Classroom Economy

Dollar Bill

I have been meaning to write about a rewards/management system that I use in my classroom for the last couple of years. It’s math money. I have heard of other teachers that use fictitious money in their classroom, but mine has interesting and meaningful twist: students pay taxes and file tax returns for all the money they earn. I cannot remember who I got the idea from, but I remember it was an elementary or middle school teacher. If I can find who it was, I will post the link.

A few years ago, I had one of my (now) former students create some $1, $5, and $10 math money “bills” that I use for currency. He created it in Photoshop (they’re somewhat elaborate) and gave me the files. The little I actually know about Photoshop allows me to update them from year to year.

The students earn money for lots of things. It’s all about positive reinforcement. I especially prize participating in class and collaboration – and will usually pay students for these things. Attendance, homework, hard work, Student of the Week, exam scores, etc….these are also things that will earn a student some dinero. We also have various paid positions that students must be elected to (attendance taker, runner, etc.), each of which receive a weekly salary.

Students spend their money during auctions every two weeks. I auction off candy, dollar store items, homework passes, positive calls home, among other things. We even have 50/50 raffles every now and then. The possibilities here are endless, plus its where all the fun is! It’s crazy, students love to compete to be the highest bidder and spend their money.

As students earn their money, I keep a simple tally of how much they earn. Other than Student of the Week payments, all income is taxed. Students can choose to withhold income as they earn it – they simply give it back to me (i.e. the government). Each class elects a treasurer that will take my tallies and enter them into our class database (Google spreadsheet), which sums all taxed and untaxed money each student earns. At the end each marking period I take this spreadsheet and mail merge it into individual W-2’s for each student, which I print and give to them.

I have created a tax form that students complete on tax day. We literally spend an entire day doing taxes. They ask questions, get confused, and eventually learn (like most people who do their own taxes). Students itemize their deductions and compute their taxes using our tax rate table. I used to have adjustable tax rates, but it got too complicated. Deductions include high exam scores, donating to a class pencil fund, seeing me for extra help after school, and other “good” deeds. After they submit their income tax forms, the treasurer examines them to ensure there are no discrepancies. Some students will receive a tax refund while most others will owe taxes.

The whole process really does mock the tax-filing process. I like to think that after students take part in this process six times every year, they have a pretty good understanding of how the IRS does its thing. It’s also an effective way to promote positive behavior in my class. Using money in my classroom has afforded me loads of flexibility in terms of classroom management and allowed me to mimic the real world in countless ways. Plus, its just plain fun.

bp

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One Response to Classroom Economy

  1. Pingback: Reward systems? Grades? I’m not sure anymore. | lazy 0ch0

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