The beginning of a new school year is the perfect time to introduce a classroom economy system! When you integrate your classroom economy into your existing classroom management system, it’s easy to teach financial literacy skills in a meaningful way that kids can understand. Classroom economy systems are also fun and motivating for students.
It took me a lot of trial and error to figure out the best way to implement a Classroom Economy, so when I finally had a working system, I decided to create a free resource to share tips and strategies with other educators. How to Create a Classroom Economy includes suggestions for implementing a classroom economy system, as well as a classroom jobs checklist, money patterns, reward coupons, and a bank transaction record. Sign up here to receive your free copy!
Getting Started with a Classroom Economy System
The first step in creating a classroom economy is to set up your currency system and establish your class bank. You can use the paper money patterns in the Classroom Economy freebie or create your own. I started the year with ten or twelve $1 bills for each student and about thirty $5 bills for the class. I printed additional denominations as needed later in the year. I referred to our class money as “Candler Cash,” but you can name your currency whatever you want. You could call it Class Cash or let your students help you come up with the name!
How Students Can Earn Class Money
The next step is to decide how your students will be able to earn their Class Cash. The easiest way for students to earn money is for them to be paid for their class jobs. The Classroom Economy freebie includes a list of jobs you may want to use in your classroom as well as a customizable job checklist for keeping track of payments.
You might also use your class money as a part of your reward system. For example, you can give Class Cash to students who help their classmates or who show acts of kindness to others. You can give out Class Cash when students participate actively in discussions or when they come up with a creative solution to a problem. The opportunities for awarding Class Cash are endless!
How Students Can Spend Class Money
As soon as your students begin to earn money, they will want to know how they can spend it. The most budget-friendly option is to create a list of special rewards and privileges that students can purchase with their class money. The Classroom Economy freebie includes a list of 30 such rewards that won’t cost you a dime! Here’s a short list of ideas to get you started thinking about options you can offer.
- Purchase extra tech time
- Eat lunch with a teacher or staff member
- Take a class pet home for the weekend
- Have lunch with a friend at a special table
- Earn a homework pass
Some teachers set up a classroom store or create a treasure box of items that students can purchase with classroom money. They stock the store with items picked up at yard sales, items donated my parents, or donations from local businesses.
If you work in a public school in the United States, consider using DonorsChoose to obtain toys and trinkets for your treasure box or class store. DonorsChoose is a non-profit organization that helps teachers get funding to bring their classroom ideas to life. Teachers submit project proposals that describe the funds they need and how they will use those resources. Generous donors visit the website and choose the projects they want to support. You can learn more about how DonorsChoose works here on my website. Visit the DonorsChoose pages below to see two examples of Classroom Economy projects that were fully funded.
How to Host a Class Auction
One of my favorite ways to let kids spend their class money was to host a class auction at the end of each quarter. I paid students for their class jobs with class money at the end of each week, and the day before the auction, my students brought in items from home to auction off. The photo below shows them gathered around our carpet area where we spread out all of the items to auction off. I served as the auctioneer at the beginning of each auction, but after a few minutes, my students were begging me to take turns being the auctioneer! Those auctions were crazy and fun, and everyone walked away with a little something!
If this strategy sounds intriguing, click here and request the Classroom Economy freebie described in this post. You might be surprised to discover just how easy it is to create your own classroom economy!
