Homebase 3-4 has developed a small classroom economy system that will begin teaching the basics of money management. In the beginning of the year, students were given help wanted classifieds. Each position listed included a description of the job along with its responsibilities. Once students read these positions, they were ready to apply.
An online job application, created on Google Forms, was emailed to all students. Students were to fill out this application which included the position they would like to apply for along with any qualities they have that help their chances of being hired for this position. The monetary value for each position was different based on the amount of work that needed to be completed through the course of the day.
Students now have their jobs. Jobs will be rotated on a 6 week rotation. Students will have to go through the process of applying for a new position at this time.
Friday is PAY DAY! Students receive their money on Friday's to put into their wallets (envelopes). Included in these envelopes is a balance sheet. Students are to document their transactions in their bank account ledger (date, withdrawn, deposit and balance)
Students are able to spend their money a number of ways. I have a store bin in which each item has a labeled price. Students can choose to spend their money in our store. This must be documented on their bank account ledger. Students may also choose to purchase privileges such as , lunch in the classroom, 30 mins of free time, no homework, etc.
Our class manager oversees everyone's jobs and keeps track of who is completing their jobs and when. This determines pay at the end of the week. Our manager also completes the jobs of those students who are absent. This position is the highest paid.
This system helps with money management, job responsibilities and a reward system that is much more meaningful to students. We all remember earning our first paycheck and being able to save for our first big ticket item:) We have also been in the position where we would spend our whole paycheck. Students will see the effects of these types of decisions and scenarios in the classroom.
The students and I are very excited about having this system in place. This takes learning money and responsibility to a whole new level!
An online job application, created on Google Forms, was emailed to all students. Students were to fill out this application which included the position they would like to apply for along with any qualities they have that help their chances of being hired for this position. The monetary value for each position was different based on the amount of work that needed to be completed through the course of the day.
Students now have their jobs. Jobs will be rotated on a 6 week rotation. Students will have to go through the process of applying for a new position at this time.
Friday is PAY DAY! Students receive their money on Friday's to put into their wallets (envelopes). Included in these envelopes is a balance sheet. Students are to document their transactions in their bank account ledger (date, withdrawn, deposit and balance)
Students are able to spend their money a number of ways. I have a store bin in which each item has a labeled price. Students can choose to spend their money in our store. This must be documented on their bank account ledger. Students may also choose to purchase privileges such as , lunch in the classroom, 30 mins of free time, no homework, etc.
Our class manager oversees everyone's jobs and keeps track of who is completing their jobs and when. This determines pay at the end of the week. Our manager also completes the jobs of those students who are absent. This position is the highest paid.
This system helps with money management, job responsibilities and a reward system that is much more meaningful to students. We all remember earning our first paycheck and being able to save for our first big ticket item:) We have also been in the position where we would spend our whole paycheck. Students will see the effects of these types of decisions and scenarios in the classroom.
The students and I are very excited about having this system in place. This takes learning money and responsibility to a whole new level!