My classroom economy
My Classroom Economy enables any educator to teach children financial
responsibility through fun, experiential learning. It's a simple
classroom economic system based on the idea that students need to earn
school "dollars" so that they can rent their own desks.
The program is designed to overlay not interrupt a classroom
curriculum, and connects to many of the Common Core Standards. It is
customized by grade level. Everything needed to build a classroom
economy is available on this site for free:
How My classroom economy works?
Every
month students earn paychecks and bonus money. They also pay fines,
rent for their desks, 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.
Jobs
Everyone
in the class has the job of being an "exemplary student." But to earn
enough classroom economy money to meet all expenses and
participate in the auction, students will need to earn bonuses
or hold additional classroom jobs. some jobs require a recommendation,
given by students' former teachers.
Bills
Students must pay monthly bills.
Amount Monthly rent $800
One time desk purchase price $3000
Monthly electricity and garbage bill (before energy savings discounts) $150
Students who miss a rent payment or an electricity bill are excluded from that month's auction.
Taxes
Students
are required to pay annual income taxes, which are equal to one month's
salary for each job that they hold. Every student automatically holds
the job of "exemplary student," which pays a salary of $750 a month.
Therefore, the minimum each student must pay in income taxes
annually is $750. Students who hold an additional job will have to
pay income tax on that salary as well. Students have the option of
withholding (paying) taxes from their monthly paychecks or paying the
entire lump sum on Tax Day (on or around April 15). Because students can
also earn tax deductions for charitable giving or donating items to the
auction, some of them may even receive a tax refund on Tax Day.
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