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August, 2023
Dear Families,
Our class will implement a classroom economy system soon. It’s an excellent tool for teaching financial responsibility, 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 helping others, receiving compliments from other teachers and of course, for acting in a manner that reflects our school’s core values: respect, caring, fairness and citizenship.
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 our curriculum. We’ll also have a little fun with it. After paying rent, students can save money to spend at bi-weekly auctions where they get to bid on popular experiences such as having lunch with the teacher, getting a homework pass, or the ability to move their desk.
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 a job application or 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,
Amy Winton