Have you checked out the new CashCourse Budget Wizard yet?
The revamped CashCourse Budget Wizard is designed to help teach students how to create a spending plan based on their values and situation. Here are a few ideas on how to use the Budget Wizard in your financial literacy initiatives.
- Pair with the “Budgeting: Keeping Track of Your Money” Workshop Kit
CashCourse offers workshop kits that provide you with everything you need to give a presentation on a financial topic – including a PowerPoint presentation and facilitator’s guide. If you are doing a stand-alone workshop or need a class topic, consider using our budgeting workshop kit and ending the session with students completing a spending plan using the Budget Wizard.
- Have students return to their Budget in a month
The Budget Wizard allows students to go back and enter their actual expenses to compare with their projected spending categories. Have students complete the Budget Wizard at the beginning of a month and ask them return to it at the end of the month. This is a great opportunity to talk about whether their projected spending was accurate and how to adjust accordingly.
- Pair the Budget Wizard with a Needs versus Wants Discussion
Determining if something is a “need” or a “want” is a vital skill in money management. Talk with your students on how to determine which is which by using the CashCourse worksheet “Needs vs. Wants”. Follow this activity up with having your students create a spending plan using the Budget Wizard.
In the meantime, try making a budget yourself to see how the tool works so you feel comfortable directing students to use it.
Trying to find a starting place for your financial education program? Check out our Campus Planning Workbook. This guide covers tips on planning, marketing and implementing financial education programs.