Getting paid to learn

Classroom Economy and Online Bank

  • My Classroom Economy

    Economic lessons in your student’s classroom

    Dear Parent/Guardian:

    Our class will implement a classroom economy system during this school year. It’s an excellent tool for teaching financial responsibility and many other things, and I think the students will enjoy it. I want to let you know how it works.

    Using classroom “currency,” students earn money for jobs and pay rent for their desks. They can earn bonus cash by participating in extracurricular activities, helping others, and earning excellent grades. On the other hand, students who don’t meet classroom expectations will be fined some of their classroom dollars. That could happen, for example, if they don’t complete assignments or don’t listen when other students are speaking.

    The classroom economy helps students learn valuable life skills such as organization, the value of saving,
    and delayed gratification. Rather than being told about the importance of these skills, they actually experience them. In addition, the system fits in well with of our curriculum.

    We’ll also have a little fun with it. After paying rent, students can save money to spend at monthly auctions where they get to bid on popular items. The students will certainly enjoy themselves, and I know you will appreciate the skills and knowledge they learn along the way.

    Our system is based on the “My Classroom Economy” program developed as a volunteer project by employees of Vanguard, one of the world’s largest investment management companies, in partnership with Rafe Esquith, an award-winning fifth-grade teacher who is the author of There Are No Shortcuts and Teach Like Your Hair’s On Fire.

    So don’t be surprised if your student comes home one day with questions about paying rent or regrets about overbidding for an auction item. You might find it a great opportunity to have a thoughtful discussion about financial responsibility.

    If you have any questions about the classroom economy, please feel free to contact me.

    Sincerely,

    Mrs. Seeright

    P.S. We would also welcome any small items you would like to contribute to our auction.


    My Kids Bank 

    MyKidsBank artificial banks are used to assist in the education of personal money management.  Each artificial online bank operates similar to a real online bank and is fully controlled by the "banker".

    Home Use

    For use in a household, a parent may use a virtual online bank for managing allowance as part of teaching the value of savings to their children.  As the banker, the parent creates and manages virtual individual savings accounts for each child.  Managing allowance is simplified since the banker may set automatic weekly deposits and automatic interest for each account.  The banker may also allow each account holder to independently log into their account from the internet to see their account transactions similiar to a real online bank.

    Classroom Use

    For use in a classroom, a teacher may use a virtual online bank for their classroom economy.  As the banker, the teacher creates and manages the savings accounts for each of the students.  Through settings on their virtual bank, the banker may allow each student to login to the classroom bank and perform transactions similiar to a real online bank.

    Features
     

    Each virtual bank has a variety of features for assisting bankers to manage their banks and associated account holders.  The banker may set each account to have automatic interest postings, automatic weekly deposits, and various transaction privileges.  The banker may also generate banknotes which may be redeemed by the account holders independently online.  There also is a provision for the banker to create bank teller accounts for assisting the banker.

    The banker can setup their bank for local country or regional customary settings.  Settings include the local time zone, date formats and currency formats.  The banker may also select a currency symbol used by any country or from a set of custom symbols.