In our classroom, we have an "Economy System".  Each week, kids earn play money for the following things:

$1.00 for each day they complete their homework

$1.00 for each day their desks and binders are organized

A set amount for the weekly job they're assigned.

Each day, students fill out a receipt, which categorizes the earnings for behavior, homework, and organization.  On Fridays, they will add in the pay for their weekly job, and will be paid for what they've earned for the week. 

Bonus Bucks

Students can also earn "Bonus Bucks" during the week for showing extra special effort and for doing good deeds for others.  These bonus bucks are not accounted for on their receipt, but are just random dollars given to the kids when I feel they've done something to earn them.  Homeworkopoly occasionally rewards kids with bonus bucks as well, but you have to do your homework to play. 

Saving

Every trimester (October, January, April), we open our classroom store, and kids may save to purchase things with the money they've earned.  With parent donations of toys and money in the beginning of the year, I hope to obtain lots of highly desirable "goodies" for the classroom store!  Beside prizes such as toys, books, and games, students can also save up for items on the Reward List, such as classroom parties, homework passes, free spins on the Homeworkopoly gameboard, and good notes home to parents, and more!

Responsibility

From this system, students learn responsibility.  They learn to keep track of their money and not to lose it.  They learn how to save up for things that are important to them, instead of spending everything at once.  They also learn the value of earning money, instead of just being given things for free.  They take more pride in their work, their behavior, and take more responsibility for their actions.

FAQ

What if I don't have my homework on the day its due, but I bring it the next day?

In order to earn the money, you must bring in all homework on the day it is due.  If there is an "Extreme Emergency" in your family or house and your parents explain it to me in a note, that's the only time I'd allow you to get paid for a late assignment.

What if there are two assignments due (math and spelling, for example), and I only have one subject done? Do I get half payment?

No, you must bring in every assignment on the day it is due in order to receive the full $1.00 for the day.  There are no half payments.  It's all or nothing. 

How will you know if my desk and binder are clean every day?  Will you be checking daily?

The desk inspector will be checking your desk daily.  I will do surprise binder checks.  I am going to use the Honor System, and trust you are keeping your binders neat and organized.  You will have time at the end of each day to organize your desk and binder.  If I happen to notice that you've been unorganized, you won't get paid for that category for that day.  If you have not fixed the problem by the next day, you will lose your pay for the week ($5.00).

Can we give away the money we earn to help others earn something they want?  Or can some of my friends and I put our money together to earn a party for the whole class?

 Although that's a very nice thought, you may only spend the money that you earn.  The point of the Classroom economy is to learn the value of earning and saving money yourself, just as adults do in the real world.  Unfortunately, there is no combining or giving away money in our Classroom Economy.  My weekly tally sheets will let me know how much you might have earned.

Do we have to wait until the classroom store to exchange our money?

You must wait for the classroom store to purchase things such as books, games, and toys.  However, you may exchange your money for things on the Reward List (such as free homework passes, free spins on Homeworkopoly, etc.) daily, but not during direct instruction time!

Will you ever take money away from us?

No, I won't take money away from you, but you might not get paid depending on the circumstances.  If your behavior is not perfect, you'll lose $1.00 for that day's behavior when you fill out your receipt at the end of the week.  If you don't do your homework, you'll lose $1.00 for that day when you fill out your receipt at the end of the week.  The same thing goes for organization and your class job.  So even though I'm not taking money away from you, you won't really be earning it either. 

What if we lose our money?  Will you give it back to me?

No.  If adults lose money, the bank doesn't give it back to them!  We earn it, and must be responsible with it.  If you put into your ROCKET binder zipper pouch as soon as you get it, you won't have to worry about losing it! But if you're not organized and responsible with your money and you happen to lose it, you'll learn a valuable lesson. 

If we are absent, will we still get paid for behavior, organization, and homework?

If you are absent, you can be paid if you complete the assignments for that day according to the "Absent Work" rules.  Otherwise, you must be present to win!

Comment On This Page