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Do I want it?

How can I get it?

Booklet 2 MilbaDjunga: Classroom

Economy Teacher Guide

Content

Background 3

What do I need to do, before I begin? 5

Giving students a job 7

Bonuses and penalties 8

Daily procedures 10

Market day/bill day 10

Deposit book 16

Withdrawal slip 19

Fortnightly budget 25

Fortnightly budget – an example 26

Daily sign in/out sheet 27

Monitoring sheet 28

Bonuses and penalties 29

Bank coins 30

Bank notes 31

Teacher notes 32

© ASIC 2013 all rights reserved www.teaching.moneysmart.gov.au 2

http://www.teaching.moneysmart.gov.au/

Background

This guide will show you how to implement the practical component of ‘Do you

want it? Do you need it? How do you get it?’ by setting up a classroom economy.

This will be implemented over one term.

In this practical component students are required to get a ‘job’ that pays a

fortnightly wage. Once they have this ‘job’, they are expected to attend school

daily and are sent bills that need to be paid. They are also given the opportunity

to go shopping and are encouraged to bank any remaining money each fortnight

as savings. This allows students to link education to the skills required to deal

with these everyday life activities.

The students’ activities relate to the roles of their families (parents, uncle,

aunts etc.) and their jobs, other jobs and professions within the community and

examples of jobs outside the community. This further emphasises the message

about the importance of having a job and the need to budget. Students are made

aware of the various professions and roles through discussions and examples.

Students’ jobs are allocated to them randomly. They may receive the same job as

others, but, if not, they will be able to compare and see the differences in wages,

reflecting real life situations in the workforce.

Although the online and practical components can be run concurrently, teachers

who were involved in trialling the materials found that working through the online

and classroom component first was beneficial because it allowed students to

build up their theoretical knowledge before embarking on building their practical

skills. Jobs can be allocated at the end of Section 1 but students are to hold onto

the contract until the online component is completed.

During this learning students will be addressing the following student learnings

from the National Consumer and Financial Literacy Framework:

Year 6

Knowledge and understanding

Students can:

analyse the value of a range of goods and services in relation to an identified

need

identify and discuss some rights and responsibilities of consumer and

business.



Competence

Students can:

use a range of methods and tools to keep financial records in ‘real-life’ contexts

create simple budgets for a range of purposes and explain the benefits of

saving for future needs and wants

accurately complete and explain the purpose of financial forms

order and justify reasons for spending preferences

discuss various payment options for purchasing goods and services such as:

cash, debit card, credit card, direct debit and PayPal

interpret information from a variety of invoice accounts including information

presented graphically such as in electricity accounts

identify key features used in advertising, marketing and social media to

influence consumer decision making

identify and describe the impact that the consumer decisions of individuals

may have on themselves and their families, the broader community and/or the

environment.

Responsibility and enterprise

Students can:

examine and discuss external factors that influence consumer choices

explain that there are ethical considerations to some consumer and financial

decisions

apply consumer and financial knowledge and skills in relevant class and/or

school activities such as student investigations

recognise that the satisfaction derived from spending money varies according

to the nature of the purchase, the context in which it is bought and an

individual’s personal circumstances and values

recognise that matching household expenditure against income is important

demonstrate awareness that family, community and socio-cultural values and

customs can influence consumer behaviour and financial decision-making.



What do I need to do, before I begin?

Get your resources ready.

It is important to have all your resources ready to go before you begin the

practical component of the unit. Also, photocopy extra resources just in case you

get new students throughout the term.

All these resources (which are shown in italics throughout this document) are

available from MilbaDjunga: Classroom Economy Resources found at the end of

this booklet.

Student Resource Folder

Students should set up folders to keep all their records:

Pay slips

Bills and receipts for electricity and rent

Bank books Deposit books Withdrawal slips Budget form

Bonuses and penalties record sheet.

Teacher Monitoring Folder

Set up a folder containing the following:

Sign on sheets with students’ names entered

Bill monitoring sheets with students’ names entered

Record of student bonuses

Record of student penalties

Student contracts (students will create and print these off at the end of Section

1 of the online resource).

Market Day(s)

You will need to prepare the following:

Products to sell at the store

Signs for Electric Eel Energy Company, Wallaby Housing Rental, Local Store

and Possum

Bank

Containers for holding the money at each stall

Personnel to man the stalls – perhaps teacher aides, parents or older students

at the school

Enough printed money for everyone’s wages as well as a float or kitty for each

business.



Organisational tips

Money should be clipped together for bill payment

Have self-inking stamps

Use A4 envelopes for pay packets, as they can be reused

Create $5 bonus cards

Set up a system of drawers for money.



Giving students a job

At the end of Section 1 of the online unit, allocate students a job so that they can

engage in the Classroom economy and learn to make wise decisions about what

to do with their pay every fortnight.

Jobs are allocated randomly by picking a job from a hat. Each job has been

allocated a rate of pay per hour and a gross pay per day (see sample jobs and

rates of pay below). By using one of the pay slips, discussions should be held on:

What the weekly and fortnightly pay would be

The difference between Gross pay and Net pay – tax needing to be taken out

to help Governments look after roads, education, health etc.

The differences in the rates of pay between jobs and the fact that with

education you are often able to get better paying jobs

What the jobs entail – students could do research on their job and report back

to the class on training needed etc.

Students are required to enter into a contract with you about the type of job and

the rate of pay they will have. They must have access to the Contract PDF found

in the online resource at the end of Section 1. Once students have completed and

printed the contract it must be handed to you to add to the Monitoring Folder.



Job Hourly pay rate Daily pay rate before tax

(Gross Pay per day)

Artist

Cleaner

CDEP Worker

Pieman

Singer

Shop assistant

$20.00

Fisherman

Postman

$22.00

Teachers Aid

Disc Jockey

$23.00

Farmer Ranger

Bricklayer

Butcher

Council worker

Truck driver

Footballer

Hairdresser

$24.00

Miner

Stewardess

Police officer

Fire officer

Ambulance officer

Army officer

$27.00

Plumber

Electrician

Builder

Carpenter

Mechanic

$28.00

Nurse

Teacher

$32.00

Vet

Dentist

$37.00

Bonuses and Penalties Sample jobs and rates of pay

$160.00

$176.00

$184.00

$192.00

$216.00

$224.00

$256.00

$296.00



Doctor

Psychiatrist

Pilot

Lawyer

$40.00 $320.00

Wage Bonus

Students are able to earn bonuses for good behaviour, excellent work etc. Record

any bonuses in their fortnightly Budget and the Bonuses and Penalties Record

keeping Sheet.

Wage Penalties

Students will be penalised for not doing work, not following instructions or bad

behaviour. Record any penalties in their fortnightly Budget and the Bonuses and

Penalties Record keeping Sheet.

Loss of Payment

Students receive 7 days sick leave without losing pay. If students use all their sick

days or do not have a note from their parents explaining their absence they will

receive less in their pay packets.

Loss of Bank Books

You will be required to allocate a replacement fee for lost bank books. Students

need to pay a fee for a replacement bank book from their savings or payments.

The cost of this fee is up to you, and may be on a sliding scale depending on the

number of replacements.

Non Payment of Bills

You will need to monitor if bills are being paid. If a student doesn’t pay their

bills, such as electricity, the lights may be turned off. Tables and chairs may

be removed if the rent has not been paid. Non-payment of these bills and the

penalties should simulate real life.

If this happens students will need to arrange a time with you to withdraw money

from their bank account to pay the bill.



Daily Procedures

Monitoring Sign On/Off Procedure

Students will sign in and out each day using a sign in sheet.

Sick Leave/Absenteeism

Students receive 7 days sick leave without losing pay.

If students are absent from school, they need to produce a note from their

parents/carers (this is equivalent to a doctor’s certificate) explaining their

absences.

Market Day/Bill Day

Every two weeks is Market Day or Bill Day. This is when students are given their

wage and the opportunity to pay their bills, purchase items they need and carry

out banking. However, prior to Market Day, it is imperative that you have some

resources ready.

Student Bills, Payslips and Wages

You will need to generate student payslips (based on a fortnightly wage). Print

off enough money to give students their wage in an envelope and provide bills

showing what each student needs to pay (based on the number of school days

in that fortnight). You will have to determine how much the rent is going to be.

Electricity has a set rate indicated on the bill.

Items and Pricing

Students are allowed to purchase goods with their

money. You provide the students with an array of

items which must be itemised and ready for sale on

market day. Each piece is sold at a higher than normal

price (e.g. a pen for $10, ball for $50).

Shopping will make the students think about their

budget, whether they wait and save or borrow the

money from others and incur interest fees, bringing into focus ‘Do I need it or do I

want it?’



Items for the shop can be purchased from such stories

as Crazy Clarks, Big W, Overflow or other stores that

offer items that students may want and are of a low cost

to you (teacher).

Setting up for Market Day/Bill Day

During weeks 2, 4, 6 and 8, a day or session must be set aside for the students

to experience the real life situation of paying bills, purchasing goods and banking

their money. To set up a designated area like a community it is important to have

the following resources ready and available.

Designated Area

The designated area can either be within your classroom or an undercover

area within your school or library. This area is to be designated as your market

shopping centre.

Bill Paying Stations and the Bank

You will need to set up different stations for the students to go and pay their bills

(electricity and rent) as well as to do their banking. You will need a space set up

for the shop ( a place for the students to use their money to pay for items such as

pencils, erasers or reward items like footballs to use during break time).

Extra help is necessary with this segment as each bill needs to be stamped or

signed when the payment is made. Perhaps you could ask teacher aides, parents

or senior students at the school for assistance.

Rent Food Electricity Bank

(Examples of how to set up your stations)



Signage

You will need to make appropriate signage so students can identify the following

areas:

Electric Eel Energy Company

Wallaby Housing Rental Agency

Possum Bank Australia.

On Market Day students receive their pay packets and pay slips, balance their

budget, pay bills, purchase goods and deposit money into their bank accounts.

Student Wages

This is determined by their attendance to school. The more they attend the more

they earn. You give students their pay packets and pay slips once a fortnight.

Budgeting

All students need to complete this component. Time must be given in class for

the budget to be completed.

Bill Payment

Bills such as electricity and rent will be allocated fortnightly to students. Bills are

provided by you.

Students will need to calculate how much money is needed to pay their bills

Students will need to have the correct money to pay their bills

Students will need to keep all records of bills paid (receipts).

Shopping

Students will have the opportunity to go shopping once a fortnight after they have

paid their bills.

Banking

Students need to bank all their remaining money at the end of each bill payment

and shopping session. They will need to complete deposit slips correctly. (All

money left over needs to be deposited so that it can be reused for student wages

in the next fortnight.)

If the students do not bank all their money they may incur penalties with that

amount of money taken from their bank accounts.



Deposit Books

Students will need to have deposit slips and their bank books to deposit their

money into. They will need to work out what amount of money they will need to

bank and fill in the deposit form correctly, banking all money not spent on bills or

shopping.

Savings

Students are expected to save some money to go towards their end of term party.

The amount students save each week will depend on the students’ pay, budget

and spending habits.

The end of term party is a celebration of the students’ success at completing the

unit.

A goal of reaching $250 (or an amount decided by you) to attend the celebrations

is set at the beginning of the unit. It is a suggested entrance fee. Students are

required to save this amount over the course of the unit. If they fail to save this

amount, they are unable to attend the party.

This is a classroom party with students bringing food, watching a movie or playing

games to celebrate. This is your choice.

This could be used as an opportunity for students to put into place what they

have learnt over the past 8 to10 weeks—planning for, budgeting and paying for

the party.

At the party, time should be set aside for the following discussions:

Share what you have learned by doing this unit

What you found challenging

How you can be money wise in future.

There could perhaps be a prize for the student who saved the most money

throughout the course of this unit.



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Date Deposit Withdrawal Balance Verification

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Possum Bank Australia Possum Bank Australia

Account Name Branch Account Name Branch

Account Number Account Number

Date Deposit Withdrawal Balance Verification


Deposit Book

Give each student a copy of the deposit book and photocopy as many deposit

slips as they need. Staple the deposit slips into the deposit book, so the students

will have their own deposit books to be used fortnightly. When filling out the form,

keep the stub in the book for the student’s record.

Completed deposit form

Possum Bank

Date

Possum Bank Australia Deposit

Account

12.01.10

Account Number

123456

Account Name

Number

Account

Name

123456 Joe Smith

Date Cash

12.01.10

$ 250.00

Total

Joe Smith Paid in by Signature Total Deposit $ 250.00

$ 350.00

This is the student’s

copy so they can

see what has been

deposited. Keep it in the deposit book.

This is the teacher/

bank copy. Check

to see if it has been

filled out correctly

and signed.



Possum Bank

Date

Account Number

Account Name

Total

$


Account

Number Date

Account

Name Cash $

Paid in by Signature

Total Deposit $

Possum Bank

Date

Account Number

Account Name

Total

$


Account

Number Date

Account

Name Cash $


Total Deposit $

Possum Bank

Date

Account Number

Account Name

Total

$


Account

Number Date

Account

Name Cash $


Total Deposit $



Possum Bank Australia

Deposit Book

Name:



Withdrawal Slip

Have withdrawal forms available to the students, so they can ‘withdraw’ money

from their accounts every fortnight. This process is not used by many adults or

students today, they mainly use ATM cards. Students should be introduced to

‘withdrawal’ slips as another way of withdrawing money from the bank.

Completed withdrawal form

Possum Bank

Date

Withdrawal Possum Bank Australia Withdrawal

12.06.09

Account Number

123456

Account Name

John Smith

Date

Account Number

Account Name

Sign Here:

12.06.09

123456

John Smith

Cash $ 350.00

Total

$ 350.00 Total $ 350.00

This is the student’s copy so they can see what has been withdrawn. Keep a written record in their budget.


This is the teacher/ bank copy. Check to see if it has been filled out correctly a signed.


Possum Bank

Date

Account Number

Account Name

Total

$

Possum Bank Australia Date

Account Number

Account Name

Sign Here:

Cash $

Total $

Withdrawal

Possum Bank

Date

Account Number

Account Name

Total

$


Account Number

Account Name

Sign Here:

Cash $

Total $

Withdrawal

Possum Bank

Date

Account Number

Account Name

Total

$


Account Number

Account Name

Sign Here:

Cash $

Total $

Withdrawal



Pay

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Electricity Account

Account Number

Your Account Activity Amount

Amount of previous account issued $_

Payment received: $_

Outstanding Amount $

Due Date

Your New Account Transaction

Total Due Number of days electricity used: days @ 8 kw per day

Amount of electricity used (days x 8 Kw): $

kW

Electricity Supplied to

Electricity charged at $1.00 per kW $_

Total Due (including outstanding amount ) $_

Having trouble paying your bill?

I am here to help. Talk to your teacher as soon as you can to discuss all

payment options available to you.

Receipt

Payment Slip For

Account Number

Total Due $

Payment Options

You can pay in person at the Electric Eel Energy Company. Payment must be received by the due date. Failure to do so may result in your power being cut off.




Electricity Account

Account Number

123456

Your Account Activity Amount Amount of previous account issued $160.00 Payment received: $100.00

Outstanding Amount $60.00

Due Date

12/06/09

Total Due

$ 220.00

Electricity Supplied to

John Smith

Class: 5C

Your New Account Transaction

Number of days electricity used: 20 days @ 8 kW per day

Amount of electricity used (days x 8 kW) 160 kW

Electricity charged at $1.00 per kW $160.00

Total Due (including outstanding amount ) $220.00

Having trouble paying your bill?

I am here to help. Talk to your teacher as soon as you can to discuss all

payment options available to you.

Receipt

Payment Slip For

John Smith

5C

Payment Options

You can pay in person at the Electric Eel Energy Company. Payment must be

Account Number 123456

Total Due $220.00

received by the due date. Failure to do so

may result in your power being cut off.



Due

Paid

Owing

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Wallaby Housing Rental

Rental Account Rental Receipt

Customer Name Class Due Date

Due Date Customer ID Number Received from

Number of days Daily Rate Amount Due The sum of

days $_ $

Signature


Fortnightly budget

Incoming Outgoing Amount



Fortnightly budget – an example

Incoming Outgoing Amount

Forwarding amount (from previous fortnight)

$100.00

Weekly pay

$250.00

$350.00

Rent

$100.00

$250.00

Electricity

$50.00

$200.00

Sport

$20.00

$180.00

Stationery

$10.00

$170.00

School bonus (Completed assignment)

$50.00

$220.00

Birthday present

$50.00

$270.00

School penalty (Teasing)

$50.00

$220.00

Phone

$75.00

$145.00

Savings

$25.00

$125.00

Going out

$25.00

$100.00

Food/lunches

$50.00

$50.00



Student’s Name Sign In Sign Out

Daily Sign in/out Sheet

Use this checklist to monitor student’s attendance.

Day: _______________________ Date: _______________________

Student’s Name Sign In Sign Out



Electric Eel Energy

Company Wallaby Housing

Rental Agency Possum Banking

Australia

Week 2

Week 4

Week 6

Week 8

Electric Eel Energy



Australia

Week 2

Week 4

Week 6

Week 8

Electric Eel Energy



Australia

Week 2

Week 4

Week 6

Week 8

Monitoring sheet

Use this checklist to monitor whether students have paid their bills or not. The

checklist is designed to be used over the period of the unit. Use one table per

student. This checklist is easy to use. The teacher can see at a quick glance, if

students are up to date with their bills.

Name:

Name:

Name:



Bonuses and Penalties

To be used by students or teachers to record the bonuses or penalties the

students earn. The two final columns are used to record what students earn for

bonuses or what they owe for penalties.

Name: ___________________________________________________

Date

Bonus

Penalty Amount

Owing for

Penalties

Amount

Earned for

Bonuses

Total amount owed

Total amount

earned


I


Bank Notes


5


10

Five Dollars Ten Dollars


20


50 Twenty Dollars Fifty Dollars



© Australian Securities & Investments Commission 2013

Help young people be MoneySmart

www.teaching.moneysmart.gov.au

ASIC lnfoline: 1300 300 630

http://teaching.moneysmart.gov.au/

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