University of Kentucky College of Agriculture
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It's Your Reality! A Financial Life Skills Simulation

September 10, 2014

Stop by anytime between 10:45 a.m. and 2:30 p.m.
University of Kentucky Student Center Grand Ballroom


Door prizes!

Lunch will be provided (limited quantities)

Photo Booth Descriptions and Responsibilities for Simulation

Bank and Credit Card

Description: Everyone needs a financial institution for various reasons. The banking booth will one of the first stops for the students who are eager to deposit their first paycheck. However, the students maybe shocked to realize how quickly the money is spent!

Responsibility: Open savings and checking accounts for students and include current rates. Charges for opening an account and checks will also need to be deducted. Assist any student needing help transferring money from one account to another and be realistic with the amount of money a student deposits in their savings account.
Chance/Crystal Ball

Description: Life can be unpredictable at times and unexpected events are often costly. The Chance/Crystal Ball Booth allows students to understand that life isn't always fair and the financial implications that are associated with "reality".

Responsibility: Provide a chance card for all students and encourage students to return to certain booths to make any transactions necessary or for advice.
Child Care

Description: Children are the apple of their parent's eye but can also be costly, especially when child care costs are factored into the monthly budget. The Child Care Booth allows students to realize the rates of keeping their child(ren) in child care.

Responsibility: Present child care rates for all students who have children. If a participant gets creative in solving a child care dilemma, make sure the solution is a viable option. Some students may say their spouse will take care of the children. Check to see if previous expenses reflect payments for another adult in the family.
Clothing

Description: The days of sweatpants and sweatshirts are long gone! Working in a professional setting requires a professional wardrobe. However, clothes are expensive. The clothing booth will help students navigate which clothing option is best for them and their respective occupation.

Responsibility: Present clothing options and price ranges for students and encourage students to pick the best option for their taste and lifestyle.
Communications

Description: In today's culture, people are constantly communicating! Cell phones have email, texting, Skype, and video options. When not communicating on the cell phones, people are tuned in to the latest television show. Needless to say, our culture is exposed to plenty of screen time!

Responsibility: Present students with information about telephone, cell phone, and cable/television choices. Package options are provided as well as monthly rates.
Contributions

Description: Churches and civic organizations rely heavily on donations. The Contributions Booth allows students the opportunity to give to a charity or charities of their choice.

Responsibility: Students may choose any charity they want to support. They are not required to make a contribution but they must visit your booth.
Entertainment

Description: All work and no play…no way! Everyone has to have a little fun sometime or another. Whether it is going to the movies, a concert, or taking a vacation students can choose the entertainment option that fits within their budget.

Responsibility: Present entertainment options for students and encourage students to pick the best option for their taste and lifestyle.
Groceries

Description: Whether you are living high on the hog or eating Ramen noodles, people have to grocery shop. Various options are available to fit any student's budget!

Responsibility: Present grocery package options for students and encourage students to pick the best option for their taste and lifestyle.
Eating Out

Description: Sometimes it is more convenient to eat out than to cook at home. However, the real issue is how often a person eats out and the impact it has on their budget. The eating out booth will help students decide how often they eat out and at which restaurants.

Responsibility: Present eating out options for students and encourage students to pick the best option that suits their taste and lifestyle.
Traveling

Description: Once you are bit by the travel bug, it is hard to cure it! Traveling is fun and the list of destinations is endless. Find a cure to the travel bug syndrome by visiting the traveling booth!

Responsibility: Present travel options and price ranges for students and encourage students to pick the best option for their taste and lifestyle.
Furniture

Description: When company comes over, most people tell their guests to make themselves at home. It would be hard to make yourself at home without furniture to sit on, a table to eat at, and a bed to sleep in. The furniture booth will help students make their home homey and inviting to guests and themselves!

Responsibility: Present furniture options and price ranges for students and encourage students to pick the best option that suits their taste and lifestyle.
Health and Grooming

Description: A professional job requires professional appearance. Health and grooming supplies can be costly as well as haircuts, nail service, and health club membership. The health and grooming booth will help students decide which health and grooming choices are best for them and their respective occupation.

Responsibility: Present health and grooming options and price ranges for students and encourage students to pick the best option that suits their taste and lifestyle.
Housing

Description: In the words of Dorothy, there is no place like home! The housing booth will help students with housing choices, both rented and owned and at different price ranges.

Responsibility: Present housing options and price ranges for students and encourage students to pick the best option that suits their taste and lifestyle.
Insurance

Description: The motto, "better safe, than sorry" rings true when it comes to insurance. The insurance booth presents various forms of insurance from which students can choose from including life, automobile, renters and home insurance.

Responsibility: Present insurance options and price ranges for students and encourage students to pick the best option that suits their needs.
Medical and Dental

Description: Nothing is worse than being sick or having a medical or dental emergency. The medical and dental booth will present medical and dental charges that most families will encounter at some point in life. Various situations are detailed, some with insurance coverage and some without.

Responsibility: Present medical and dental options and price ranges for students and encourage students to pick the best option for their lifestyle.
Property Taxes

Description: If you own something, you will pay taxes on it. This is true for automobiles and real estate. The property tax booth will present taxes (yearly and monthly) for both categories.

Responsibility: Present students with property tax price ranges.
SOS

Description: Managing money is not easy and can be overwhelming. The SOS booth will provide advice to students who go "broke".

Responsibility: Advise students who are in financial trouble. Suggest that students return to certain booths to trade cards, homes, etc. This booth may want to partner with the supplemental income booth and encourage students to pick up another job.
Supplemental Income

Description: Working a full-time job may not allow ends to be met. Sometimes supplemental income is needed to fill in the financial gaps. Assist students with finding part time work that works within their schedule.

Responsibility: Assist students who need supplemental income. Tell students that having a second job may income other expenses such as child care. Send students back to booths where expenses are affected by additional hours away from home.
Transportation

Description: Getting to and from work is important and the transportation booth will assist students deciding which vehicle to purchase.

Responsibility: Present transportation options and price ranges for students and encourage students to pick the best option that suits their taste and lifestyle. Advise students to revisit insurance and property tax booths.
Uncle Sam

Description: Before you can deposit your paycheck, Uncle Sam gets a cut. The Uncle Sam booth will inform students of just how much Uncle Sam gets each month!

Responsibility: Ask each student about his/her salary amount and look up the figure on the tax sheet and find out how many children they have. Be sure to deduct this amount from their monthly salary before they go to the bank to open up a checking account.
Utilities

Description: Utilities make a home functional. The utilities booth, which includes: gas, electric, water, and trash removal, allows students to realize the amount of money spent on this necessity for various homes, rented or owned.

Responsibility: Present utility prices based on the type of home the student lives in.
Student Loans

Description: College can be expensive and student loans begin to come in 6 months after graduation. The days of celebration come to an end quickly when balances are due. The student loan booth will help students realize how much student loans affects their monthly budget.

Responsibility: Present student loan repayment plan options and encourage students to pick the best option that fits within their budget.

University of Kentucky College of Agriculture, Food and Environment and Managing in Tough Times