Earning...

In our classroom, we have an "Economy System". Each week, kids earn (play) money for the following things:
*  $5.00 for each week they show perfect behavior
*  $5.00 for each week they complete their homework
*  $5.00 for each week their desks and binders are organized
*  A set amount for the weekly job they're assigned (View our job payment chart here)
*  A bonus $5.00 for doing ALL OF THE ABOVE!

This is an "all or nothing" system. If you miss one day of perfect behavior, you don't get paid the $5.00. If you miss one day of your homework, you don't get the $5.00. If you are caught with a messy desk or binder, you lose your $5.00. BUT...if you do EVERYTHING, you earn a bonus $5.00!

On Fridays, students fill out a Receipt, which categorizes the earnings shown above, and then they get paid for what they've earned. (View our receipt here)

Bonus Bucks
Students also have the option of earning "Bonus Bucks" during the week for showing extra special behavior and doing good deeds for others. These bonus bucks are not accounted for on their receipt, but are just random dollars given to the kids when I feel they've done something to earn them. They also can win $1.00 for each question they complete in The Mastery Club, and they can earn even more cash by completing extra credit projects! Family Math Challenges award $5 per challenge answered, and new challenges are offered every other week. Homework-opoly occasionally rewards kids with bonus bucks as well, but you have to do your homework for the entire week in order to play!

Saving...

Students can save up for things such as a class party, lunch with the teacher, indoor recess with a friend, a free homework pass, a free journal pass, a free spin on Homework-opoly, skipping the morning Do Now, a good note home to their parents, and more!

(View our rewards poster here)
 

Responsibility...

From this system, students learn responsibility lessons. They learn to keep track of their money, and not to lose it. They learn how to save up for things that are important to them, instead of spending everything at once. They also learn the value of earning money, instead of just being given things for free. They take more pride in their work, their behavior, and in taking responsibility for their actions.
 

FAQ...

What if I don't have my homework on the day it's due, but I bring it the next day?
In order to earn the money, you must bring in all homework on the day it's due. If there's an "Extreme Emergency" in your family or house and your parents explain it to me in a note, that's the only time I'd allow you to get paid for a late assignment.

What if there are two assignments due (math and spelling, for example), and I only have one subject done? Do I get half payment?
No, you must bring in every assignment on the day it's due in order to receive the full $5.00 at the end of the week. There are no "half payments". It's all or nothing.

How will you know if my desk and binder are clean every day? Will you be checking daily?
No, I will not check daily, but will do occasional "surprise desk and binder checks". I am going to use the Honor System, and trust that you're keeping your binders and desks clean, especially since Friday Do Nows are for cleaning and organizing. If I happen to notice that you've been unorganized, you won't get paid for that category for the entire week ( = $5.00).

Can we give away the money we earn to help others earn something they want? Or can some of my friends and I put our money together to earn a party for the whole class?
Although that's a very nice thought, you may only spend the money that you earn. The point of the Classroom Economy is to learn the value of earning and saving money yourself, as us adults do in the real world. Unfortunately, there is no combining or giving away money in our Classroom Economy.

When can we trade our money for the prizes? 
You may trade in your money during Snack-Time any day that you'd like to! Snack-Time is also a great time to trade those 10s in for 50s, and 20s in for 100s, etc...

Will you ever take money away from us?
No, I won't take money away from you, but you might not get paid depending on the circumstances. If your behavior isn't perfect, you'll lose $5.00 for the entire week when you fill out your receipt on Friday. If you don't do your homework, you'll lose $5.00 for the entire week when you fill out your receipt on Friday. Same thing for organization, and your class job. So even though I'm not taking money away from you, you won't really be earning it either.

What if we lose our money? Will you give it back to us?
Nope. If adults lose money, the bank doesn't give it back to them! We earn it, and must be responsible with it. If you put it into your Blue Bird Binder zipper pouch as soon as you get it, you won't have to worry about losing it! But if you're not organized and responsible with your money and you happen to lose it, you'll learn a valuable lesson.

If we are absent, will we still get paid for behavior, organization, and homework?
If you're absent, you'll still get paid for your behavior as long as it's perfect for the rest of the week. You'll get paid for your homework as long as you make everything up by the end of the week. You'll get paid for your organization as long as your desk and binder is clean.

Money image by Microsoft
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