Incorporating life skills into instruction is very important to me, as I want to holistically prepare my students for life. A major way that we do this during my students' math intervention time is through a budgeting program. During this program my students receive a salary for coming to school. They also have to pay for their living expenses while at school, such as using the water fountain or taking the bus. They also have to prepare for surprise expenses, such as visits to the doctor (our school has a full health center), car repairs, and new shoes which can pop up any time. They are also incentivized to save for larger purchases, such as vacations, houses, and cars. I also include small temptations for them to spend on their 'fun budget', which can be little snacks or toys. This program has proven to help my students think critically about their money, their goals for their money, and their spending habits. Almost all of my students have bought a big purchase this year!
Aside from incorporating life skills, this program allows my students to practice computational skills, as I do not allow them to use a calculator when setting up their montly budget. They must do it by hand to practice multidigit addition and subtraction with regrouping using standard algorithm. Some of my students even prefer to multiply for things such as their grocery budget, which are typically a standard fee of either 5 or6 dollars over multiple weeks. My students really enjoy this program, as it is highly incentivized. We have so many good conversations about how to set up money in the real world and why it's important to save your money for things that might come up.
Next year, I will begin to incorporate different tools such as health insurance and possibly a credit card with cash back opportunities for my 5th and 6th graders.
Below you will find all the materials that I use for the Budget Program. Feel free to contact me with any questions! I am really passionate about teaching my kids how to be financially literate, and I cannot wait to continue.