Some Things to Consider
Dishonesty
Reality check- the kids in your class, as cute and sweet as they are, most certainly are not perfect. Sometimes they will be dishonest. Kids might steal money and bankers might lie about deposits. You will need to decide how to deal with this. I find that anything from charging a $500 fine to excluding a child completely from the entire program works really well. I usually have the kids come up with rules for such things on as a class during the first days.
When Kids Can't Pay Rent
This will most likely come up at least once. Most kids don't understand the concept of saving and certainly don't understand paying for basic needs like rent, paper, and pencils. There most likely will be a time that a kid can't pay rent. What will the consequence be? Consequence can range from not so severe (being excluded from the student store or auction for the month) to more severe (working off the debt during recess) It all depends on your preference. If you opt for the loss of recess option, it is best to ask for parent permission first. That said, research points to the vital importance of play in elementary school. Excluding students from being able to buy anything from the student store has always worked for me and seems like a more natural consequence.
Buying Desks
Students who can save up 3 months rent can buy their own desk. You can also allow them to purchase another student's desk. That student would then owe rent to their new "landlord" each month. Allowing one kid to buy another kid's desks can lead to hurt feelings and at times causes unnecessary conflict in the class. It does however add an interesting element to the system, and most kids love the challenge of acquiring new "property," sometimes even more than the love for shopping at the student store.
Reality check- the kids in your class, as cute and sweet as they are, most certainly are not perfect. Sometimes they will be dishonest. Kids might steal money and bankers might lie about deposits. You will need to decide how to deal with this. I find that anything from charging a $500 fine to excluding a child completely from the entire program works really well. I usually have the kids come up with rules for such things on as a class during the first days.
When Kids Can't Pay Rent
This will most likely come up at least once. Most kids don't understand the concept of saving and certainly don't understand paying for basic needs like rent, paper, and pencils. There most likely will be a time that a kid can't pay rent. What will the consequence be? Consequence can range from not so severe (being excluded from the student store or auction for the month) to more severe (working off the debt during recess) It all depends on your preference. If you opt for the loss of recess option, it is best to ask for parent permission first. That said, research points to the vital importance of play in elementary school. Excluding students from being able to buy anything from the student store has always worked for me and seems like a more natural consequence.
Buying Desks
Students who can save up 3 months rent can buy their own desk. You can also allow them to purchase another student's desk. That student would then owe rent to their new "landlord" each month. Allowing one kid to buy another kid's desks can lead to hurt feelings and at times causes unnecessary conflict in the class. It does however add an interesting element to the system, and most kids love the challenge of acquiring new "property," sometimes even more than the love for shopping at the student store.