You may have heard your child talk about earning or owing money at school. This year I have started a classroom economy system to help with behavior management, teach social studies standards, and motivate students.
Here is how it works:
Each student has a job that they will keep for the entire school year. They will be paid for their job at the end of every month, and each job makes a different amount. (Please see job list below to see what job your child has). Students also have to pay rent for their desks at the end of each month, but the catch is that the money they make from their job is not enough to cover their monthly rent. Therefore, throughout the month students must find ways to earn extra money. (Please see list of bonuses below to see how your child can earn extra money).
However, just as students can earn money they can lose money for various behaviors as well. (Please see fine list below). At the end of every month we will have a class auction where students can spend their money on auction items. If students were unable to pay their rent that month they will not be able to participate in the auction. This is not to punish anyone, but to teach them responsibility. By not participating some students have found that they must do their homework every night to earn a bonus and avoid losing money. Other students have realized they must take better care of their money and not lose it.
If students save $300 they can pay a one-time fee to "buy" their desk and stay rent free for the rest of the school year. This means that all of their money can be spent in the monthly auctions!!
Overall, I've had a great response from students and they look forward to earning their money, participating in the auction, and doing their daily job. If you would like to visit the website where I got all of the ideas and materials, it is: www.myclassroomeconomy.org
List of Bonuses:
Earn 100% on major test- $20
Get a compliment from another teacher- $20
Stay on green all month- $20
Complete an outside reading assignment (book report)- $20
Earn 100% on small test or quiz- $10
Join an extracurricular activity- $10
Earn 90-99% on any test or quiz- $5
Complete homework all week- $5
Stay on green all week- $5
List of Fines:
Dishonesty- $50
Red Card- $50
Rudeness- $10
Messy Desk or Cubby- $10
Orange Card- $10
Missing Homework- $5
Off Task/Not Paying attention- $5
Late coming from breakfast- $5
Yellow Card- $5
List of Jobs:
Banker: Zaine, Gwen, Taylor, Lance
Clerks: Ruby, Parker
Store Clerks: Jayden, Cole
Messengers: Aaron, Forbes
Substitutes: Ellie, Chelsea
Librarians: Emily, Sully
Meteorologist: Harlee
Technology Coordinator: Reece, Tommy
Custodian: Kennedy, Mark
Dear Families,
As you may know our class has been using a system called “My Classroom Economy.” This system is aligned to several math and social studies standards, and is also used to motivate students and teach them responsibility. Our school year has been off to a great start and students are earning so much money that I felt our monthly auctions were not enough to keep them interested. Therefore, I have decided to add another component to our classroom economy system.
Through this program we have discussed many aspects of earning and spending money. Recently we discussed the importance of having an “emergency” or “rainy day” fund to pay for unexpected expenses. Therefore, the next component of our system will require students to start building a rainy day fund. Some students have already purchased their desk and are well on their way to saving for this fund, while others are still struggling to pay rent each month. This is a learning process for all students, but I do feel that as time passes they are learning more and more about saving and spending money.
Once students have saved $1000 in their emergency fund, they will be able to start saving up for some big purchases, which will be after school parties. Dates and details have not yet been set for this, but I want to give you a heads up in case your child starts talking about this at home.
Here is how your child will be able to earn “big” prizes:
Students must save $1,000 in emergency or “rainy day fund”
After a student has saved enough money in their rainy day fund, they will be able to save up for one (or all) of the monthly parties. There will be 1 “big” prize (party) per month- all parties will be after school. Parents will be invited to every party. Yes, parents this is free of charge (I already had students asking if they could pay for their parents to come!) How sweet is that?! J
January: Pizza/Board Game party Cost: $500
February: Popcorn & Movie Party Cost: $500
March: Cookie baking and decorating party Cost: $500
April: Hawaiian Luau Cost: $500
May: Party for all students who build emergency fund
**Students can also pay to bring a friend if they would like.
I hope that these parties motivate students to keep saving so that they don’t become bored with the monthly auctions. I think goal setting is an important part of being an adult, and offering several ways for students to spend money will keep them striving toward new goals.
Thank you for your continued support!
Miss Pratt