|
|
|
One of our Oregon grade level standards involves money and banking. There is no better way to learn the concepts than to "live" them.
Our banking unit begins on the first day of school. Students earn "Collegiate Cash." Student are given savings account book (I made it on the computer) and an envelope to keep their money in. I teach students how to use the savings deposit slip (I made simple versions on the computer and print them on yellow) and withdrawal slips (pink paper). We also have fines and fees so students have the experience of budgeting and withdrawing money. We discuss ideas for fines and agree on them as a class. You could set up incentives and have the students help think of ways they could earn money (extra credit, turning in homework, challenges etc). When students have adding and subtracting decimals down, I introduce the check writing unit and students who pass the test earn checkbooks. Again, students can fix errors by doing a retest if needed. Students earn homework money and are paid by bankers with a paycheck and learn to endorse and cash their checks at the bank.
Classroom Bankers earn a daily wage for performing classroom banking duties. I created a banker test and the students with the highest scores are the top employees (president, vice president, managers, all the way to tellers and trainees). Students can retake the test or correct answers to be sure they can handle the transactions at the bank accurately. Bankers handle all transactions for the Renz Bank including taking deposits and withdrawals, collecting classroom fines and fees like rent, and collecting the tax money on April 15th.
Auction: At the end of the year I hold an auction so students can spend all their cash - garage sale type things and things students have donated. Games, bike locks, school supplies, candy, pop, movie passes, ice cream coupons, and dinner-out coupons from local restaurants are also popular. I collect these all year.
Banking Fines and Fees: At the beginning of the year I pay for things like a parent signature of my rules or beginning of the year letter ($20) , homework in on time ($5 each) book projects and reports, etc. I pay my students $10 "Collegiate Cash" for homework turned in on time and reading minutes. I usually don't fine for not turning in homework, because it ends up costing those students double since they didn't earn the money and then they have to pay. Those students rarely have enough money for fines, so they have to pay with recess minutes. I have "grammar fines" where improper grammar phrases like "Can Megan and me play a game?" costs them $10 (they learn the rule quickly!) and I have a "shut up" fine of $25 because that's not a respectful way to talk to someone. I use "bathroom fines" when we've just come in from recess (within 45 minutes) and someone asks to use the restroom - that's $10 unless students think it's no big deal, then I keep raising it until they use the restroom at recess like they are supposed to. I also have a "wandering fine" of $20 during lunch because we don't have a cafeteria at my school. Students eat in our classroom and students are supposed to eat while sitting down. Students help me come up with fines. They are very creative!
Tax Day ~ April 15th: On April 15th students add up all their cash, checks, money in their savings and checking accounts. It's time to pay their classroom taxes. An amazing fifth grade teacher from California, Mr. Brent Coley, created some tax forms he uses with his students. I customized these to fit our classroom economy. Students compute their itemized deductions, fill out a W-2, read the tax table, and file their tax return. Their "tax advisor" (parents) double check and help if necessary. Taxes need to be filed at the Renz Bank on or before April 15th to avoid a penalty (loss of recess until paid).
Classroom Rent: To get a feel for how income and expenses work, students "rent" their desk, chair and locker area in the spring (no, they can't opt to not have the items). Once a month the bills are handed out and bankers collect fees and check off who has paid. I make sure I've given them enough chance to earn money to pay their fines. This gives the students practice writing check and balancing their check ledgers. Bankers initial the ledgers as each transaction is made. Sample May Rent Slip
Earning Extra Money: Students also earn $50 for each Mastery Club Challenge they complete. Students also earn $1 for each outside of school reading minute completed ($200 maximum). A bonus of this is it his has created some pretty good readers with all the extra time spent practicing. I'd suggest you have the students give you suggestions for fines and ways to earn money. I'm sure they will come up with more than you'd imagine!
Classroom W-2 Income Statement Form Classroom Tax Table Classroom Income Tax Return Classroom Itemized Deductions Form
|
