Your Credit Score and Report You’ve probably already taken note of your Credit Score at the top of the page – hopefully this has been steadily moving up as you play: Your Credit Score is more than just a number, it is a single metric that has a huge impact on your ability to borrow, Read More…

Writing A Check You get your paycheck every week of the game, but we haven’t asked you to write out a physical check yourself. These days, most transactions in a “Checking Account” come from debit cards or other direct withdraws. However, there are still some situations where you might need to write a physical check Read More…

Net Worth Your “Net Worth” is kept in a running tally across the top of the screen – and you probably wish it were a lot bigger! Net Worth and Loans When you apply for a loan, banks will often ask for a calculation of your net worth.  If you make a list of all Read More…

Preparing For Spending Shocks Spending shocks are large, irregular expenses. Spending shocks are the #1 reason why budgets end up abandoned, and being prepared for them is the best thing you can do to keep your personal finances healthy. There are two types of spending shocks: budgeted and unbudgeted. Budgeted Spending Shocks A budgeted spending Read More…

Opportunity Cost “Opportunity Cost” is what needs to be given up to get something. This is different from an item’s price. Imagine you want to buy some stock – you can afford one share of either Apple (AAPL) or Alphabet, Inc. (GOOG). Your Opportunity Cost of buying one is that you cannot also buy the other, meaning you’ll Read More…

Needs vs Wants For most working people who are paid a salary or given a fixed number of hours to work a week, there is not much they can do to increase their income from week to week.  So, like most working Americans, the best way to manage your personal budget is by controlling your Read More…

Mortgages – Facts and Fiction So far in the Budget Game, you have been renting an apartment. In the real world, after a few years of working in the real world you may want to buy a house or condo – and to do that you will need a Mortgage. Can’t view on YouTube? Click Read More…

Managing Your Bills You’re making progress on your second month of the game – how’s your Checking Account holding up? Just like the real world, there is a lot of uncertainty with your budget. You might have been able to pay for every bill directly with your Debit Card so far, but you will find Read More…

Manage Your Credit Card Bills In some ways, credit cards are a good thing.  Credit cards help us pay for things when we are low on cash, or pay for an unexpected expense.  Using credit cards properly also helps us build our credit history and increase our credit score.  A strong credit score helps us Read More…

Investing in Stocks When most people think investing, they think the stock market. If you find yourself with more money in your savings account than you need for your Emergency Fund, investing in stocks might be an opportunity to get a better return on investment than your savings account interest rate. Can’t view on YouTube? Read More…

Investing in Mutual Funds and ETFs When you hear about a retirement account, or a “401k”, most individuals do not want to buy a single stock – there is a lot of risk, and it requires you to pay a lot of attention to your portfolio. Most investors saving for the long-term do not necessarily Read More…

Investing in Bonds If you are looking for a consistent return on investment without worrying about the ups and downs of the stock market, you might want to consider investing in Bonds. Can’t view on YouTube? Click Here Bonds typically have lower returns than stocks, ETFs, and mutual funds, but have a consistent interest payment Read More…

Insurance Basics You probably noticed that you need to pay your car insurance each month, which is usually the most a college student needs to worry about. However, as you get closer to the graduation date, there are several other types that can become important! Car Insurance If you drive a car, you MUST have Read More…

Income Tax Return When you get your first job and move out on your own, you will be responsible for filing your own your tax return. In the U.S., tax returns are due on April 15th of each year. The tax return is called a Form 1040.  On the Form 1040, you will add up Read More…

Financial Institutions As you grow older and start living on your own, at some point you will need to open your own checking, account, brokerage, and retirement accounts. When you are ready to open these accounts, you need to understand the differences between the various financial institutions that offer each of these accounts so you Read More…

Comparison Shopping You’ve already made dozens of spending decisions throughout the game, usually with just a few options to choose from. In the real world, you will need to spend a lot more time and effort into making sure your get the best deal! Here’s a few quick tips to get you started in the Read More…

Building Your Emergency Fund A recent survey of U.S. workers by CareerBuilder found that a whopping 78% are living paycheck to paycheck. Similarly, another recent survey by Bankrate found that 60% of Americans would NOT be able to cover an unexpected $1,000 expense. This means that most Americans don’t have enough in savings to cover Read More…