Token Economy

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Home : 2003 : June : 23

Token Economy
By Libby

Last year was the first time I used this type of system with my 5th graders, we loved it! The way I used it required a lot of start up work, but after that it runs quite smoothly. First of all I made up a list of classroom
jobs, enough for each student to have at least one job. Then the jobs were posted as Mrs. _____'s classified ads. The kids filled out applications, that were made to be like a real job application, with strengths, references, and so on. Then I notified them that they were to come in, (usually at lunch or other "free" times) for an interview. They are instructed to dress up a bit,

and be polite and business like. It's so cute, they get so nervous. Then they are notified about which job they are getting. They are then asked to read and sign a contract, which includes a $10.00 signing bonus.

They are paid every other week. Usually each job pays, $5.00 or $10.00 per week. I have payroll people (students) who write out the paychecks, with taxes deducted,(10% to keep it simple) The following day we do our banking. I go to a local bank and get check book covers, and account registers. Each child gets one, they feel so grown up. I copy real bank deposit slips, and the kids fill them out. This takes some time and weekly reinforcement, but once they understand how to do it they are responsible for getting the deposit slip correct. If the banker finds an error, the students bank account is charged a $5.00 fee. I have one or two parents help out on banking day. We also have a cash system. I made up "Starbucks" in the amounts of $1.00. $5.00, $10.00, and $20.00. The kids can earn money for things such a good test or quiz scores, exceptional behavior, caught being good, asking a really good question, etc and they each get $20.00 on their birthday. They can also loose money for things like forgetting homework, needing to go out to their locker, or to their book bag, excessive talking, being out of their seat at inappropriate times, and so on.
Throughout the year the parents are asked to send in anything that they think the kids would like, and we have an auction at the end of each semester. (twice a year) Most of the stuff is new, and some is just stuff that their kids don't play with or use any more. These things don't have to be expensive, just things that kids would like. Some of my most popular and highest auction items came from the dollar store. Grab bags with pop, candy, and chip type things are really popular too. I hope I haven't rambled on too much and if any of this doesn't make sense, please feel free to write back with any questions you might have. I think it is a wonderfully worthwhile endeavor, the kids love it and are learning some real life skills in the process.