Read all of this post very carefully if you were absent from our media center day…
Login to H&R Budget Challenge, go to Student Home, How to Play; scroll down to the videos and watch the one on the Excel cash flow spreadsheet. Pay particular attention to how to pay your bills and how your paychecks are credited. At 9:32, 10:46, and 11:31 are key bits of information. Take pictures of this with your phone. The last one details what to do when you finish your spreadsheet.
Now, go back to student home, how to play and download the spreadsheet. Follow the directions on how to edit exactly and then follow the directions at the top of the spreadsheet page exactly.
Step 1: Change the first date to Jan 18 in the spreadsheet.
Step 2: Enter $850 as your beginning balance. Then, enter your NET pay found in the chart under the job tab from vendor selections on Oct 5 and then every 2 weeks until the game is done. You get paid on Oct 4 (see yellow handout and the vendor information pages), but you don’t have access to the money from your bank until the next day; therefore, Oct 5 is when you should enter the paycheck into your spreadsheet, then every 2 weeks so Oct 19 etc.
Step 3: When you are deciding on vendor options, read your printed packet – this is the info packet that is referenced online under Student Home as well as the vendor selection page. As you click on each vendor, you get more information not mentioned in your info packet.
Step 4: When you enter the vendor payments into your spreadsheet, make these two alterations.
For example, look at renters insurance. The bill for it from SafePlace Insurance opens on Sept 28 but remember what happens if you pay early? No credit for paying on time. So, in your spreadsheet, select a range of dates beginning on Sept 28 up until the due date plus any grace period – see the vendor selection page for this detail. Then, choose a different color and fill those cells with that color so you can see the range of dates that you can pay the bill without late charges. Enter the amount of your renters insurance into one of those highlighted cells. Repeat this for any more payments you will make to this vendor. Since this is billed annually, that is once a year, you are done with renters insurance. Move on to another bill and repeat the procedures. All information is available in the vendor selection page and on the yellow handout.
See Mr. Marenda’s sample from last year and mine from last year – I have only started with the renters insurance first bill. These have different dates than our game. You need to enter all the bills you will pay during this simulation using the method described above. Do this for each of your vendor choices until you are finished. I can see immediately that I am not able to pay my renters insurance when the billing period/cycle opens. If I do, I will bounce a check. I must wait to pay it until I get my next paycheck.
For the apartment, click on vendor options, make your choice, then scroll down for more information.
Step 5: When you have finished entering all the bills for the entire simulation, go back to the video at 11:31 or use your picture that you took and answer the questions there making any necessary adjustments.
Remember, you may ONLY change the 401k and the bank account type after 9 pm on Sept 27 Thursday of break. You can change anything until then.