Classroom Economy: Part 3

 

Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Hey, Friends!
When I first started blogging, I wrote a blog post about the ins and outs of class dojo, that post quickly graduated to a second post where I wrote about a classroom economy + class dojo. 
I was overwhelmed with joy with the amount of e-mails I received asking questions about things I wanted to cover but didn’t in the previous posts.
Let me begin my prefacing that MY CLASSROOM IS NOT PERFECT! I am in no way saying that it is a classroom economy or BUST. This is what I have discovered works for my kids time and time again, so I felt the urge to share with y’all my findings. If this doesn’t work for your class, that’s perfectly OK. We are all great teachers that differentiate our management techniques to best meet the needs of our kids 🙂
In Texas, we are required to teach personal financial literacy. I wanted to create an environment where we could discuss budgeting, inflation, and other crazy economic terms that 3rd graders shouldn’t have to know yet economical terms that they could relate to because they were experiencing it. Not terms they were struggling with when they were just reading them from a book.
With that being said, just because you don’t live in the Lone Star State, that doesn’t mean you can’t take these ideas and tweak them for your classroom. This is a classroom management strategy with math sprinkled in 🙂
Before I begin, just know that you can read all about how I run a classroom economy + class dojo by clicking {HERE}
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Reality is, I don’t assign my kids or even let them apply for jobs until MAYBE the end of the 2nd week of school. I want them to understand the importance and responsibilities a job entails.
We begin by meeting at the carpet and discussing why we need jobs in the real world. If you’re feeling techy, you can create a padlet. Then, we discuss what types of jobs exist in the school and why are they important. What happens when we do not do our job to the fullest extent? Who all suffers? This is great to get the kids thinking that EVERY job regardless how small, plays a BIG roll.
We then transition to discussing what types of jobs in the classroom could help us run more smoothly. I then bring out my class job cards and explain to the the jobs that I would like us to have in the class and we discuss the responsibilities of each job. Typically, the kids have hit on most of them so I don’t have to go over every one or repeat.
**Note that these discussions can happen over the span of a week**
Every kid in my class has a job.
Why?
Since I am required to teach personal financial literacy, it is easier for me to have every kid have a job and get paid at the same time so we can all learn to budget our money, and discuss other financial lingo together.
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
When it’s time for the kids to apply for their jobs, I place the template on the tv and explain what it entails. We then have a discussion about when I applied for my teaching job. Did I misspell, use poor grammar, and scribble? Of course not! Presentable work gets noticed.
I also give the kids a deadline to turn it in. This is their 1st step towards responsibility for their job.
It AMAZES me that every year I STILL have a kid that forgot to finish their application.
You can choose to place them “On Vacation” or give them any ol job.
Snag the FREEE class job application {HERE}
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Once I decide on the jobs for each student, I like to do a reveal in the classroom. I place all the students numbers on the job chart. I love seeing their excited faces!
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
After I laminate the cards, I place velcro on the job cards and the student number cards. This way, I can easily change the jobs throughout the year.
Too see more of these job chart cards, click {HERE}

 

Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
I have a checklist that I created for my banker to use.
When I see a student NOT pulling their weight for their job, I ask the banker to highlight their box for that day. You can certainly do it yourself, but placing more responsibility to the kids and less on me makes for a great student-centered classroom.
To download these free checklists click {HERE}
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
I love love love using dry erase pockets. I slip this page into a pocket to save paper.

If you want to see the different ways I use dry erase pockets in my classroom take a gander over {HERE}

If I can give you ANY advice, it’s stick to a schedule with paying the kids. My first year implementing a classroom economy I attempted to pay them every week.
MISERABLE.
ABSOLUTELY MISERABLE!
Now, I pay once every two weeks and it works for me.
When I pay them for their job, I also pay them for class dojo points.
If they have 34 points, I add 34 dollars to their paycheck.My kids store their class money in a “wallet“.
Okay, technically it’s not a real wallet, but times are tough for this teacher and we need to use our imagination 😉
These envelopes work best for me and my class. I tried sandwich baggies but they just weren’t durable enough, and the horror of them trying to snap the baggies back together, YUCK.
You can see the “wallets” I use:
{HERE} * {HERE}If you would like class money for your room click the image below!

Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Depending on their grade level, you can choose however many dollars a day you want to give.
I have done as low as $2 a day so $20 a paycheck.
I have also given the kids $5 a day, so $50 a paycheck.
This depends on how high you want to price your coupons. In third grade, we must know numbers to 999,99. This is why I price my coupons a little higher than most.
If you don’t want to print out that much money but would still like them to compute the numbers, I recommend a budget sheet.
You can see the budget sheet I’ve used with my classroom {HERE}
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
I let my kids buy coupons whenever I have time.
If we have extra time I before lunch, at the end of the day, or the morning, then I choose to do it then. My kids KNOW not to ask when they can buy coupons.
I have a sign that I post above my computer to let them know that the “store is open”.
When the sign is up, my banker grabs the bank money from the closet, and the coupon collector grabs the the coupon box.
To snag the signs for FREE click {HERE}
Classroom signe for a classroom economy to help with personal financial literacy and classroom management
The kids use a budget sheet and a receipt sheet to keep track of there expenses.
You can read more of that in part 2.
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
To see the coupons in detail click {HERE}
Turning in Coupons:
I am strict when it comes to buying coupons. However, that is not the case with spending them. My personal rule is, as long as they turn them in to the coupon collector before the morning announcements, they can use them.
Again, students are interacting with students. This gives me time to scramble finishing last minute details monitor the room.
Classroom Economy: Part 3 Very detailed post describing how to effectively run a classroom economy. Great classroom economy system that integrates personal financial literacy! Pin this classroom management idea now! | Elementary |
This is entirely preference! I received some e-mails asking me this, so I will say that I change my jobs every grading period. HOWEVER, I have had the kids keep their same job for the following grading period as well. If the kids are satisfied with their jobs and doing a great job, why shake a good thing?
There you have it friends!
I hope this sparks a PEPPYZESTY idea for your classroom!
Click the buttons below to read the rest of the series!
I can’t wait to share part 4 with you! I will be discussing how I create some ‘unexpected expenses’ for my kiddos!
Until we talk again, make it a GREAT week and I can’t wait to connect soon! 🙂
Signature 2
If you want to jumpstart your classroom economy, take a look at the bundle!
Click {HERE}
Elementary teacher looking for classroom management ideas that are easy to implement? Check out this back to school ideas post to help how to jumpstart a classroom economy system. This tells you everything complete with managing classroom economy money ! Lots of free resources, too!
Amber

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1 Comment

  1. Reply
    Kelli
    July 29, 2015 at 8:12 pm

    Amber! You are doing so many great things here! I love how you tie in every part of your classroom economy into learning specific standards for students… it makes it all worth while and looks like a blast for your students! Thanks for sharing! 🙂
    Kelli
    Tales of a Tenacious Teacher

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