The Money

 As mentioned in the last blog entry we have a money system in the class.  The class money economy system is designed as a way to encourage self-management of behavior and to promote the development strong work habits.  Research has shown that token economy systems are often effective for children who do not respond to other less-structured methods of behavior modification (providing positive feedback or praise) With a money system, I have noticed that, those students who are already deeply intrinsically motivated to always do their best work (and we have many in the class) rise to new levels of greatness under this system.

 

The main way that students can make money is through their daily work.  Most work in class is graded on a 10 point scale.  In our point system 7 means they did the job, 8 meaning they took extra effort in their writing or presentation.... all the way up to 10 where they did an excellent job above the expectation.  There is also a 10+ for outstanding effort.  Each student can resubmit their work to get a higher and higher mark if they like.  With our class money, students who receive less than 7 are not paid and have to keep working to bring the work up to the minimum 7  standard.  Achieving a 7,8,9 or 10 on a page pays $1.00 and a 10+ pays $2.00.  Last year I used to pay $2.00 for a 10 out of 10, but this class are so advanced I would be broke and they would be too rich so I only  pay $2.00 for 10+.  When the students work has been marked by me it is taken to the class bank where it will be paid out and stamped to show that the student has been paid.  Although I think I will go back to $2.00 for a 10 out of 10 and raise a 10+ to $3.00 as many students are already asking for raises on their $1.00 a week jobs.

As well as being a great motivator Money works well into several of our units.  In Math money can be used to connect decimals, fractions and percents which are often hard for children (and adults) to relate.   By linking these subjects to money, they provide a reference for easy understanding.  Representing one half  as .5 mystifies many students, however, when you connect it to money, a dollar and a half = 1.50¢   is easy to link to half = .5, one quarter = .25,  three quarters =  .75 = 75% etc.

Our Money economy links to the Grade 4 curriculum:
Math:
A10  relate decimals to fractions (to  hundredths)
     *represent a given decimal using money values (dimes and  pennies)
     *record a given money value using decimals
     *solve problems, including money problems, which involve addition and subtraction of decimals, limited to hundredths
Socials:
D5  describe economic and  explorers and Aboriginal people 
Comparing our current monetary systems to the barter and trade systems of the Aboriginal peoples.
     *describe the ongoing trade that was established between Aboriginal peoples and explorers, with reference to  specific goods exchanged 
      *describe changes over time in the value of specific barter goods  effect of trade on Aboriginal societies
 

The Underground Economy:

One of the side effects, which I do not suppress, is the underground economy that develops in the class.  So far one student has created a wallet making industry.  The student sews  a cloth wallet which, depending on the features, can cost you from $1.00 to $4.00.  My wallet has an embroidered W and a button catch, contained two sections and cost me $5.00.  Another student has brought in comic books that he has written and illustrated himself and he rents them out.  The upside is two other students, who are not great writers,  see it as a way to make money themselves and are busy writing comics to rent out.  I also jumped on the sales wagon  as I had a couple of packs of juice boxes which I gave to a student to sell for $1.00 each.