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Insurance costs:One-time yearly payment of: $1,200
or monthly payments of: $200
Begin planning your classroom economy before the school year starts.
Allow 2 to 3 hours to choose jobs, bonuses, and fines, and an additional 2 to 3 hours to prepare all of the materials.
On or near the first day of school, introduce your students to the classroom economy. Approximately a week after the introduction, assign jobs to students and provide short training sessions.
Allot a portion of 2 to 3 class periods to complete these activities. Keep in mind, this time does not need to be taken from your curriculum schedule, because it can replace time that you would otherwise spend explaining your class rules and establishing procedures.
Every month students earn paychecks and bonus money. They also pay fines, electricity bills, and rent for their desks, and they purchase prizes at auctions—all with classroom economy currency. Although students may need more time and guidance at the beginning of the school year, they typically will become more efficient at banking as the year progresses. To avoid interfering with the curriculum, we encourage you to have students do their banking during transition periods, such as at the beginning and end of the class period. You might also allow students to work on classroom economy activities if they finish curriculum materials early.
Once a year, around April 15—the tax filing deadline for their parents—the students pay a flat income tax of $500. They can reduce that amount throughout the year by earning points for charitable giving.
Bring the classroom economy program to an end by encouraging a group discussion and giving students a chance to reflect. Distribute certificates to highlight student successes.
Allow approximately 1 class period for the year-end wrap-up.