Category: Budgeting

QoD: Rank the following cost components for a cup of coffee from largest to smallest: coffee, cups/napkins, milk, shop costs/rent, staff costs?

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May 22, 2019
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Budgeting
This question comes courtesy of Morning Brew (yes, there's a bit of irony there!). They have a daily email blast which is a great way to start the day. I also discovered while researching this QoD that 40% of teenagers drink coffee on a regular basis.  Answer:  Shop costs/rent (35%) Staff costs (25%) Cups/Napkins (7%) Milk (4%) Coffee (4%) Questions: Does it surprise you that the basic coffee you purchase from Starbucks for $2.50 has about $0.10 worth of coffee in...

QoD: How much do Americans spend monthly on subscriptions?

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May 15, 2019
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Question of the Day, Budgeting, Behavioral Finance
Answer: $237 a month Questions: Have you ever signed up for a monthly subscription? If so, what do you subscribe to and how much do you pay? If not, do you know any family members who have subscriptions (who knows, maybe you even use their Netflix account:) Have you ever heard someone complain about signing up for a subscription that they didn't even know about? What happened?  The research found that 84% of Americans underestimate how much they spend every month in subscriptions? How...

Chart of the Week: Trend in Food Assistance Programs By State Since 2007

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May 14, 2019
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Chart of the Week, Budgeting
Hat tip for Jessica for pointing out this interactive map showing trends in food assistance programs (aka SNAP or food stamps). For an economics teacher, this interactive helps to explain how the economic cycle affects federal assistance programs.  Here's the static map (click on it to go to the site where it is interactive):  Questions: Looking at the U.S. map in 2017, what trends do you see in the usage of food assistance programs? Are there differences by region? Explain. ...

QoD: What percent of Gen. Z drivers are buying used cars (instead of new)?

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Apr 24, 2019
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Question of the Day, Budgeting
Answer: 63% Questions: Do you think the first car that you buy will be a new or used car? Explain. What are the advantages/disadvantages of buying a used car?  Why do you think a lower percentage of older generations buy used instead of new?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (WSJ; subscription required): “Gen Z buyers’ participation in the new-car space is declining year after year,”...

QoD: What is the cost to repair an iPhone screen?

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Apr 16, 2019
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Insurance, Question of the Day, Budgeting
You carry them around with you all the time and apparently break them quite a bit. According to this survey, 2/3 of smartphone users damaged their phones in the past year.  Answer: $29-$329, depending on the model and whether you have carry the AppleCare+ insurance Questions: Have you damaged your phone in the last year? If so, have you gotten it repaired?  Do you carry cell phone insurance? Why or why not?  Does knowing that 2/3 of cell phone users damage their phones in a...

Teacher Tip - COMPARE: Find an Apartment

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Apr 11, 2019
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Budgeting, Interactive
If you've attended a FinCamp this school year, you've participated in the NGPF Fan Favorite project Budgeting with Roommates. As a perfect accompanyment, NGPF Fellow Adam Cole (Needham High School, MA) explains how he uses and modifies NGPF budgeting activity COMPARE: Find an Apartment in his classroom. Watch for some great tips on how to implement this activity in your classroom.   For all of NGPF's budgeting resources, visit https://www.ngpf.org/curriculum/budgeting/...

QoD: Can you name ONE of the most Googled money questions for 2018?

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Mar 31, 2019
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Checking Accounts, Budgeting, Math, Mortgages, Research
Hat tip to Beth Tallman for sending this one along.  Answer: Here are the top 5: 5. How much is my house worth? 4. What is bitcoin? 3. How to write a check? 2. How much house can I afford? 1. Where is my tax refund?  Questions: What money question are you most curious about right now? Why do you think that so many people are preoccupied with their tax refund? Are you surprised to see any of these top 5 most Googled questions on this list?  Why do you think that two of the top 5...

QoD: What percent of 25-35 year olds are still living in their parent(s)' home?

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Mar 27, 2019
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Budgeting, Question of the Day, Career
Answer: 15%   Questions:  Do you know any 25-35 year olds that currently live at home? Why do you think this percentage is so much higher for millennials than for earlier generations?  What are the keys to being able to live independently in your 20s?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from Pew Research): The increased prevalence of living with mom and/or dad is more prominent among...

Chart of the Week: How does the average American household spend their money?

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Mar 26, 2019
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Budgeting, Chart of the Week, Research
From our friends at Visual Capitalist:  Questions:  What is the largest income source for American households?  What percent of a household's income covers federal, state and local taxes?  What is the savings rate for the average American household (Hint: Divide Savings by Total Income to establish the savings rate)? What are the five largest costs? Do you think these five costs are wants or needs?  One rule of thumb is that you shouldn't spend more than 30% of your...

QoD: How much does the average player spend on Fortnite?

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Feb 27, 2019
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Question of the Day, Budgeting, Behavioral Finance
Answer: $84.67     Thanks to Yanely for the inspiration for this QoD! Questions: What do you think motivates people to make these in-game purchases? Name at least three. What are the ways that these developers “nudge” players to open up their wallets? Have you ever made any in-game purchases on other gaming sites? Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from LendEDU):  Fortnite, a...

QoD: What number was larger in 2018: Theater Box Office Sales or Netflix streaming revenues?

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Feb 25, 2019
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Question of the Day, Budgeting, Current Events
Answer: Movie Box Office Sales at $11.9 billion but Netflix is catching up quickly with $7.6 billion in 2018 Question: When you think about your movie watching habits, what percent of your time is spent watching movies on Netflix (or other streaming service) compared to the movie theater?  How does the price of a monthly subscription to Netflix compare to a movie ticket?  Do you go to movie theaters more or less than you did five years ago?  Netflix recently announced that they...

Interactive Monday: What are the rental costs in your community?

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Feb 24, 2019
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Interactive, Budgeting, Research, Math, Economics
Hat tip to Joy Tavano of North Kingstown High School (RI) who shared this resource in a recent PLC with Jessica. The site, rentdata.org,  has detailed information about average rents in every county in the U.S. and better yet provides the information on a historical basis back to 2006. Given that housing costs are typically the largest cost component in a budget, this interactive provides students with a sense of the cost of living in their community. For students who consider moving to...

Reading List for February 23-24

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Feb 22, 2019
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Financial Literacy, Behavioral Finance, Budgeting, Career, Paying for College, Investing, Retirement, Taxes
  Financial Literacy “Five Things High Schoolers Need To Know More Than Computer Science” from (Forbes). We all know what one of those things is!!! Budgeting The costs of being a woman: Why women end up with less money. (Beth Kobliner) Investing An interesting series of charts from Visual Capitalist shows where the breakdown of investments in 2018 Lyft has not become a verb like “Uber” has, but it looks like they will beat Uber with its IPO. (CNBC) Paying for...

Video: The Influence of Influencers

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Feb 17, 2019
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Advertising, Video Resource, Budgeting, Behavioral Finance
From Reuters:  Questions: Do you follow influencers on any of the social media platforms?  What makes you decide whether to follow a specific influencer? Have you ever bought anything that an influencer recommended on social media? Explain.  Why do you think that influencers are more effective than traditional advertising?  ------------------- Related content: Question of the Day; A YouTuber with over 1.4 million views a month can expect to earn about _____________ in...

Reading List for February 16-17

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Feb 15, 2019
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Personal Finance, Budgeting, Paying for College, Taxes, Retirement, Current Events
Personal Finance Valentines Day article: here is great pickup line: “Be my financially compatible Valentine?” (WSJ) For those fans of “personal finance on a postcard” concept, here are the rules of thumb according to (Money Maven). More on taxes from Michelle Singletary of the Washington Post, including what NOT to do if you find you owe the IRS money. (New tax laws > lower withholding > lower refunds, if any.) Budgeting Some fun celebrity facts to bring home the...