What's the damage?Generate
Insurance costs:One-time yearly payment of: $1,200
or monthly payments of: $200
Begin planning your classroom economy before the school year starts.
Allow 2 to 3 hours to choose jobs, bonuses, and fines, and an additional 2 to 3 hours to prepare all of the materials.
On or near the first day of school, briefly introduce your students to the classroom economy program and provide them with your customized syllabus. Instruct the students to read the syllabus as homework, and follow up with a question-and-answer session within the next few days.
Collect job applications from students interested in holding a classroom job (in addition to their job of being an exemplary student). Approximately 1 week later, assign jobs to students and provide short training sessions.
A few weeks later, review the advanced topics section of the syllabus and remind the students to be prepared for insurance and investments.
Allot a portion of 3 to 4 class periods to complete these activities. Keep in mind, this time does not all need to be taken from your curriculum schedule, because it can replace some of the time you would otherwise spend explaining your class rules and establishing procedures.
Every month students earn paychecks and bonus money. They also pay fines, rent for their desks, and electricity bills, and they purchase prizes at auctions—all with classroom economy currency. They also have the opportunity to invest expendable income and purchase insurance policies.
Although students may need more time and guidance at the beginning of the school year, they typically will become more efficient at banking as the year progresses. To avoid interfering with the curriculum, we encourage you to have students perform classroom economy tasks during transition periods, such as at the beginning and end of the class period. You might also allow students to work on classroom economy activities if they finish curriculum materials early.
Once a year, around April 15—the tax filing deadline for their parents—the students file an income tax return based on the taxes they've paid throughout the year. Students may need to pay additional taxes at this time, or they may receive a refund check. Encourage students to earn tax credits throughout the year through charitable giving.
Bring the classroom economy program to an end by encouraging a group discussion and giving students a chance to reflect. Distribute certificates to highlight student successes, and provide opportunities for classroom celebrations.
Allow approximately 1 class period for the year-end wrap-up.