This free simulator lets a student build a first paycheck from a New York hourly wage, split it into needs, wants and savings, set an emergency fund goal, see what a credit card minimum payment really costs, and watch monthly saving grow from age 16 or 25. It runs in your browser, needs no sign-up, and doesn't send or save anything you enter. Teachers: the one-period lesson plan and NYSED topic map are at the bottom.
The simulator needs JavaScript turned on. The lesson plan below works without it.
Your first paycheck
Start with where you work. New York's minimum wage depends on the region. From January 1, 2026 it is $17.00 an hour in New York City, Long Island and Westchester, and $16.00 in the rest of the state.
Starts at your region's minimum wage.
A summer job might be 10. Income tax depends on the whole year.
Most high school students can be claimed. It changes the standard deduction.
| Gross pay for one week | |
| Social Security (6.2%)2026 employee rate, IRS Topic 751 and SSA | |
| Medicare (1.45%)2026 employee rate, IRS Topic 751 and SSA | |
| Federal income tax estimate | |
| New York State income tax estimate | |
| New York City income tax estimate2026 NYC rates from 3.078%, NY Tax Department Form IT-2105-I | |
| Take-home pay for the week |
How the estimates work: we add up your pay for the year, subtract the 2026 standard deduction, apply the 2026 rates, and spread the tax evenly over the weeks you work. Social Security and Medicare are exact percentages of each paycheck. A real pay stub can differ, because your employer withholds income tax using the forms you fill out when you're hired (federal Form W-4 and New York Form IT-2104). Any difference is settled when you file a tax return, which is how many students get money back. Tax credits, other income, and the federal tips and overtime deductions for 2025 to 2028 are not included.
Needs, wants and savings
Needs are what you must pay: a phone bill, a MetroCard or OMNY rides, school costs, money you give at home. Wants are the rest: food out, games, clothes beyond the basics. Savings is money you pay to your future self first. Slide to split your monthly take-home of .
Your plan: needs , wants , savings a month.
Faded bar: the 50/30/20 rule of thumb (50% needs, 30% wants, 20% savings). It is a common starting point, not a rule anyone has to follow. A student living at home may have small needs and can save far more than 20%.
Emergency fund goal
An emergency fund is savings you don't touch except for a surprise: a cracked phone screen, a lost MetroCard, a bill you didn't expect. Pick a goal that would cover a surprise in your life.
Filled in from your savings in step 2. You can change it.
The credit card trap
A card's minimum payment keeps your account in good standing, but it is set low on purpose. Put in a balance and see what paying only the minimum costs.
24% is an example. Every card states its own APR in its terms.
Or $25, whichever is more. Cards set their own formula.
Illustrative math: interest is added once a month at the APR divided by 12, no new purchases, no fees. Real cards usually figure interest daily, and a late payment can bring a fee and a higher rate.
Start at 16 or start at 25
Money that is invested can earn a return, and next year the return earns a return too. That is compound growth. Compare the same monthly amount started at 16 and at 25, both stopping at 65.
An assumption to play with, not a promise. Investments can lose money, and real returns go up and down every year.
The math: the monthly amount is added at the end of each month and the assumed yearly return is applied monthly. No taxes, fees or inflation.
What I learned
One thing that surprised me:
One money habit I'll try this month:
One question I still have:
Printing uses your browser. Nothing is saved or sent to us. Write your name on the paper, not on the page.
For teachers: a one-period lesson
New York requires personal finance instruction for high school students by the end of grade 12, starting in the 2026-27 school year, and each district picks its own materials (8 NYCRR 100.2(c)(13); NYSED). This simulator is a free supplement your class can use on phones, laptops or one projected screen. Students don't make accounts, and nothing they type leaves their browser.
Which NYSED topics each step covers
| Step | NYSED topic | Grade 9-12 objective (our short label) |
|---|---|---|
| 1. First paycheck | Earning Income | 3.7 Taxes and deductions on a pay stub, Social Security and Medicare |
| 2. Needs, wants, savings | Budgeting and Money Management | 1.1 Build and track a budget with fixed and variable expenses |
| 3. Emergency fund | Saving and Investing | 5.1 Saving versus investing, and short- and long-term goals; 5.2 Strategies to reach saving goals |
| 4. Credit card | Credit and Debt Management | 2.2 Credit card APR, fees and terms; avoiding fees and rate increases |
| 5. Compound growth | Saving and Investing | 5.5 Why investing earlier builds more wealth |
Risk Management isn't part of this simulator; Module 07, Risk and Insurance, covers it. The full objective wording is on NYSED's learning objectives page. This is our own match; NYSED has not reviewed it.
Lesson outline (45 minutes)
| 0-5 | Warm-up. Ask: "You work 15 hours at $17. How much do you think you take home?" Students write a guess. |
| 5-15 | Step 1, paycheck. Compare the guess with take-home. Switch the dependent box and the region, and talk about where each deduction goes. Ask why New York State tax can start before federal tax for a student who is claimed as a dependent. |
| 15-23 | Step 2, budget. In pairs, list three needs and three wants, then set the sliders. Compare with the 50/30/20 rule of thumb and discuss why a student's split can differ. |
| 23-28 | Step 3, emergency fund. Each student picks a goal and reads how many months it takes. What would make it faster? |
| 28-36 | Step 4, credit card. Run $1,000 at 24% on the minimum, then at a fixed $100. Try a balance where the minimum doesn't cover the interest. Who benefits from a low minimum? |
| 36-41 | Step 5, compound growth. Compare 16 and 25. Ask why the earlier saver ends with more while putting in only a little more. |
| 41-45 | Exit ticket. Students fill in "What I learned" and print it or copy the three prompts onto paper. |
Go further
- The free NYC Honor Academy teacher kit has a 45-minute plan, worksheet, pre/post quiz and answer keys for each of the seven lessons.
- NYC Honor Academy for New York teachers maps every lesson to NYSED's five topics and 33 grade 9-12 objectives, including the ones we don't reach yet.
- Lessons that go deeper on these steps: Module 01, Money Fundamentals (budgeting), Module 03, NIL and Taxes, Module 04, Make It Grow (compound growth) and Module 06, Protect the Bag (credit).
- Free to copy and adapt under CC BY-NC-SA 4.0, with credit to NYC Honor Foundation, not for sale, shared the same way.
Sources for the 2026 figures
- Social Security 6.2% and Medicare 1.45% employee rates; 2026 Social Security wage base $184,500: IRS Topic 751 and SSA, Contribution and Benefit Base.
- 2026 federal rates for single filers (10% up to $12,400 of taxable income, 12% up to $50,400, 22% up to $105,700), the $16,100 standard deduction, and the standard deduction for someone who can be claimed as a dependent (the larger of $1,350 or earned income plus $450, up to $16,100): IRS Rev. Proc. 2025-32.
- Federal deductions for qualified tips and overtime, tax years 2025 to 2028 (not modeled here): IRS.
- 2026 New York State rates for single filers (3.9% on the first $8,500 of taxable income, then 4.4%, 5.15%, 5.4% and 5.9%), 2026 New York City rates (3.078% on the first $12,000, then 3.762%, 3.819% and 3.876%), and the New York standard deduction ($8,000 single; $3,100 if you can be claimed as a dependent): NY Department of Taxation and Finance, Form IT-2105-I (2026).
- Minimum wage from January 1, 2026 ($17.00 New York City, Long Island and Westchester; $16.00 rest of state): NYS Department of Labor and ny.gov.
- NYSED, Personal Finance Education learning objectives, grades 9-12.
The example APR, the minimum payment formula, the emergency fund goal and the assumed return are illustrative inputs you can change, not facts about any card or investment. All sources read October 14, 2026.
Educational content only. Not tax, legal or investment advice. The tax figures are simplified estimates for learning. This is NYC Honor Foundation's own tool; NYSED has not reviewed or approved it, and NYC Honor Foundation is not affiliated with NYSED. Your district decides how it delivers the required instruction. Built by NYC Honor Foundation volunteers. Spot a mistake? Email eslyn@nychonor.org.
NYC Honor Academy is free for every student and teacher. If it helped your class, you can support it with a gift to NYC Honor Foundation, a 501(c)(3) public charity.