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Grades 7–8
Print complete program
Grades 7–8

Bill Day

Preparation

30 minutes

  • A rental agreement, an electricity log, and a rent log should already be in each student's folder. Make sure each Banker has copies of the unpaid bill notice.
  • Have extra bank slips and bank logs on hand in case they are needed.
  • Have deeds available in case someone is ready to purchase a desk.
  • For the first Bill Day, prepare to explain the process to the class.

In class

30 minutes

On the first Bill Day, explain to the students that paying bills is one of their most important financial responsibilities. It's so important that, unless they pay their bills, they won't be allowed to participate in Auction Day.

Emphasize the importance of planning and watching their spending so they'll always have the rent money ready when it's due.

Remind the students that they can escape rent payments altogether if they can save $3,000 to buy the deed to their desk. Strongly encourage them to do this.

Allow the Electrician to report on electricity usage and provide suggestions about how to lower next month's bill.

Also, remind the students that they will need to pay taxes in April and should consider setting money aside to prepare for this. You can encourage them to earn tax deductions by making charitable gifts. Suggest that they review the tax document you placed in their folders at the beginning of the year and keep track of their charitable contributions throughout the year.

Bill procedures

    1. The Electrician announces the usage bill.
    1. Each student updates his or her bank log to show the withdrawal of rent and electricity money.
    2. The student takes the bank log, electricity log, and rent log to the Banker.

    1. The Banker updates his or her copy of the student's bank log, and writes "paid" in the student's rent and electricity logs.
    1. If the student cannot pay the month's bills, the Banker fills out an unpaid bill notice and puts it on the teacher's desk. Once the student manages to make the payment, the Banker will update the student's rent log or electricity log, or both, noting the date.

On each subsequent Bill Day, ask if anyone can purchase his or her desk that month. If a student can do so, celebrate him or her and make a show of handing over the deed.

A student who buys a desk takes the $3,000 to his or her Banker along with the deed (not the rent log). The Banker marks the student's rental account "Paid in full."

Follow-up discussion

Paying bills is a strong indicator that students are succeeding in the classroom economy program. If a student can't pay bills, it is important to get him or her back on track as soon as possible. The unpaid bill notice is a mechanism to keep you informed about students who fall behind so you can reach out to them. You can encourage these children to participate in more activities so they'll earn enough bonus money to catch up on bills and get in on the Auction Day fun.

Insurance simulator:

What's the damage?

Generate

Insurance costs:

One-time yearly payment of: $1,200
or monthly payments of: $200
X

Insurance simulator:

What's the damage?

Generate

Insurance costs:

One-time yearly payment of: $1,200
or monthly payments of: $200
X