Adventures in Moneyland

1. Adventures in Moneyland Adapted from the WA Society of CPAs

2. Rules of the Game • Voting decisions will be made by majority vote of the team using the pink, yellow, and blue cards provided. Make sure that you have an odd number of people in your team. • One member of the team will keep track of money in Cash, Savings and Credit Card Balance.

3. Here’s Your Life • Congratulations! You have just graduated from college and have a new entry-level position as an Account Representative for a firm in Seattle. Your annual salary is $35,000. • After paying for your taxes, rent, utilities, car payment, insurance, food, gasoline, digital cable, internet services, student loans, and other monthly bills, you have a total of $300 left. • We will journey through 3 months of your life. The team with the most money at the end of 3 months will be declared the winner.

4. MONTH ONE - $300 to spend Do you want to put any money into savings? If so, how much? Blue: None Pink: $25.00 Yellow: $50.00

5. MONTH ONE You hear that getting renter’s insurance for your apartment and possessions is a very good idea. You investigate and find that an adequate policy will cost $100 for the next 6 months. You cannot pay for renter’s insurance with your credit card. Do you: Blue: Purchase the renter’s insurance with cash? Yellow: Decide not to purchase renter’s insurance?

6. MONTH ONE Your company values employees that are dedicated to self-improvement. You’d like to join a co-ed volleyball league to show that you are dedicated to staying in shape. It costs you $30.00 to join the league. Do you: Blue: Join the league and pay the $30.00 cash Pink: Choose not to join the league and potentially look bad at work

7. MONTH ONE You win your company’s tickets to this week’s Seahawks game in the weekly drawing at work – two tickets on the 50-yard line! While the tickets are free, parking, food, and souvenirs aren’t. These items actually cost you $80. Do you: Blue: Pay for the parking, food, and souvenirs using cash? Yellow: Pay for the parking, food, and souvenirs using your credit card? Pink: Sell them to your friend for $50- because last time you tried to scalp tickets you got a $100 fine.

8. MONTH ONE You notice that your wardrobe is a little shabbier than the clothes your co-workers wear. There is a sale at a local clothing store and you can upgrade your clothes a little by spending $100.00. Do you: Blue: Pay for the clothes using cash? Yellow: Pay for the clothes using your credit card? Pink: Choose not to buy anything and continue to look shabby at work?

9. MONTH ONE It’s the end of the month! Get a report from your team’s money watcher on how much you have ( ) dollars in cash ( ) dollars in savings Your credit card balance is ( ) dollars.

10. MONTH TWO -$300 to spend Do you want to put any money into savings? If so, how much? Blue: None Yellow: $25.00 Pink: $50.00

11. MONTH TWO If you used your credit card it is time to make a payment. Do you: Blue: Pay the balance in full? Yellow: Make the minimum $15.00 payment? Pink: Not applicable, you didn’t use your credit card?

12. MONTH TWO You have found out that your favorite musical group is having a concert at the Tacoma Dome this month. Your significant other really wants to go to the concert. The evening will cost you $150 for dinner for two, two concert tickets, and parking. Do you: Blue: Pay for the evening using cash? Yellow: Pay for the evening using your credit card? Pink: Choose not to go to the concert?

13. MONTH TWO OUCH! You’ve broken a tooth while eating popcorn and need to go to the dentist! You do have dental coverage through your job, but there is a deductible and then insurance only pays for 80% of the remaining charges. Rather than walk around in excruciating pain, you go to the dentist. Your total cost to fix your tooth is $200. Do you: Blue: Pay the dentist using cash? Pink: Pay the dentist using your credit card?

14. MONTH TWO Your friends have invited you to go snowboarding at Stevens Pass this weekend. You own your snowboard and equipment so you won’t need to rent at the hill. It will cost you $100 total for a lift ticket, food, and transportation. Do you: Blue: Pay for snowboarding using cash? Yellow: Pay for snowboarding using your credit card? Pink: Choose not to go snowboarding?

15. MONTH TWO Your apartment had a pipe burst when you were sleeping. As you walk into your kitchen this morning to make coffee you realize you are wading through water. Although the complex will cover the structural damage, your furniture and electronic equipment is ruined (including your computer you use for work!). If you bought renter’s insurance your out of pocket cost is $50. • If you did not, Blue: Spend $600 for computer (sit on floor, no TV) Yellow: Spend $1000 for computer and used furniture/TV Pink: Spend $1500 for computer and new furniture (from Ikea, Video Only)

16. MONTH TWO It’s the end of the month! Get a report on what you have ( ) dollars in cash and ( ) dollars in savings. Your credit balance is ( ) dollars.

17. MONTH THREE - $300 to spend Do you want to put any money into savings? If so, how much? Blue: None Yellow: $25.00 Pink: $50.00

18. MONTH THREE If you used your credit card it is time to make a payment. Do you: Blue: Pay the balance in full? Yellow: Make the minimum $15.00 payment? Pink: Not applicable, you didn’t use your credit card?

19. MONTH THREE Quarterly Performance Bonus! Thanks to all the hard work you have been doing, you earn a bonus of $150. Blue: Put into savings Yellow: Keep as cash on hand Pink: Pay off credit card (if cash is left, automatically goes to cash)

20. MONTH THREE Your significant other lets you know that you are not spending enough time with them lately. If you don’t do something about it, your relationship will be over. A nice evening out is going to cost you about $100. Do you: Blue: Pay for the evening out with cash? Yellow: Pay for the evening out with your credit card? Pink: Choose not to go out and end your relationship?

21. MONTH THREE Your “cell phone bill arrives and it looks like you’ve been “texting and talking” way too much. Your bill is $100.00 larger than you have budgeted each month for this expense. Failure to pay the bill will result in losing your cell phone service which is NOT an option. Do you: Blue: Pay for the extra charges using cash? Pink: Pay for the extra charges using your credit card?

22. MONTH THREE YOUR IDENTITY HAS BEEN STOLEN!! Thieves have gone through your garbage and stolen your identity. Federal law says that you are only liable for $50 of the fraudulent charges. However, your credit card is now revoked. Since you now have no credit card, you must pay $50 cash to your credit card company. Remember, even though you can’t use your credit card you are still liable for the charges you have already accumulated.

23. MONTH THREE Your best friend wants you to go out to dinner and drinks. It would be a lot of fun and a relief from the stress of your identity theft. It would cost a total of $50. You no longer have a credit card, so cash is your only option. Do you: Blue: Pay for the night with cash on hand? Pink: Choose to stay in and wallow in your sorrow?

24. MONTH THREE This just isn’t your month! Now your car isn’t running well. In fact, it’s hardly running at all! You go to your mechanic and find out that you need a new “oxygen sensor.” The total for parts and labor comes to $400. If you don’t have your car, you will lose your job and have to move in with your family or friends. Remember, you no longer have a credit card and you can’t get a loan because of your stolen identity. Do you: Blue: Pay for the car repairs using cash? Pink: Give up, move back in with your parents and lose the game?

25. The game is now over. Have your “Money Watchers” add these amounts: • Total cash on hand • Total amount of savings • Minus total credit card balance IF YOU HAVE MONEY LEFT OVER, CONGRATULATIONS, YOU DON’T HAVE TO MOVE IN WITH YOUR FAMILY OR FRIENDS. The winning group is the one with the most money left.

26. Lessons to be learned • Every spending decision you make is important – think about whether it is a need or want. • Keep a spending plan and stick with it. It will keep you financially safe. • Buy adequate insurance and have an emergency fund. Stuff happens!