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The Bank of Mr. Parnell
Submitted by Mr. Parnell from California
High School Teacher
custom made individual check books
custom made deposit slips
custom made pay checks
custom made account balance sheets (1savings, 1 checking)
This is a great year round math and life skills classroom management activity.
Each student opens 2 accounts a savings and a checking account. I (as the bank) will start the accounts with $25 for savings and $10 for checking as a bank promotion. Once the accounts are open each student can earn pay checks or money cards for classroom work completion, behavior or completing a job (work skills).
I schedule a time twice a week where students can make deposits to their accounts, they fill out deposit slips and manage their accounts. They use the money to buy items in our student store.
Here are the Rules:
Students can only use their checkbook and write checks to pay for items bought in the store. (life skills -checkbook writing)
They have to maintain $25 in their savings acct. and $10 in their checking.
Students may transfer money from their savings to checking or vise versa
Students must show that they are balancing their checkbooks appropriately.
I as the bank make sure that their savings and checking records are kept updated
Here's a bonus motivator for every $25 dollars kept in both accounts, they earn interest ($5 or one full money card).
Every now and then i throw in a challenge like- everyone needs to write a check for water bill, cable bill, a car payment (life skills)
Webmaster note: What a fun way to learn personal finance, Mr. Parnell! Thanks for sharing!