While Financial Literacy Month is recognized in April, people should embark on their journey toward financial wellness and freedom year-round. And an elementary school teacher has put the sentiment into action.
TheStreet reports that Shelby Lattimore created a “classroom economy” for her third grade class to learn money management.
How it works is that the students have classroom jobs where they earn play money. They can then use it for “paying rent” on the first of the month and spend some on various rewards such as lunch or movie time.
Lattimore made it clear that no “credit cards” are allowed. Additionally, her class can be fined for infractions such as late work or being disrespectful.
One of the main goals behind her concept is to help her students build financial confidence.
“This is my first time doing this as a behavior management strategy and I absolutely love it!” Lattimore told the outlet. “I have seen how students’ confidence level with handling money has skyrocketed. [They’ve] learned vital skills like checking to make sure the change they receive is correct, foreign exchange rates[…] Even lesson us adults take for granted, like not giving someone your wallet when you pay for things. Students are excited to be a part of our classroom economy!”
“A lot of my kids come from families that live check to check and are not in the best financial situation,” Lattimore said in a TikTok. “So I don’t think they’re too young to ever learn how to handle money.”
She added, “Are there certain rules they have to follow? Yes, because there’s certain rules we have to follow as adults.”