The First Day - Introducing the Classroom Economy to your students.
The first days are pretty crucial! Putting time in the first month of school is essential for making this system successful.
Day One
Get the kids excited! Tell them about the Classroom Economy. Let them know that like adults, they will be earning an income, paying rent, paying taxes, and maintaining a bank account. Explain how they can earn money, and how they can spend it. This should all be linked to your classroom rules and expectations.
Earning Money
Spending Money
Emphasize that their number one job is being a stellar student. Have the kids brainstorm what a stellar student is, how they behave, and what they accomplish. From this list, you can create a list of bonuses to display for the rest of the year. Usually my bonuses are as follows.
Bonuses
Fines and Supplies Cost
Important Note: The only fines I give are for missing homework or classwork. Some kids in my class come from homes where they have no support and often no opportunity to do homework. I do not fine these kids for homework. It simply sets them up for failure and hinders their ability to find a love in learning. That said- do what fits best for you and for your beliefs surrounding homework.
**It is important to explain to kids that if given a fine, they cannot argue it immediately. I tell them that as an adult, if you receive a ticket that you feel you do not deserve, you can contest it. You have to do this calmly and after the fact. I have students write me a note explaining why they think they do not deserve the fine. They leave it in my mailbox (on my desk) and then we discuss it during recess. The goal is to teach them how to react calmly. I am always very upfront with students- I am human and I will make mistakes. If I mistakenly accuse you of something, you cannot begin arguing with me immediately. The best way to solve the situation is to wait for an appropriate time (recess) and speak with me politely.
Day Two
Pass out The Classroom Classifieds and The Job Application. I usually give the kids a couple of days to fill this out as it does call for references. I explain to the students how important credible references are and that the best references are former teachers. I always give the teachers at school a heads up and warn the kids NOT to interrupt their instruction. They need to try to get them before school, after school, or during recess.
Describe each job thoroughly. You should take time with this. Show them what is expected. You will have to train students individually after they apply for the jobs. Also be sure to let them know that they may not get their first choice. The job application gives them three choices. They will get one of them!
Day Three
Explain Scholar Dollars and the banking system. Show students what the banking system will look like. I use MyKidsBank.org. Each kid has their own "bank account," user name and password. Bankers are given separate accounts to do their banking business with. This also will allow for automatic deposits which makes payday a lot easier.
Explain to kids that there are only certain times that they can do banking. I assign one banker to every 5 or 6 kids. This is a decision you need to make based on your preference. In my school, we have a random 15 minutes on Friday after lunch before dismissal. This is my designated banking time. Students are only allowed to make deposits and withdrawls once a week. In past years, bankers were available every other day in the morning while kids settled in and completed their Morning Business. This only works if your bankers are super responsible and good at multi-tasking.
In the past, every kid had a checkbook and was expected to keep detailed records of their transactions. In years past I was able to get banks to donate checkbook sleeves for this but that is hard to do in the age of digital banking. Because MyKidsBank.org allows for students to incur interest, I no longer have them keep individual records and do not have them balance their checkbooks. My emphasis with the bank is to teach them about interest and the importance of savings. By 4th grade their adding and subtracting skills are pretty solid and kids of the digital age are pretty good at keeping track of money in their bank!
Day 4 and Beyond
Continue teaching routines and expectations. You will need to show them how to write a check and have them practice writing their first rent check. After the kids turn in their job application, carefully assign jobs and begin training students. Be consistent and provide a lot of guidance in the first month! In no time the system will essentially be running itself!
Day One
Get the kids excited! Tell them about the Classroom Economy. Let them know that like adults, they will be earning an income, paying rent, paying taxes, and maintaining a bank account. Explain how they can earn money, and how they can spend it. This should all be linked to your classroom rules and expectations.
Earning Money
- Being a Stellar Student
- Salary from Classroom Job - I break down what is in their paycheck. I dedicate a certain portion to their classroom job, and another portion to meeting expectations like behaving, staying on task and completing classwork and homework.
Spending Money
- Rent
- Taxes
- Classroom store
Emphasize that their number one job is being a stellar student. Have the kids brainstorm what a stellar student is, how they behave, and what they accomplish. From this list, you can create a list of bonuses to display for the rest of the year. Usually my bonuses are as follows.
Bonuses
- Stellar Student = $50 (Perfect behavior all day)
- Paper clip chain filled = $100
- Staying on Task, Using vocabulary words properly while speaking, random acts of kindness, (anything else the class comes up with...) $ amount varies but I keep the amounts for these things small. The bulk of their paycheck comes from being a student. In real life you wouldn't get paid extra for completing expected tasks so I don't typically give more than $1 just as some extra extrinsic motivation.
Fines and Supplies Cost
- Pencils = $2
- Paper = $1
- New Homework folder = $10
- Missing Work = $10
- Messy Desk = $20
- Missing Work = $10
- Off Task = $5 - $10
- Dishonesty = $500 - $1,000
- Disrespecting the teacher or a classmate = $50 - $100
- Late from Recess or lunch = $50
Important Note: The only fines I give are for missing homework or classwork. Some kids in my class come from homes where they have no support and often no opportunity to do homework. I do not fine these kids for homework. It simply sets them up for failure and hinders their ability to find a love in learning. That said- do what fits best for you and for your beliefs surrounding homework.
**It is important to explain to kids that if given a fine, they cannot argue it immediately. I tell them that as an adult, if you receive a ticket that you feel you do not deserve, you can contest it. You have to do this calmly and after the fact. I have students write me a note explaining why they think they do not deserve the fine. They leave it in my mailbox (on my desk) and then we discuss it during recess. The goal is to teach them how to react calmly. I am always very upfront with students- I am human and I will make mistakes. If I mistakenly accuse you of something, you cannot begin arguing with me immediately. The best way to solve the situation is to wait for an appropriate time (recess) and speak with me politely.
Day Two
Pass out The Classroom Classifieds and The Job Application. I usually give the kids a couple of days to fill this out as it does call for references. I explain to the students how important credible references are and that the best references are former teachers. I always give the teachers at school a heads up and warn the kids NOT to interrupt their instruction. They need to try to get them before school, after school, or during recess.
Describe each job thoroughly. You should take time with this. Show them what is expected. You will have to train students individually after they apply for the jobs. Also be sure to let them know that they may not get their first choice. The job application gives them three choices. They will get one of them!
Day Three
Explain Scholar Dollars and the banking system. Show students what the banking system will look like. I use MyKidsBank.org. Each kid has their own "bank account," user name and password. Bankers are given separate accounts to do their banking business with. This also will allow for automatic deposits which makes payday a lot easier.
Explain to kids that there are only certain times that they can do banking. I assign one banker to every 5 or 6 kids. This is a decision you need to make based on your preference. In my school, we have a random 15 minutes on Friday after lunch before dismissal. This is my designated banking time. Students are only allowed to make deposits and withdrawls once a week. In past years, bankers were available every other day in the morning while kids settled in and completed their Morning Business. This only works if your bankers are super responsible and good at multi-tasking.
In the past, every kid had a checkbook and was expected to keep detailed records of their transactions. In years past I was able to get banks to donate checkbook sleeves for this but that is hard to do in the age of digital banking. Because MyKidsBank.org allows for students to incur interest, I no longer have them keep individual records and do not have them balance their checkbooks. My emphasis with the bank is to teach them about interest and the importance of savings. By 4th grade their adding and subtracting skills are pretty solid and kids of the digital age are pretty good at keeping track of money in their bank!
Day 4 and Beyond
Continue teaching routines and expectations. You will need to show them how to write a check and have them practice writing their first rent check. After the kids turn in their job application, carefully assign jobs and begin training students. Be consistent and provide a lot of guidance in the first month! In no time the system will essentially be running itself!
Next: Some Things to Consider