Economy of Class

In the words of Pink Floyd, “Money, get away. Get a good job with more pay and you’re ok.”

I chose to return to the classroom this year and one of the biggest challenges of being a classroom teacher is finding a way to motivate students.

I hesitate to say classroom management because no one wants to be managed. They want to be motivated. Maybe that’s what I’ll call it: classroom motivation plan.

To read the specifics of set up and resources, check out My Classroom Economy. In addition, I have students deposit their money into their Bankaroo. Keep in mind with Bankaroo you are limited to 1 class of max 30 students.

I want to talk more about the impact it has had on my classroom.

1) Addressing curriculum – math and social studies:
I started out giving students their balance, but after two weeks of doing banking everyday I gave students their previous balance and had them add and subtract based on if they were depositing, withdrawing, or purchasing. Likewise, when students made purchases of multiples of the same thing, they started out doing repeated addition and moved to multiplication when they were ready. Economics are a required part of 3rd grade curriculum in Nevada. When certain items became popular, I raised the price and we talked about supply and demand.

2) Building community:
One of the positive side effects to using a classroom economy is that it allows students to build up the sense of community among them. I have students who choose to loan money to other students and purchase things for their friends. Likewise, they can share ideas for rewards or fines. Students with behavior plans or point sheets, have consistent motivation. I reward my students who use point sheets by paying them for earning 9 or more positive behavior points for the hour.

3) Natural and real life consequences:
Perhaps the most obvious natural benefit to using a classroom economy is that students get to see the results of their choices and how it impacts their financial well-being. They get to experience what is necessary to get what they want and see the consequences of negative choices as well. Financial literacy is something absent from our everyday curriculum and this is one way to begin to include it in a meaningful way. This is especially beneficial for students who do not have the advantage of receiving financial education at home.

If you would like to know more about my workflow, please tweet me: @WebersWords

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