Kahoot Tutorial: Cash at College - Spending, Saving, & Student Loans
Below is a tutorial on how to facilitate the game, Cash at College: Spending, Saving & Student Loans, on Kahoot!.
Objectives
Participants will:
- Recognize different financial tools for managing money (saving and checking accounts)
- Identify basic money management concepts (needs vs wants, setting goals, expense tracking)
- Understand how to safely use and manage credit
- Know options for paying college costs
- Identify ways of maximizing career potential while in school
It's important to acknowledge that personal finance is a topic that requires lifelong learning. There is no way to learn everything there is to know about money management in a 30 minute workshop, self-paced course, or even through obtaining a degree in financial planning. Financial technology will continue to evolve, requiring continual education to make informed financial decisions throughout a consumer's life.
Estimated Time for Game Play:
30 – 60 minutes
Introduction
We are going to explore the wonderful world of banking, then we will cover the basics of budgeting (aka planning your spending), followed by a bit about credit, paying for your degree and finally, how to maximize your time on campus. The content for this Kahoot was adapted from our Cash at College webinar & module in Moodle.
About Kahoot
As it states on their website, Kahoot.com, “Kahoot! Is a game-based learning platform, free for teachers of awesome and classroom superheroes.”
Kahoot allows you to display questions on a projector or screen at the front of a classroom which participants can answer on their mobile device or computer, earning points for correctly answered questions.
Accessing Kahoot
The Kahoot! for “Promoting Financial Wellness as a Peer” is available on our Kahoot profile.
If you already have a Kahoot! account, you can log in using your credentials and start playing the game immediately.
If you do not have a Kahoot! account, you have two options:
- You can sign up for an account and access the publicly available Kahoot! to play with students
- SMMC can set up a challenge for your students to complete the Kahoot! on their own as homework
Rules for Participation
To make tracking participation easier and give students credit for participating in financial education within the University of Illinois System, have students use their netid (the first part of their @illinois.edu, @uic.edu, or @uis.edu email addresses) as their username.
If you are giving out prizes to winners, let them know they won’t be able to win a prize if they don’t use their netid as their username.
Note: Providing these instructions reduces the amount of inappropriate usernames that show up on the leaderboard at the front of the classroom.
Facilitator Instructions
After logging into a computer with projector capabilities, navigate to a web browser to open Kahoot! and access the game online on our Kahoot profile.
Delete
Edit embedded media in the Files Tab and re-insert as needed.
Select “classic”, the option to have students play individually versus each other (1:1).
Note: You can mute the browser tab to stop the music from playing.
Have students take out their smartphones, tablets, or computers.
Instruct students to open their favorite web browser, input “kahoot.it”, and enter the Game PIN displayed on the screen at the front of the room.
After entering the Game PIN, students will enter their NetID as their username.
Note: Students who do not use a valid NetID are not eligible for prizes and will not have their participation included towards the Spend badge, part of the University of Illinois Financial Literacy Digital Badges Program.
After your students have all logged in, you’ll see the number of players that have accessed the game, and you can press “Start” on the right side of the screen.
You will then go through each of the questions in the game. These questions are designed to inspire discussion on topics related to banking, budgeting, credit, financing a college degree, and maximizing your time on campus.
Kahoot Questions & Notes
Question 1
1. Which of the following financial tools do you currently use most frequently?
- Checks
- Cash
- Credit Card
- Debit Card
Notes
All of these answers are correct. This question is meant to gauge what the students are currently using the most.
Question 2
2. Who insures checking & savings accounts for up to $250,000.00 per individuals account?
- Federal Trade Commission (FTC)
- National Credit Union Association (NCUA) (correct)
- Federal Deposit Insurance Corporation (FDIC) (correct)
- Consumer Financial Protection Bureau (CFPB)
Notes
For question 2, there are two answers: NCUA & FDIC. Banks are insured by the Federal Deposit Insurance Corporation (FDIC), and credit unions are insured by the National Credit Union Association (NCUA).
You may ask the audience to share what the difference between a bank and a credit union are. For more on this question, consult our Cash at College module in Moodle.
Question 3
3. What are the benefits of a credit card?
- Pay bill later (correct)
- High costs to get cash
- Federal law=better protection (correct)
- Helps you overspend
Notes
A benefit of using a credit card is that the federal law provides better protection. Another benefit is that you can use a credit card to get services or products now and pay the bill in full later. It does cost extra to get cash from a credit card, and credit cards can make it easier to overspend if you don’t have a plan for how to use it and pay back the balance that you accrue.
Question 4
4. The number on your debit card is the same number you would use for e-checks or direct deposit?
Notes
Debit card numbers are not your routing and account number. Routing numbers can usually be accessed on your financial institution’s website, and you should know your account number (and never share it unless accessing your account). You should also be able to access your account number through online banking if you have that service.
It’s important to know the difference between a debit card number and routing/account number, because every year hundreds of students use their debit card number for e-checks to pay tuition, which can lead to the payment not going through or even costly fees.
Question 5
5. What financial product or service is safer for online transactions?
- Credit Card (correct)
- Debit Card
- Direct Deposit
- Money Order
Notes
Credit cards offer the most legal protection of these options. The Credit Card Act of 2009 limits legal liability for credit card holders to a maximum of $50. This means even if fraudulent activity is found for $10,000 you are not legally liable for that amount. However if you use a debit card, you could be legally liable for the amount charged to your account plus any additional fees associated with the transactions.
Another positive of using a credit card, is if you order something online, like a blender for example, and they send a roaster instead but refuse to send you the correct item, you can tell your credit card company and they will refund the money to you.
Question 6
6. Let banks & credit unions know when you travel to avoid identity theft or frozen accounts.
Notes
The answer is true. You should always let your financial institution know when you're traveling to prevent holds on your accounts or your bank thinking it is fraudulent activity. You don’t want to get stranded while traveling!
Question 7
7. What is the most important to you when choosing a bank or credit union?
- Access to ATMs
- Cost of Services
- Convenient Locations
- Mobile Banking Options
Notes
All of these are important and can be valuable depending on which bank meets the needs you value. It is important to research this before picking a financial institution. Feel free to elaborate on what features are most important to you and why.
Question 8
8. Is pizza a need or a want?
- Need
- Want
- It depends (correct)
Notes
It depends is the correct answer. A need is something that if you went without, it could jeopardize your health, safety, or livelihood.
This is because it is a value-based question that is situational. If you’re diabetic, have not eaten for a long period of time, your sugar drops, and pizza is the only food you have access to, it becomes a need because it impacts your health and safety. Whereas if you have the option to stay at home and have some leftovers but choose to go out and grab a slice with friend, it can become a want. To learn more about discussing needs vs wants, consult our Cash at College course linked above.
Question 9
9. An emergency fund helps you cover:
- Surprise Expenses (correct)
- Surprise Opportunities (correct)
- Summer Vacations
- Monthly Rent or Mortgage
Notes
An emergency fund does help you cover both a surprise expenses as well as surprise opportunities. Example of a surprise expense could be your car breaks down, and you need to repair it. Altneratively, if you get an email saying there is a leadership convention for you to attend, this could count as a surprise opportunity. Monthly rent/mortgage would be considered a fixed expense, because you know the total it will be each month, along with when it’s due. Vacations are often planned, so it’s best to use funds designated towards that goal if you know you’re going to be going on vacation.
Question 10
10. Students that work part time while in college are more likely to complete their degree.
Notes
Research shows that students who work part time while in college get better grades and are more likely to complete their degrees than those that don’t work at all. While working 10-20 hours a week is considered to help a student complete their degree, working 40+ hours a week becomes too much. There is a balance to find when considering this, as well as what works best for the student.
Question 11
11. What are some ways to manage your money?
- Monitor your accounts
- Record purchases in a check book or note pad
- Mental Accounting
- Smart phone apps
Notes
All of these are ways to manage your money. It depends on what works best for you and your situation.
Envelope budgeting is where you have specific envelopes that you put cash each month for different purposes; that cash is what you use for different budget categories. When you run out of cash, you’re out of money for that category for the period you have budgeted (month, week, etc.). An electronic example of this is the GoodBudget app.
Mental accounting is when an individual has a “mental inventory” they use to track expenses into different budgeting categories. Sometimes they’ll use different “buckets” of money for different purposes (e.g., tax money is for books; savings account money is for emergencies).
No one method is correct. However, it is important you choose what’s best for you, as well as monitoring your accounts regularly. If a method isn’t working, change it.
Question 12
12. What is the most variable educational expense in college?
- Tuition & Fees
- Books & Supplies
- Living Expenses (correct)
- Travel
Notes
Living expenses can vary wildly based on lifestyle choices. For example renting an apartment can be expensive, but having a roommate can help you split the costs. Or if you decide to live in a dorm, housing with a roommate tends to make it a cheaper option. You want to live like a student while you are a student, so you do not have to after you graduate. Tuition & Fees can be a large expense, however it does not vary as much as Living Expenses year to year or even month to month.
Question 13
13. Which of the following is NOT one of the 3 main credit bureaus in the United States?
- Equifax
- Experian
- Transfax (correct)
- TransUnion
Notes
Transfax is not one of the 3 main credit bureaus in the United States. The credit bureaus collect and store personal and financial information about individuals. Information in these credit bureaus is used to create credit scores and by other businesses to make decisions on whether or not to do business with that individual. The information these business collect can impact your ability to get a lease, car insurance, a job, and more. You can pull credit reports from all 3 bureaus for free once every 12 months at https://annualcreditreport.com.
Question 14
14. You have only three credit scores.
Notes
False, at any given moment, you actually have hundreds of credit scores. A lot goes into credit history and scores. To learn more about credit scores, reports, and histories, consult the Credit Secrets Revealed course on Moodle.
Question 15
15. If you’re under the age of 21, it is harder to get a credit card.
Notes
This is true. The Credit Card act of 2009 makes it harder to get one, because it legally requires that you prove your capacity to repay or have a co-signer in order to qualify for a credit card. To learn more about credit scores, reports, and histories, consult the Establish Healthy Credit course on Moodle.
Question 16
16. How early can you complete the FAFSA every year?
- January 1
- October 1 (correct)
- March 30
- November 30
Notes
October 1st is correct. It is important to be able to file your FAFSA as quickly as possible once it’s available to increase your chances of receiving first come, first serve funding.
Question 17
17. Which of the following is true?
- Loans have to be paid back (correct)
- Scholarships have to be paid back
- Grants require receipts for purchases
- All loans require you to have a minimum GPA
Notes
It is important to note that all loans will have to be paid back. You can defer loans while pursuing your education, but, after the grace period, payments will begin. You can learn about payment options, deferment, forebearance, consolidation, and more in our Student Loan Repayment course on Moodle.
Question 18
18. The government pays the interest for you while in school/deferment on this type of loan.
- Unsubsidized
- Subsidized (correct)
Notes
Subsidized loans have the interest paid by the goverment while in school/during deferment, whereas for unsubsidized loans, the interest starts accruing as soon as the loan is dispersed.
Question 19
19. Who is legally responsible for paying for your college degree?
- I am (correct)
- My parents are
- The federal government
- My legal guardian or custodial parent
Notes
While the FAFSA considers paying for college a family responsibilitiy, you are legally responsible for paying for your own education. It’s your name on the bill for tuition and fees, and, most often, it’s your name on student loans unless your parents took out a Parent PLUS Loan or private loans in their names.
Question 20
20. The more education you have, the less likely you are to be unemployed during your lifetime.
Notes
Correct, Bureau of Labor Statistics data shows that the higher your level of education, the less likely you are to be unemployed and the more money you’re likely to make throughout your career.
Question 21
21. How can you maximize the financial return on your college education?
- Search for scholarships (correct)
- Use career services early (correct)
- Borrow less (correct)
- Join a club or volunteer (correct)
Notes
Yay, all of these are correct, and the earlier you start using them within your educational journey, the more access to resources/information you have. Searching for scholarships helps you decrease how much money your education will cost. Using career services helps you develop professional skills such as resume writing, practice interviews, and networking. Joining a club/volunteers helps you connect with people who have similar interest, and begins to help you build your professional circle.
