Economy System

There are many ways to do this in your classroom, as I've heard from talking to other teachers.  However, to give credit where it's due, I got my idea from the AMAZING teacher, Rafe Esquith & his Hobart Shakespeareans.  His first book, There Are No Shortcuts, talks about how he runs the economy system.  Then I adjusted, added, and tweaked things to fit me and my classroom.

One big take away that I've learned from Rafe is to not reward behavior externally with the money system.  It is solely for the responsibility of working the class job and other academic extras.   Behavior is expected and can be recognized other ways, but I'm not giving students money for sitting nicely, being kind to a neighbor, or taking out things quickly when asked.  I don't get paid extra to be courteous to my coworkers. Trust me, I have run into (crying) moments when I know I could just do the table points or toss dollars out left and right to keep my sanity, but the point is to teach behavior so that students act accordingly no matter who they're with or where they are, not just because I'm giving them an incentive (money).  It's a higher and more difficult expectation, but I've found it very beneficial throughout the years.

Here are some things the economy system teaches:

Well, here are the basics of what I do that's worked for me:



Students have to pay rent to sit in their seats... so they need to work (EVERYONE has a job).

Below is a copy of the application students receive the very first day of school.  It is the only HW due the next day.  Timeliness is key here and I've only had one student turn it in late...and did not get any of her top 3 choices.  There were tears.  Oh well!

This is a master list of the classified ads.  I've basically added to it as jobs are needed.  I don't put this many choices on the actual one students get.  It's modified and I put about 2-5 more jobs than there are students.  NOTE: Teacher Assistant and Substitute worker have been critical since they are given the duties of jobs I really need but don't have applicants for.  :)  Sneaky!



• I make it so student salaries, though different amounts, do not cover the rent, so they will have to work harder to earn money elsewhere (see "Other Ways to Earn" in the next section)
• I have students keep the SAME job the ENTIRE year.  This teaches them to think hard about what they want to apply for and learn to stick with something (whether they grow to love or hate it...not all people have the luxury to just quit whenever things get a little tough)

Other Ways to Earn

Basically, all other extra cash comes from doing good work.  The weekly HW check is HUGE!  I also give extra for students who join Student Council.

This is the cash currency I use.  I change out the colors every other year so students can't give them to siblings.  Always one step ahead!  ;)

Real Estate Opportunities & Fees/Fines

How to keep track of finances - Checkbook, savings, banker, paychecks

Each student has a check book that contains:

• left side: practice checks (beginning of year lesson), blank checks (to write rent checks, fines, etc.), resealable plastic bag (to hold cash)
• right side: one ledger sheet (checking account recorded on front, savings account on the back) & scratch paper behind

I buy the 3-column pad.  I could also make my own, but this was easier .






Checking account student sample

I didn't save a student sample of the savings account, but here's the gist of what they would record.

BANKERS are key to the economy system.  There is NO WAY I could keep track of all student accounts for accuracy.  These students are the highest paid and anyone who applies takes a mini math test after I teach about deposits, debits, etc.  They have a banker's book with a ledger sheet for each client.  They ledger sheet should match the client's at all times.  And yes, the bankers are even assigned a different banker to keep track of their finances... just in case!

Below are the posters I post on the economy bulletin board so students can remind themselves of the basic accounts.

Auctions 

At the end of every month, we have a live auction where students can purchase items.  I purposely do not show them what will be auctioned off and save the best ones towards the end.  This teaches delayed gratification.  I save money by auctioning off things that also don't require purchasing (use of the swivel chair for a month, coupons for lunches in the class with me, 10 minutes of computer time passes, etc.).

Before each auction can take place, students meet with their bankers to do the following (All transactions must be recorded on the ledger sheets.):

• pay rent & fines
• add money to savings, if desired 
• deposit or withdraw money

At the end of the year, I hold a silent auction, where goods are laid out everywhere.  I have found that this allows everyone to purchase something, even my poor kids.  That's because my wealthier students put most of their money on their most desired items.  Our silent auction pictures are below.

The most difficult part of starting this was thinking of enough jobs for everyone plus some extras and making sure each job has something to wok with (i.e. "Nurse" needs mini  medical kit with band aids, "Social Committee" needs box of supplies to make cards, etc.).  However, once "trainings" take place and it starts running, it is pretty sweet!!!  It was the one thing I know I did right my first year!