Each student has a pocket ("bank account") in which they accrue money to use towards prizes. A few parents have asked me about how the money system in Room 17 works, and I am happy to explain it.
Room 17's money system allows students to earn "dollars" for good behavior, good scores on quizzes and tests, and any positive things I notice from them. Students also can be fined for not following directions, missing homework assignments, using the restroom during instructional time, etc. Every two weeks, the kids also get paid for monitor jobs that they have (jobs change every two weeks). So far this year I have introduced dollar increments of $1, $5, $10, $20, and $50. I will be letting the students use $100 soon. Dollars earned at the end of each month (give or take a week or two) can be used towards prizes I give away in an auction. I give away anywhere between 3-5 prizes during an auction that range from books to small science kits and educational toys. The more money a child has in their bank account, the more likely they are to win a prize. Starting bids for each prize will vary--I always have a prize that I try to make affordable for most students ($50), but with the kids' eagerness to win they will bid higher and the final bid can amount to as much as a few thousand dollars. (Staggering, isn't it?) The money system has so many advantages. In my experience, it has been a powerful way to monitor and manage student behavior in the classroom. It teaches children to add and subtract money, a valuable life skill. When it's time for an auction and they make their bids, they have to figure out if they have enough money to pay for the prize they want. Many students have learned not only how to earn money but also how to save. They learn to think ahead, especially when I hint at the next month's prizes and they want to save their money for something "bigger and better." The auction and money are not the only ways students can be rewarded. I award table points that go toward a weekly "grab bag" on Fridays. The grab bag is free--no money necessary. Whichever table group earns the most points at the end of the week gets something out of the grab bag (contains prizes that are smaller than the auction ones--erasers, stickers, small knickknacks, etc). This means each group as a whole has to work together responsibly and focus on learning.
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