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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 on 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 and bonuses) & expenses (bills & fines). Students are able to set short and long term goals, such as saving for an auction item or saving to buy their table space or modifying their behavior. After banking, there is an auction where students can bid on 4 to 5 items with money they want to spend. I developed an attendance component. My students are in algebra, a high school course that has an attendance requirement. I treat absences like work sick days. When they reach the threshold of amount of days they can miss, the next one will be an "unpaid" sick day. Their pay will be docked. The addition this year will be for the bankers. I developed a form for them to balance their "bank drawer". This increases their responsibility and accountability for the money and checks they handle.  

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. With the "sick days" component, they will learn they have a responsibility to be in class (or at their job) and that there are a variety of consequences when they are not.  

Budget Narrative

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

Items