Financial Class Economy

Shortly after the 2016-2017 school year ended in June, I was continuing to reflect on our Financial Algebra course. I kept thinking what can we make better and how can we do it. I thought about how I didn't particularly enjoy how we did some of our banking unit - mainly checking (I also was over the project choice we had for them for that chapter). I decided I was going to tackle a modified class economy system for these high school juniors and seniors! So I spend all summer tackling and figuring out how and what to do. Here is what I have so far:

I had found a template online that I modified to make checks for student use. If students want to "purchase" something they may write a check. This would then give students practical practice with how to fill out a check. While my document has 16 checks, I've decided to only give students 8 of them. As one of the expenses, they may purchase additional checks (we have to buy them in the real world). Since I know we do not write checks for everything we purchase, I then decided to make a Form for electronic transactions. They can debit, transfer, or deposit funds. I figure it would be rare from them to transfer or deposit funds as these would be from another student, but I still wanted to give them that option. Students would be required to record all transactions they make on an Account Register. I was naive the first time teaching this course that this would be something easy for them - it wasn't! They just depend on the online bank to tell them what they have - ugh!!!! Getting students to keep track of this on their own will be huge.

While researching, I found Class Economy was mostly used in the elementary schools. We are not giving out jobs, but high school students are always told that school is their (unpaid) job. I decided that they would be paid minimum wage (currently $10.50 in CA) for the time that they are in class. Our class periods are typically about 90 minutes and we see the students every day (only for 1 semester though). So, they would be paid according to that, including all taxes taken out. Alice Keeler has a Send Comments Add-On Template (you can read about it here) that I was able to modify the Script so that I could have it email information like it was a Pay Stub (my Template). Once I have the students name and email in, all I will need to do is put in the hours for the pay period and I've programmed the cells to do the magic of the calculations! When it is pay day, I just need to push "Send Emails" and it should send the students the email with their pay information. I tested it a few times, but haven't officially run payroll for the class yet.

I just introduced it Friday to my students - it was a quick introduction. One class seemed pretty excited, though they were bummed when they asked if taxes would be taken out! The other class didn't seem as enthusiastic, but maybe that was because it was too close to the bell? I used this document to introduce it to them. It has links to my current expenses and fines, and student friendly language.

I'm just starting this journey, so hopefully I can update in a few months with some positive results. I also have thoughts of giving performance increases in October, followed shortly by some inflation.