Jeanette A. Tucker, Ph.D.LSU AgCenter

jtucker@agcenter.lsu.edu

Kim Bourgeois & Sandi LambertLouisiana Federal Credit Union

kbourgeois@lafederalcreditunion.org slambert@lafederalcreditunion.org

• Objective: Students will develop the financial capability to manage their finances on their own after high school

• Comprehensive curriculum reinforced by technology-based real world simulation

• Grades 7-12• Students learn:

– Budgeting– Tracking expenses– Managing accounts– Differentiating needs– Saving for financial goals– Financial decision making

Curriculum

Series of 50-minute lessons, very interactive and linked to Standards

1. A $MART Future2. Understanding Your Paycheck3. Budgeting for LYFE4. Banking Basics5. Saving and Investing for LYFE6. Insuring Your Future7. Credit-Dream or Nightmare

Simulation Scenario

• Students assume role of 24 years old• Single, no children• Occupation/salary based on students goals,

personality assessment and career inventory• $100/month direct deposited into savings account• Goal: Plan and live “LYFE” for one month without

running out of money• All sales final, no returns/exchanges• No roommates

Students Visit Stations to Make Purchase Decisions

1. Housing2. Transportation3. Grocery4. Clothing5. Insurance6. Telecommunications7. “That’s LYFE”8. Fun and Entertainment

Let’s experience

Occupations/LA Entry Level SalariesOccupation Annual Salary Monthly Salary

Child Care Worker $16,130 $1,344

Cosmetologist $17,510 $1,459

Administrative Assistant $21,560 $1,796

Firefighter $23,270 $1,939

Paramedic $27,320 $2,276

Police Officer $29,280 $2,440

Electrician $34,010 $2,834

Plumber $35,300 $2,941

Teacher (MS) $43,660 $3,638

Lawyer $59,570 $4,964

Veterinarian $62,140 $5,170

Source: Louisiana Workforce Commission

Occupations/LA Entry Level SalariesOccupation Annual Salary Monthly Salary

Child Care Worker $16,130 $1,344

Cosmetologist $17,510 $1,459

Administrative Assistant $21,560 $1,796

Firefighter $23,270 $1,939

Paramedic $27,320 $2,276

Police Officer $29,280 $2,440

Electrician $34,010 $2,834

Plumber $35,300 $2,941

Teacher (MS) $43,660 $3,638

Lawyer $59,570 $4,964

Veterinarian $62,140 $5,170

Source: Louisiana Workforce Commission

Congratulations! Welcome to LYFE - living your financial experience: A real- life glimpse into one month of your life as an adult in the “real world.”

My Name is: Samantha Student

¶

My J ob: P olice O ffi cer

My Monthly Salary: $ 2,440 My Monthly Savings: - $ 100 Money Left to spend: $ 2,340

What to do: Use what’s left of your monthly income and visit each LYFE booth to find a place to live, buy a car, groceries, and food. Considering your lifestyle, you’ll have to buy clothes, a cell phone (or house phone!), and even spend money on some fun! The goal is to set up your “LYFE” for one month and not run out of money.

What You Need: Use your debit card to make all of your purchases and use the online banking kiosk to check your balance along the way. Keep good records in your debit card register.

Let’s get started…

LYFE Station: I selected... Cost:

Transportation Luxury / Premium / Standard / Economy $

Housing 3bd house new / 3bd house used / 2bd condo / 1 bd apt $

Grocery Single lifestyle / Moderate / Organic / Fast Food J unkie $

Clothing Frugal Shopper / Moderate / High End $

Insurance Renters / Life / Health / Disability $

Telecommunications Pay as you go / Regular / Smartphone / Landline Basic TV / Cable & Internet / Home Entertainment

$

Chance $

Fun & Entertainment (fill in your entertainment here) $ How did you do? Check with the LYFE Coach if you need advice! Check your balance at the kiosk!

Protocol1. Students visit the housing station first.

Booth 1: Housing“LYFE Mortgage and Homes”

Find a place to live!

RENT A CONDO OR APARTMENT: monthly cost includes rent, fees & utilities. Pay month to month.

BUY A HOUSE: monthly costs include the note, utilities, maintenance, and home- owner’s insurance. You will pay this amount every month for 30 years!

TYPE OF HOUSING: MONTHLY COST:

BUY: 3 BEDROOM HOUSE—NEW Average price: $225,000 $2,005Monthly Note:1,497

Your monthly note includes these costs:Utilities: $250Insurance: $158Maint/Fees: $100

BUY: 3 BEDROOM HOUSE—15 YEARS OLDAverage price: $160,000 $1, 722Monthly Note: $1,064

Your monthly note includes these costs:Utilities: $300Insurance: $158Maint/Fees: $200

RENT: 2 BEDROOM CONDO Monthly Note: $1,400 $1,655

Your rent includes these costs:Utilities: $180Maint/Fees: $75

RENT: 1 BEDROOM APARTMENT Monthly Note: $685 $785 Your rent includes these costs:Utilities: $75Maint/Fees: $25

Protocol

1. Participants visit the Housing stations first. 2. Volunteers, as salespersons, discuss

various purchase options with participants at each station

3. LYFE coaches are available to assist students in making purchasing decisions

4. Note: All sales final, no returns/exchanges

5. No roommates

Booth 1: Housing“LYFE Mortgage and Homes”

Find a place to live!

RENT A CONDO OR APARTMENT: monthly cost includes rent, fees & utilities. Pay month to month.

BUY A HOUSE: monthly costs include the note, utilities, maintenance, and home- owner’s insurance. You will pay this amount every month for 30 years!

TYPE OF HOUSING: MONTHLY COST:

BUY: 3 BEDROOM HOUSE—NEW Average price: $225,000 $2,005Monthly Note:1,497

Your monthly note includes these costs:Utilities: $250Insurance: $158Maint/Fees: $100

BUY: 3 BEDROOM HOUSE—15 YEARS OLDAverage price: $160,000 $1, 722Monthly Note: $1,064

Your monthly note includes these costs:Utilities: $300Insurance: $158Maint/Fees: $200

RENT: 2 BEDROOM CONDO Monthly Note: $1,400 $1,655

Your rent includes these costs:Utilities: $180Maint/Fees: $75

RENT: 1 BEDROOM APARTMENT Monthly Note: $685 $785 Your rent includes these costs:Utilities: $75Maint/Fees: $25

Today—You are the LYFE Coach!Please use your clickers to make your housing

recommendation to Samantha . . .

1. Buy new 3-bedroom house @ $20052. Buy used 3-bedroom house @ $17223. Rent 2-bedroom condo @ $1,6554. Rent 1-bedroom apartment @ $785

Protocol1. Students visit the Housing station first2. Volunteers, as salespersons, discuss various

purchase options with participants at each station 3. LYFE coaches are available to assist students in

making purchasing decisions4. Note: All sales final. No returns/exchanges5. No roommates 6. Participants make purchase decision and record

on LYFE worksheet. Volunteer enters purchase decision on LYFE website

Congratulations! Welcome to LYFE - living your financial experience: A real- life glimpse into one month of your life as an adult in the “real world.”

My Name is: Samantha Student

¶

My J ob: P olice O ffi cer

My Monthly Salary: $ 2,440 My Monthly Savings: - $ 100 Money Left to spend: $ 2,340

What to do: Use what’s left of your monthly income and visit each LYFE booth to find a place to live, buy a car, groceries, and food. Considering your lifestyle, you’ll have to buy clothes, a cell phone (or house phone!), and even spend money on some fun! The goal is to set up your “LYFE” for one month and not run out of money.

What You Need: Use your debit card to make all of your purchases and use the online banking kiosk to check your balance along the way. Keep good records in your debit card register.

Let’s get started…

LYFE Station: I selected... Cost:

Transportation Luxury / Premium / Standard / Economy $

Housing 3bd house new / 3bd house used / 2bd condo / 1 bd apt $

Grocery Single lifestyle / Moderate / Organic / Fast Food J unkie $

Clothing Frugal Shopper / Moderate / High End $

Insurance Renters / Life / Health / Disability $

Telecommunications Pay as you go / Regular / Smartphone / Landline Basic TV / Cable & Internet / Home Entertainment

$

Chance $

Fun & Entertainment (fill in your entertainment here) $ How did you do? Check with the LYFE Coach if you need advice! Check your balance at the kiosk!

Protocol1. Students visit the housing station first.2. Volunteers, as salespersons, discuss various purchase options

with participants at each station3. LYFE coaches are available to assist students in making

purchasing decisions4. Note: All sales final. No returns/exchanges5. No roommates6. Participants make purchase decision and record on LYFE

worksheet. Volunteer enters purchase decision on LYFE website

7. Participants pay for their selection via check (housing) or debit card (all other categories).

Checking Account Register

RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT

Number Date Description of Transaction Payment/Debit Deposit/Credit Balance ( - ) ( + )

Protocol1. Students visit the housing station first.2. Volunteers, as salespersons, discuss various purchase options with

participants at each station 3. LYFE coaches are available to assist students in making purchasing

decisions4. Note: All sales final. No returns/exchanges5. No roommates 6. Participants make purchase decision and record on LYFE worksheet.

Volunteer enters purchase decision on LYFE website7. Participants pay for their selection via check (housing) or debit card

(all other categories). Volunteer provides student with receipt for purchase.

8. Participants may check their account balance at any time at Banking kiosk

9. Students proceed to next station and repeat process

Banking Kiosk

Booth 2: Transportation“LYFE Auto Sales”

TYPE OF VEHICLE: MONTHLY COST:

Buy a car!

Monthly cost includes the note, plus regular maintenance & gas, and insurance for your vehicle. You will pay the cost each month for 5 years!

LUXURY (Lexus LS 460, Chevy Camaro, Cadillac Escalade)NEW: Average price: $72,400 $1,690 Average cost to maintain: $5,800

USED: Average price: $43,800 $1,338 Average cost to maintain: $7,300

PREMIUM (Ford Expedition; Nissan Maxima, Ford F150) NEW: Average price: $35,800 $984 Average cost to maintain: $4,650

USED: Average price: $19,250 $783 Average cost to maintain: $5,545

STANDARD (Toyota Camry, Honda Accord) NEW: Average price: $21,790 $665 Average cost to maintain: $3,620

USED: Average price: $12,430 $575 Average cost to maintain: $4,415

ECONOMY (Honda Fit, Toyota Yaris, Vespa Scooter) NEW: Average price: $15,700 $533 Average cost to maintain: $3,250

USED: Average price: $10,730 $505 Average cost to maintain: $3,915

Please use your clickers to make your transportation recommendation to Samantha . . .

1. Luxury New @ $1,6902. Luxury Used @ $1.3383. Premium New @ $9484. Premium Used @7835. Standard New @ $6656. Standard Used@5757. Economy New @$5338. Economy Used @505

Booth 3: Grocery“LYFE Foods & Company”

Buy groceries…or eat out!

All options include basic toiletries

GROCERY BASKET: MONTHLY COST:

BASKET A: “SINGLE LIFESTYLE”

Store of choice: Discount Grocery chain. $200It’s just you, so why bother cooking? You prefer ready to eat meals, frozen pizzas, and generally processed foods.

BASKET B: “MODERATE”

Store of choice: Local Grocery chain. $350You prefer to cook at home. You prepare most of your meals with ingredients found in your pantry.

BASKET C: “ORGANIC”

Store of choice: High-end specialty grocery store. $600You focus on healthy living and prefer to eat organic meats, fruits and vegetables. You cook with high quality ingredients.

BASKET D: “FAST FOOD JUNKIE”

Store of choice: Convenience store. $750You generally eat out most meals and don’t keep much food in the house. Basics come from the corner store when needed.

Please use your clickers to make your grocery recommendations to Samantha

1. Basket A: “Single lifestyle” @ $200

2. Basket B: “Moderate” @ $350

3. Basket C: “Organic” @ $600

4. Basket D: “Fast Food Junkie” @ $750

Booth 4: Clothing“LYFE Mall”

Select a wardrobe - what’s your style?

SHOPPING BAG: MONTHLY COST:

SHOPPING BAG A: “FRUGAL SHOPPER”

Stores similar to: Second-hand store, Wal-mart $50

SHOPPING BAG B: “MODERATE”

Stores similar to: Discount Retailers, Forever 21, Aeropostale $125

SHOPPING BAG C: “HIGH END”

Stores similar to: Specialty Shops, Department Store, Macys, Saks 5th Avenue $300

Booth 5: Insurance“LYFE Insurance & Company”

To buy or not to buy: Protect yourself from unexpected expenses.

PRODUCT: MONTHLY COST:

RENTER INSURANCE (OPTIONAL)

For condo or apartment living only. $50

LIFE INSURANCE (OPTIONAL)This insurance will pay a sum of money to family or spouse in the event of your death. Non-smoker: $25

Smoker: $50

HEALTH INSURANCE (OPTIONAL)

This insurance pays for health related expenses including $125 doctor visits, surgeries, child birth, etc.

DISABILITY (OPTIONAL)

This insurance will pay all of your debts in the event you $50 become disabled.

Booth 6: Telecommunications“LYFE Telecommunications”

Purchase a cell phone or home phone then purchase an entertainment plan!

PRODUCT: MONTHLY COST:

PHONE: “PAY AS YOU GO” PLAN $20Prepaid cell phone plan only. No bells and whistles.

PHONE: “REGULAR CELL PHONE” PLAN $50Standard cell phone only with moderate minutes.

PHONE: “SMART PHONE” PLAN $100 Cell phone plan with moderate minutes, internet, text, music.

PHONE: “LAND LINE ONLY” PLAN $30Home phone service only.

TV: “BASIC CABLE” $50Basic television home access.

TV: “CABLE AND INTERNET” $75All cable channels and home internet.

TV: “HOME ENTERTAINMENT EXPERIENCE” $150All cable channels, home internet, and landline.

Booth 8:That’s LYFE“LYFE Inc.”

Stop here once during your LYFE experience...

Booth 8: Fun & Entertainment“LYFE Entertainment Co.”

After you’ve paid your “bills” - decide on some fun. Select as many options below as you’d like…

EVENT: COST:

Movie ticket + popcorn and drink $15

Concert $75

Sports Event $50

Gym Membership $45

Game of Golf/Tennis $40

Eat Out $25

Pool Party $155

Grass Cutter for a month $80

Salon $55

Housekeeper for a month $75

Pet $55

Congratulations, you have experienced LYFE! What do you think?

1. I am surprised that it cost so much to live.

2. I need to study/stay in school so that I can have a better paying career.

3. I really needed a _____, but could not afford it.

4. I really wanted a _____, but could not afford it.

5. I have money left, but it was hard.6. I had plenty of money and could

afford extras.