Students can earn up to five dollars a day for coming to 'work'. If they put in effort and work hard, they earn the full amount. If they get a checkmark on the behavior chart their pay is docked one dollar for every infraction. If a student is absent, they don't get paid for that day. Every student has the potential to earn $25 dollars each week. They received their first paychecks Friday morning.
Friday afternoon each student visited the 'bank'. Each child was given a checkbook and a ledger to record income and expenses. We used checks because coins and bills are easily lost, and writing checks reinforces the math skill of writing numbers in word form.

I showed the students how to record their paycheck deposit on the ledger. Next we took care of expenses. Each student is required to pay $5.oo rent for his/her desk. They weren't too thrilled about this, but I explained to them that in real life you will have bills that you have to pay before you can buy the things you want. The first check they wrote was for rent.
After the rent had been paid the students were allowed to visit our 'store' to spend the rest of their money. They could purchase any of the following items:
Lunch with a friend in the courtyard $10
Homework Pass $5
Computer time $5
Sit at the teacher's desk $15
Swap desks with a friend $10
Treasure box items $1-$3
While they shopped, the students had to make economic choices. Should they spend all of their money, or save some for later? Could they afford everything they wanted? Every child had the opportunity to buy something in the store.
The students really enjoyed shopping, and many of them saved a few dollars for next week. They got to keep their checkbooks. I told them if their checkbook gets lost they may purchase a new one. Hopefully this will encourage them to be responsible! At any rate, I believe they now have a better understanding of making economic choices.

