Elementary Money Management

Written by Jerred Sonneborn, School for the Blind Elementary TVI

One of the most critical math skills one uses throughout their life is money management. In the School for the Blind elementary math classes, the concept of money is imbedded in every day instruction to show students how money is involved in the many topics we explore over the course of the school year. These skills are also aimed to be generalized further on in life. Money isn’t just a way to incorporate math skills we have practiced, but I also use it to hone student responsibility and thinking ahead.

A project that I have been working on for the past couple of years is giving each student their own bank account where they store their money, which is earned throughout the week for completion of various tasks. Upper elementary students are given a Monopoly credit card where they can also store their money and learn to manage their money when located in different locations and methods such as tangible or electronic currency.

When introducing this activity at the beginning of the year, students are given 8 cents made up of three pennies and one nickel. From there, we discuss how and what students will be earning or paying money towards throughout the year. Earning money is easy and happens rapidly as the week progresses. Students earn 1 cent for times they participate, submit work, help a peer, or show PRIDE but in return pay 1 cent for times they are not following classroom expectations. Additionally, students are given a menu of items they pay for including their daily 1 cent desk rent where they are evicted if they do not pay and are fined by solving a math problem in exchange for 1 cent.

At the end of the week, we hold a money exchange where students can transfer money to or from their credit cards or exchange smaller valued coins for ones of higher value. Students also have the opportunity at the end of the month to use their money to participate in an auction where students can buy treats for a set price, or 10 cents for a bulldog bone.

Through this practice of bringing real money into play through daily classroom tasks, the concept of money becomes less abstract and more concrete in understanding. Students begin to understand the importance of money management, loans, planning ahead, and the value money holds through this seemingly simple bank account.