I am a second grade teacher in a culturally diverse, high poverty, community school. Many of my students have some prior knowledge of money. However, they come from families where there is little or no disposable income.
My school often has book sales. The parents manage to eke out $5.00 for their children to spend, but the books they want often start at $4.99. Needless to say, my students eagerly march to the register, money in hand, only to be told they don't have enough money. This is usually when they say, "But I have $5.00, the book is only $4.99!" The fact that many of the parents don't have the disposable income necessary to give their children an allowance is a contributing factor as to why my students have a limited knowledge of money. They lack the experience necessary to earn, count, and spend money wisely.
I plan to help my students become financially savvy. Each student will receive a weekly allowance (play money, of course). It will be the students responsibility to keep up with their earnings. At the end of the week, students will have the opportunity to use their allowances to shop at the classroom store. Breaking classroom rules and inappropriate behavior will result in the loss of money. There will be a fine assigned to each infraction. It is my belief that this action will inspire my students to be more responsible for their behavior, as well as their money. Each table will be assigned a banker. The banker is responsible for the group's financial transactions. The bankers will use the cash registers to store the money. He or she will disburse the allowance to each group member, as well as handle the collection of any fines. The money games will be available for all students at the math center to reinforce the concepts of counting money. Stickers, bookmarks, pencils, and other incentives will be available for purchase at the classroom store. The store is used to encourage counting, smart spending, and saving.
As adults we know the importance of money. We know a lack of employment results in a lack of finances. Inappropriate behavior at work can result in a loss of income. A significant loss of income may result in the inability to provide our basic needs. You will make it possible for my students to become more financially savvy. You have the power to help me create financially responsible children.
More than three‑quarters of students from low‑income households
Data about students' economic need comes from the National Center for Education Statistics, via our partners at MDR Education. Learn more
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