Making "Cents" of Money
Thanks to teachers Caryl Eissing and Heather Lance, and a $3,325 grant from the NJEA Frederick L. Hipp Foundation for Excellence in Education, Old Farmers Road School (Morris County) students will develop a knowledge of money and money management skills through a simulated economic environment. Through reading and discussing literature selections with a money/money management theme, children will employ beginning consumer skills on a daily basis. Children will earn payment for tasks they accomplish. Money totals are counted and recorded daily. Daily calculations are combined to yield a weekly total. Students will then have the opportunity to “shop” at the classroom store each Friday. Store inventory will provide an additional means to develop record-keeping skills.
Parent and community volunteers will serve as shopkeepers and bankers, assisting students with their purchases, calculations, and cash register/calculator confirmations. Unused monies, both saved and left over from purchases, are recorded in the students’ individual bankbooks/checkbooks and carried over to the next week.
Students will keep Economic Journals which include such entries as earnings, expenditures, reflections on money management concepts, Internet research items, and financial goals.
This project was awarded the Dolores T. Corona Grant for Mathematics. Corona, a math teacher for 14 years in Union Township (Union County), was a member of the NJEA Government Relations Division staff for 30 years, and served as division Director from Feb. 1985 until her retirement in Feb. 2002.
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