Teaching Tips: Bank It or Bust
- Before playing the game, have a short discussion on budgeting, explaining how savings results when income exceeds expenses.
- Discuss wants vs. needs, and why some things have to be paid for (like food and shelter) whereas some things are optional (like entertainment and eating out). Also discuss immediate gratification versus delayed gratification, and how passing up buying small things in the present can translate into accumulated savings for larger financial goals in the future.
- Explain to the students that they will be playing the “Bank It or Bust” game two times in order to see the difference between buying anything they want, versus spending more carefully to save for the future.
- The first time the students play, ask them to answer the questions in terms of their “wants” to get a sense of their general spending inclination and habits. Ask students to record their savings after they play the game the first time.
- Next, ask students to attempt to save money to buy a car, and not spend money on anything they want. Ask students to record their savings after they play the game a second time. Afterward, ask students to compare the results of the savings in the two times played to get a sense of how different spending habits can impact saving for future goals.