Suncoast Credit Union

Through the implementation of Vanguard's My Classroom Economy, students will learn how to budget their income and expenses as they earn a salary and pay bills within the context of their contributions to the operation of the classroom.

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Classroom Economics: How To Live Within Your Means

School:
Cypress Palm Middle 
Subject:
Mathematics 
Teacher:
Karen Torres 
Students Impacted:
64 
Grade:
8 
Date:
August 28, 2016

Investor

Thank you to the following investor for funding this grant.

 

Suncoast Credit Union - $297.00

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Impact to My Classroom

# of Students Impacted: 62

There have been many positive impacts on my students through this project. Through their exit slips, they have shared how they learned how to budget based on their classroom income and expenses. Some have learned how to be responsible through having a job in our classroom community. Others indicated that when they set goals for what they wanted, they were able to achieve those goals, such as purchasing their table space. This enabled them to save and buy the table space of others, greatly enhancing their monthly income. Not only did my students enjoy the monthly payday and auction, they learned that you can only spend or save what you earn. Many students indicated they feel they have learned how to manage their money and feel more prepared for life after school. A major outcome for me was the classroom community that was built for each class. Everyone had a classroom job that they applied for. This contributed to them taking responsibility for the day to day "chores" of the classroom. They worked together to keep things running smoothly. It also built cooperation and team building that went a long way in working together within Kagan structures and on projects and activities on their algebra. With the incorporation of the "fines" and "bonuses" the program became my classroom management tool. It was a wonderful experience for all of us.

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Payday!

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Figuring out the next month's budget.

 

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Preparing to go to the bank!

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Banking

 

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Helping with the rent and electric paperwork.

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Students bid during the monthly auction.

 

Original Grant Overview

Goal

Through the implementation of Vanguard's My Classroom Economy, students will learn how to budget their income and expenses as they earn a salary and pay bills within the context of their contributions to the operation of the classroom. 

 

What will be done with my students

Students apply for classroom jobs. The positions of Bank CEO, banker and Fine Officer require a letter of reference. Job offers are made by the teacher. Students fill out required paperwork for the rental of their classroom table space, electricity bill, monthly payment logs, and bank logs. They have the opportunity to earn bonuses during the month for grades and participation in school activities. They also pay fines for violations like gum, off-task behavior, and being unprepared for class. Each student develops a monthly budget. One day a month students are paid for their jobs. They pay their bills and do their banking. At that time they write their budget for the next month, based income, expenses,and goals set for bonuses and fines. Bonuses are necessary because regular salaries do not cover monthly expenses. Students reflect on the prior month's budget and fill in their actual income (pay & bonuses) & expenses (bills & fines). Students are able to set short and long term goals, such as saving for an auction item or to buy their table space. After banking, their is an auction where students can bid on 5 to 6 items, with money they want to spend.  

 

Benefits to my students

This program instills basic financial responsibility in students as they apply their math skills in a real-world context. Students also invest in the classroom community as their jobs contribute to the smooth, efficient operation of the classroom.  

 

Budget Narrative

All of the items are for the monthly auctions. I have 3 classes. The gift cards are from places such as McDonalds & Chick-fil-A. The other items purchased each month are mechanical pencils, colored pencils, and various school items. This was the consensus from the students for what they would like to bid on at auction. 

 

Items

# Item Cost
1 $5.00 Gift Cards x3 per month x 9mos. $135.00
2 $6.00 x 3 per month x 9 mos. $162.00
  Total: $297.00

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Special Thanks to Our Presenting Partners

Suncoast Credit Union