSING THE FOLLOWING: Students will shop on their ipad in their assigned business. Housing and Transportation and their associated costs (Home and Renters Insurance, Utilities-Electric, Utilities-Water/Sewer/Trash, Auto Insurance) must be shopped FIRST. Housing selection must be made BEFORE Home and Renters Insurance and Utilities. NOTE: Consider their family size when looking for housing. o If a student s mortgage is approved, they may buy a home OR they may choose to rent. If they are denied a mortgage, they must rent. o Other expenses associated with housing that must be included in Shopping home/renters insurance, utilities (electric, water/sewer/trash). Transportation selection must be made BEFORE Auto Insurance and Gas/Maintenance. NOTE: If married, students must budget for two vehicles or plan to use public transportation. o If they have children and purchase a vehicle, at least one vehicle must be large enough to accommodate their entire family. o Other expenses associated with buying a car gas/maintenance and auto insurance. o If using public transportation, there are no additional, related transportation expenses. Students must consider their assigned family situation when making shopping decisions. Shopping decisions may fall above or below their budget plan, depending on what information they discover during shopping. Savings: Students may reduce savings if necessary, but total savings cannot fall below 2% of NMI. (Do not share this with students unless or until they have no other options that require them to spend more than their NMI.) Students may NOT spend more than their Household NMI this month. Time 40 minutes Page 30

CODE TO UNLOCK ipad AND MOVE TO SHOPPING Give students the 3 digit unlock code so that they can begin shopping: 456 BEGIN SHOPPING Housing and Transportation and their associated costs (Home and Renters Insurance, Utilities-Electric, Utilities-Water/Sewer/Trash, Auto Insurance) must be shopped FIRST. The ipad will display their Shopping options and pricing. Selections can be made by tapping the choice or choices desired. The graphic near the top of the application page will indicate the Shopping amount compared to the amount budgeted. As students shop a category, they can refer back to the information shared during Research by clicking the Research button at the top of the application page. Page 31

Business Shopping Hints: Child Care If there are two children in the family, they must budget for child care expenses for both children. Entertainment Students must plan to include all family members in at least one entertainment outing during the month. If they have children and do not include them in the outings, they must budget for babysitting. Education If they have an education loan, a minimum monthly payment is required. If their career requires continuing education or certification, they should budget for that. If career advancement requires additional education, they could consider including that in their budget. Credit card Students can choose the amount they pay toward balance, but must pay at least the minimum required. Philanthropy Students are required to donate time, talent, or treasure to the Non- Profit of their choice. Students may choose to not shop for Entertainment, Cable, Internet, or Dining Out. All others are required. Page 32

PAYMENTS Total time for this phase is approximately 30 minutes. In this phase of the day, students will visit each business kiosk to record their shopping choices and make payments. Volunteers should remain in their assigned business during the Payment phase. DISTRIBUTE DEBIT CARDS Give each student the Debit Card associated with his or her account number. (Debit Cards are located in the Debit Card organizer in your assigned business.) JA Finance Park o Remind students that they can find their PIN on the Life Scenario page and on the Account Number/PIN Card given to them at the start of the simulation. Page 33

MAKING PAYMENTS Students will move from business to business, processing the payments they have recorded during the shopping phase. Students visit each business to record payments. o Time 30 minutes Upon entering a business they will tap on the business icon on the ipad. o They will enter the 3 digit Business ID code displayed on the kiosk computer in the business. Page 34

o Some businesses require debit card payments, others require online payments. On-line payments once students enter the kiosk Business ID, they will receive confirmation of payment on the ipad screen. Debit payment student must click the business category icon on kiosk computer AND tap the corresponding icon on ipad. When prompted, swipe Debit Card in reader and enter PIN on the kiosk computer. Businesses requiring a Debit Card payment will have a Debit Card icon displayed on the payment button. Page 35

LIFESTYLE GOALS AND VERIFYING PAYMENTS Once students have completed all payments they will answer the six Lifestyle Goals questions again. Students view their Student Budget Review on their ipad and verify that all payments have been made. CHECK OUT As your assigned students complete the payment phase, review your assigned students Student Budget Review reports highlighting outcomes such as amount saved, amount paid to credit cards, amount given to philanthropy, etc. Student Budget Review reports will be emailed to the classroom teacher for review and follow-up at school. Page 36

VOLUNTEER DEBRIEF (IF STUDENTS FINISH EARLY) A JA Staff person will advise when there is ten minutes remaining in this section. If your assigned students finish early, ask the following questions for further discussion: Was the cost of daycare surprising to you? What additional options or solutions might families consider for child care? Possible answers may include: Parents could change shift so that one of them is home with children while the other one work; live near grandparents or other family members who might be able to help with child care sometimes; consider having one parents quit working to stay home full-time, especially if one parent is only working part-time. Did you budget for additional education over and above your existing loan? Did you pay the minimum monthly payment on your credit card or make a larger payment? Did you increase your debt load by making a purchase in furniture or home improvement? Why or why not? Did your credit score make it difficult to buy a home or car? What causes a credit score to be low? Possible answers may include: Too many credit cards, too much debt, being late on payments, not having enough income compared to debt. Compliment students on their work.and close with Remember you owe it to yourself to PAY YOURSELF FIRST! Page 37

CLOSING PROCEDURES/DEBRIEF Total time for this phase is approximately 20 minutes. When students have completed their check out with their volunteer, they should return to their assigned business. At that time: Time 20 minutes Volunteers check in the student ipad. Verify that the number on the back of the ipad matches the number assigned to the student. Have the student initial the ipad Sign-In form to indicate they returned the ipad. Follow JA Finance Park staff directions about accounting for and returning all ipads to a staff member. Volunteers collect assigned students Debit Cards and Account Number/PIN Cards. Return these to the appropriate spot in the organizers in your business. Volunteers remind students to clean the business. o The business should be returned to its original condition. o Pick up trash; straighten chairs. o Gather all personal belongings. Students, teachers and volunteers gather for a final wrap-up and debrief when announced by JA staff. Thank you for volunteering today! Page 38