Give your students a glimpse at what it looks like financially for a two-parent, two-child family to live in different counties across the country.

The cost of living is a crucial factor to consider when doing any kind of financial planning, especially when the numbers can be drastically different depending on what area you're considering living in. This interactive map from the Economic Policy Institute lets you analyze the cost of living, broken down into different categories, across all of the counties in the United States.

Questions:

• Look at the monthly costs for different necessities. How would you prioritize these expenses if you had a limited budget?
• Compare the cost of living in a rural county like Polk County, WI, to a more urban area like New York City. What are some factors that might account for the differences in cost of living between the two regions?
• Based on the total yearly cost of living in a county you'd be interested in living in, what would be a reasonable salary to aim for in order to live comfortably?
• Discuss how lifestyle choices, such as the size of one’s family, can impact the cost of living. How might personal values and life goals affect these choices?
• Considering the cost of living, how does this influence your plans for higher education and career choices?
• How much money do you think you should aim to save for emergencies based on the monthly cost of living in your area?
• Why is it important to include health care in your financial planning, even at a young age?

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Looking for more interactive resources? Be sure to check out the NGPF Interactive Library. 

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.