This year, grade 7 is piloting the My Classroom Economy program, a financial eduction curriculum provided at no cost by a national investment company. The goal of this activity is to teach and reinforce real-life money management skills.
In late September, students were excited to learn that they are going to be “paid” for jobs performed in the classroom, and that they will be able to use that money to bid on items in a monthly auction. They can also get bonuses for various good deeds and for performing well on tests and quizzes.
The excitement was tempered by the fact that they also have to pay rent for the use of their desks, a monthly electricity bill, and can be fined for certain offenses. An annual income tax is also due on April 15.
Students began by applying for jobs, some of which require recommendations from previous teachers. Once jobs were assigned, training took place for those roles that required particular skills. For example, each class needs four bankers, each of whom oversees several “clients” - cashing paychecks, putting money in savings, and collecting bills. Another sought-after job was that of Police Officers, who can serve students with fine tickets at the discretion of the teachers. Having a job is required. Each job earns a monthly paycheck ranging from $650-$850.
Even the highest-paying jobs aren’t earn enough to cover the bills, which can go as high as $1150 per month before any fines. In this system, gaining bonuses and avoiding fines are important in order to make ends meet. Students may also come up with business ideas, subject to teacher approval, for earning additional money.
The monthly auction day is the main reward for participating in this project. Both traditional and silent auction formats are used. Students bid on donated items ranging in value from pencils to iTunes gift cards.
Further information can be found at myclassroomeconomy.org.
