Teach Kids About Money with a Class Store
Teaching Children Important Money Concepts in Elementary School
Feb 1, 2009
Primary grade students need lots of hands-on experience with money in order to learn important math and economic concepts. A daily allowance program will have high initial interest for primary grade students; however, the excitement will wear off unless students have a real purpose to continue the exercise. A class store will set this purpose.
Tips and Suggestions for a Successful Class Store
Class stores do not have to be elaborate. A store experience can be as simple as having all the children purchase the same item at the same price. This model allows the teacher to demonstrate combinations to make the amount required. Students as young as kindergarten and first grade will be able to run the store, since they only have to collect one specific amount, and are not required to give change. Customers who do not have the correct change can go to the class bank where the teacher or other adult helps the children to "trade down" from larger coins or dollars.
Many teachers prefer to offer class stores with multiple items for the students to choose from. The price can be the same for all items, or the prices can vary for different items. The age to of the students and the goals of the grade level math standards will help dictate which pricing system should be used. For instance, a second or third grade class working on counting change back might do well to have a variety of prices in the class store.
Be Explicit about Why Children are Learning about Money
Some children are inclined to “hoard” their money. While this may seem like a good idea in terms of learning to save, it doesn’t help students learn about the values of the coins, how to make money combinations, or how to count change back. For a primary grade economic program to be successful, the children must be regularly collecting and spending their money.
To discourage the tendency to hoard, be explicit about why the children are receiving their allowance and why the class has stores. Let the children know that it is important for them to learn how to use money and how to count it. Have discussions about how adults use money and what it means when they don’t have enough or what they do when they have more than enough. Children need to know that in the world outside of school it is important to learn to save their money. However, their purpose in school is to learn how to deal with the mathematics of the monetary system.
Free or Inexpensive Suggestions for Stocking a Class Store
The class store does not have to be a budget buster for elementary teachers. Here are some popular, yet inexpensive items that teachers have included in their class stores:
- Animal “posters” torn from outdated picture calendars
- Books (ask for donations from parents or other teachers)
- Left over Time For Kids or Weekly Reader magazines from years past
- Pencils and notebooks
- Interesting rocks and stones
- Birthday treats (let birthday child run the store; the money goes back into the class bank)
- Free items donated by businesses, organizations, and health groups( e.g. toothbrush packets, fire safety coloring books, free introductory Lego magazines)
- Student-made craft items (proceeds go back into class store)
- Small boxes made from greeting cards
Kids love any opportunity to spend their “hard earned” money. Frequent class stores give students opportunities to problem-solve money concepts. Depending on the math performance standards for specific grades, class stores can be designed to give children much needed practice in counting coins, making money combinations, or counting change back. The experience also helps students to understand beginning concepts about economics.
For a special end of semester or end of year celebration, consider setting up a bigger operation with a “Mini-Mall.” For more information on how to build learning about money into the math curriculum read, "Money and Kids in the Elementary Classroom."
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