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Classroom Money System

Compiled By: Editor

How to set up a classroom money system / classroom economy.

Classroom money
Posted by: Chris

I've worked a money system with my 5th graders. I figured out a wage schedule so that I was paying them a salary. Like being present $1.00, Staying all day $1.00, having homework $2.00, finishing all work on time $3.00, reading quietly when finished $2.00, not getting in trouble that day $3.00 etc. I not only paid them for appropriate behavior I made them pay for privileges: drink of water $1.00, Bathroom break $2.00 (they could also drink at this time) computer time $3.00, etc. They also had to pay me for breaking the rules. Example: If they broke the no talking rule they would owe me 2.00 or something like that, depending on your rules and the ones they tend to break the most often. At the end of the grading period-- six weeks were I am-- I would get a few things from the dollar store and have a small auction. I used some of the small paper money you can buy in Walmart etc., but there were quite a few instances of thievery. I think that a check book with deposits and withdrawals would work really well, it prevents thievery and teaches the life skill of keeping a checkbook and writing checks. I did allow my students to borrow from each other but told them that it was their problem if their friend did not pay them back. This again is a life skill. Friday's were paydays. If a child was in the black they got an extra $5.00 bonus, if they were in the red-- they owed me money we had consequence. List of Classroom jobs that needed to be done for specific payment, lunch/recess detention for so much owed, etc. Consequences for being in the red need to be figured out per child and situation. My students really loved it and thoroughly enjoyed teasing the other students by telling them that they had to give me $2.00 to go to the bathroom. My administrator like the idea as well. Hope this helps.

Classroom Money System
Posted by: bamagirl

I have used a classroom money system very successfully for the past 2 years. Students earn money for: all A's on report card, all A's and B's on report card, perfect attendance at the end of each week, no checks at the end of each week, good citizens for each nine weeks, and various other good deeds I catch them doing.

I open my classroom store every 4-5 weeks. I have tried to come up with a lot of things for the students to "buy" that doesn't cost me a lot of money! :D Here are some things I "sell":

small candy/gum (However, I will be doing away with this for the upcoming year due to new health laws.)
College Day...Students get to bring a drink (juice, Gatorade, water) and a healthy snack from home.
Homework Pass...can only be used on a teacher approved assignment
Lunch With A Friend
Treasure Box...this includes small items from the dollar store, markers bought at back-to-school sales, toys from cereal, etc.
Extra Recess Pass
10 Bonus Points on a more than 10 points can be added to a test
30 minutes free computer time
1 hour classroom free time
Library Helper
Office Helper
Another Teacher Helper
Dinner with your teachers...this costs a lot, so the students have to save all year in order to have enough classroom money!

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Money System
Posted by: Donna

My 4th graders get paid every 2 weeks, just as I do. They get $1.00 of classroom money for each day of school, and $2.00 extra if they have a classroom job. I keep a spreadsheet of names on a clipboard on my desk every week. If they don't turn in an assignment, lose recess by breaking rules, etc. I put a mark on the clipboard. At the end of 2 weeks, I give them their money. I add up their marks in the clipboard for the two week pay period, and they OWE ME a dollar for every mark. Some kids keep all their money, some end up with just a few dollars. Then I sell little pieces of candy, suckers, pencils, stickers, and anything else I can buy cheaply. They can choose to save their money (I keep it stored away in an envelope for them). For $25 they can buy lunch with me and a friend. I buy them each a can of soda, and eat in the classroom with them. About 4 times a year we have auctions when they bring in things from home to sell. They get to keep all the money they make. It seems to work well, and the kids enjoy it. When former students come back, they always ask me if I still have "Mills Money"

discipline system
Posted by: Doug

I have been using a "penny jar" system for the last 12 years in my grade one class. I have baby food jars for each student that acts as their 'peny jars'. All of the jars sit on a shelf in my room that is covered in green paper which I call..the green shelf! Every students' jar starts on the green shelf every morning. If the child needs a discipline that day, I tell them to give themselves 'a warning' and they move their penny jar to the "yellow" shelf. They know that it is not good to be on the yellow shelf because at the end of the day I pay them pennies. If they are bad again on that same day, I tell them to give themselves another warning and they move their penny jar to the RED shelf! Students know that this is not a great place to be because they know they won't get any money at the end of school in their penny jars. All the green shelf students will get paid 3 cents, yellow shelf will get paid 1 cents and the red shelf gets nothing. With the money they earn for being good, I open up my little store every five days and they get to purchase little things like stickers, pencils, and special things that they really like. This also ties in money concepts such as saving up, counting, spending and making purchases with real money. I have bigger, more expensive things like pads of paper and even a coupon for a free ice cream cone at McDonalds where I take them in my car at lunch!

I like this system because I don't have to do anything during the day or keep track of anything. I also tie in the penny jar system with my classroom 'jobs' where they apply and get paid for the normal classroom jobs...but that's another e-mail. E-mail me if you have any further questions. Good Luck!

Class Money
Posted by: Chris

I have used classroom money for my discipline plan for the last two years and love it! What's more, the kids love it! I create 5, 10, 20, 50, and 100 dollar bills based on whatever the classroom theme is for the year (I did oceans one year and jungles one year...this coming year I'm doing a sports theme.) Each deonmination is printed on a different color of paper so it is very easy to identify.
The students can earn rewards for turning in homework early, turning in forms on time, transitioning early, demonstrating good citizenship, etc. This is really the teacher's discresion so they always have to be on their best behavior because they never know when I will reward them.
They can also be fined for things such as no name papers, breaking class rules, talking in the hall, leaning on walls, etc. Really, this can incorporate any behavior that you are wanting to change. More "rules" can be added as the year goes on if you happen to notice a problem. When I fine the students they must give me $10 on the spot. If they do not have $10 (which happens pretty rarely) they must owe me 10 minutes of recess.
My students each have a bank account. I ask them to keep at least $30 with them so that if they get fined they don't have to withdraw. They are only allowed to withdraw or deposit when our class banker opens the bank (which is after 3:00 on Fridays only).
The class can use their money throughout the year to buy certain things...
$50 Treat from the treat jar
$75 Tiger Den Award
$100 Positive phone call home
$100 Sit at the Teacher's Desk for the day
$100 10 minutes computer/reading time
$150 Lunch with the teacher (I buy them a can of soda and we eat lunch in the room.)
I really encourage the students to save up their money throughout the school year because on the very last day of school we have a class auction. I go out and spend about $30 on prizes from Walgreens/Walmart/etc. These are things like slinkies, puzzles, books, mini fans, etc. I really don't spend over $2 on anything. I also auction off things from the class that I won't be using the next year due to our theme change. For example, this year I auctioned off our jungle bean bag chairs since I knew I'd be doing a sports theme this year. Some of my students had saved $1,400 so naturally they got their choice of items at the auction since no one could outbid them. I do make sure that everyone has at least $30 the last day so that everyone gets something to take home over the summer. I also start each child with thirty dollars at the beginning of the year.
I have to say I love this system because it allows me to focus on the positive behaviors, eliminates behaviors that I don't want, and teaches the kids some financial responsibilities. I hope this helps!

Classroom Money
Posted by: Kelly

I have a "money" system similar to the bank system. I give students a medium size ziploc bag with their name on it at the beginning of the year. I have made and photocopied classroom money (in denominations of $10, $20, $50, $100). Students earn money when homework is done, agendas are signed, etc. I also use the money in a game show type game when we review material. When students reach $1000 they turn the money in to me to buy a prize from my prize bin. The $1000 gets recorded on a large chart-paper graph of "Money in the Bank". I have a bigger prize for the student with the most money at the end of the year. The kids LOVE the money system and it's great for counting too.

Economy System
Posted by: Sam5

My parents love my classroom money system. It is the number one thing parents positively remark about when I have them fill in end of the year evaluations. My students earn a salary each week. They are fined for things like not doing homework, not being prepared for class, poor behavior etc... I have a clipboard I keep track of the fines on. At the end of the week I pay them their salary minus their fines. A student must earn 140 out 200 dollars to attend Fun Friday. I give out bonus money during the week for things like winning a game, getting an A on a paper, doing something extra nice or extra special. At the beginning of the year I give a lot of bonus money as I work at creating my classroom environment. As the year goes on, I let up because the kids start automatically doing the positive behaviors. Students pay bills once a month. I have a small weekly auction(3-5 little things like pencils or stickers). I have a big auction once a quarter. People donate things to me for my auctions- family, friends, students, parents, even former students' parents. I find things in my house, purchase things at garage sales and after holiday sales. I try to purchase one larger item per quarter. Basketballs and footballs are always popular no matter what quality.

My system has been highly sucessful. My students are rarely in the office because of any classroom problems. The other fifth grade teachers plan to adopt my system next year because of the few problems I seem to have compared to them.

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money system
Posted by: mellen

I use a money system for classroom management. I have bills in the following denominations: 1's, 5's, 10's, 20's, 50's, and 100's. Each morning the students sharpen two pencils and turn in their homework they receive $2. They also receive dollars for returning important papers (fundraisers, emergency cards, etc.) throughout the year. Students often earn dollars for following procedures and participating fully in lessons. Once they save $20, they are allowed to "shop". I have inexpensive school supplies, kids meal toys, candy, homework passes, etc. in a tote that they may choose from. Students lose dollars when they behave inappropriately. It also costs $1 to use the restroom during class, or to sharpen a pencil during class. If students wish to save enough for a $100 bill, they may keep the bill and take it home with them. The rest of their money is returned to me at the end of the year after all students have done their shopping. I teach third grade.

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