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How It Works

What is My Home Economy?

My Home Economy (MyHE) is designed to help children learn about financial behavior from an early age and start a dialogue about financial literacy at home. Brought to you by My Classroom Economy, a program for educators to teach financial responsibility through experiential learning, MyHE gives you the tools to create a simulated economy in your home. Your child will choose a job, collect a salary, and budget their salary toward expenses, such as rent.

Follow this simple user guide for suggestions from pilot users and tips from our team on how to implement the program in your home. The program is set up for flexibility, so feel free to adjust the program to what works best for your family. Most important, have fun teaching your children the financial concepts of earning, saving, and spending—at no cost to you.

MyHE’s basic structure uses the same main components as MyCE—jobs, salary, rent, bonuses/fines, and rewards—but with added flexibility, options, and suggestions to accommodate different family structures.

Implementing the program is an easy three-step process:

  1. Spend a little time preparing—gathering materials and planning how to customize the program for your home and children.
  2. Spend some time introducing the program to your children.
  3. Monitor your children’s progress and provide support and guidance when necessary.

As children perform their tasks, they are rewarded for helping you efficiently manage your home. At the same time, they learn valuable skills—such as responsibility, the value of saving, and delayed gratification—that they will carry with them throughout their lives.

Benefits

Below are a few benefits of experiencing a home economy:

  • Children take responsibility for personal financial decisions.
  • Children explore career options.
  • Children identify sources of income.
  • Children develop a plan for saving and spending income.
  • Families are encouraged to discuss positive financial behavior.
  • MyHE can be used as a behavior management tool.
  • MyHE can be easily adapted to any household setting.

Program Outcomes

Through MyHE, children learn valuable life skills in an experiential way.
Specifically, they can:

  • Learn the value of earning a paycheck, as they bank salaries from their jobs.
  • Learn how to budget their spending to pay their bills.
  • Discover the importance of saving money and the power of delayed gratification.
  • Realize that every decision has an opportunity cost and trade-offs.
Key Principles

The three-part foundation of the MyHE program is outlined in this diagram.

Consider your current household dynamics and how MyHE could enhance your existing family behaviors and values.

You can customize any component to truly make it your Home Economy. Keep these behavioral learning concepts in mind as you make changes so the learning outcomes continue.