Connections to core standards

My Home Economy is designed in an experiential way to ensure that it supplements rather than interferes with your home and family dynamic. It allows children to learn valuable life skills and make progress on relevant topics for their age and grade level. This page is designed to help you make an informed decision of what goals you're looking to obtain within your own home economy. Our recommendations are based on the Common Core State Standards.

Please contact our team if you have any questions!

Kindergarten & 1st Grade

Standard

Child Goals

Mathematics
Count to 100 by ones and tens.


Children are required to count the dollars they earn, as well as the number they intend to use to purchase items or achieve goals.

Represent addition and subtraction with objects, fingers, mental images, drawings, sound, acting out situations, verbal explanations, expressions, or equations.

Children explore addition and subtraction when purchasing items or contributing toward goals using the dollars they earn.

2nd & 3rd Grade

Standard

Child Goals

Mathematics
Represent and solve problems involving addition and subtraction.


Children will maintain a bank log requiring them to add and subtract numbers throughout the program.

Add up to four-digit numbers using strategies based on place value and properties of operations.

As the year progresses, children will have the opportunity to save their money and compile four-digit bank accounts. To do so, they will need to be able to add properly.

Solve problems involving the four operations, and identify and explain patterns in arithmetic.

Because of the repetitive nature of balancing the bank logs, children are likely to identify patterns and explain them to each other during transactions.

Reading
Engage effectively in a range of collaborative discussions (one-on-one, in groups, and parent/guardian-led) with diverse partners on Grade 3 topics and texts, building on others' ideas and clearly expressing their own.


Children routinely meet and collaborate with their Banker and Police Officer (these roles can also be held by parent(s)/guardian(s)). Because all ledgers must be balanced, the children are forced to clearly express their own views.

Ask and answer questions about information from a speaker, offering appropriate elaboration and detail.

The children are expected to understand the rules of the home economy, including their individual roles. If they are unable to understand the information presented by the parent(s)/guardian(s), they are required to ask appropriate questions.

Writing
Demonstrate command of the conventions of standard English grammar and usage when writing and speaking.


Children must demonstrate proper grammar when filling out job applications and when speaking to others.

4th & 5th Grade

Standard

Child Goals

Mathematics
Attend to precision.


Each child is required to maintain a bank log of his or her finances. The individual child’s log and the Banker's log of client accounts must be in balance to ensure accuracy.

Use place-value understanding and properties of operations to perform multi-digit arithmetic.

Bank accounts can grow from as little as $5 to as much as several thousand dollars. To keep an accurate log, they will need to perform multi-digit arithmetic.

Fluently add and subtract multi-digit whole numbers using the standard algorithm.

Children are required to complete bank transactions using the standard algorithm.

Reading
Interpret information presented visually, orally, or quantitatively (e.g., in charts, graphs, diagrams, time lines, animations, or interactive elements on web pages) and explain how the information contributes to the understanding of the text in which it appears.


Children must read and interpret banking logs, bank slips, and checks and explain how those collateral items are used in the home economy.

Writing
Write opinion pieces on topics or texts, supporting a point of view with reasons and information.


Children are required to complete a job application stating the top three jobs they would like, as well as the reasons they think they should have those jobs. Essentially, the children must state their case of why they should be awarded a particular job.

Social studies
The home economy is a perfect connection to a supply and demand unit. Specifically, you can discuss how items at the auction are in high demand (everyone wants them), but the supply is low (only one set of markers), which drives the price way up. (Note: Social studies standards are not a part of the Core Standards.)


The home economy is a perfect connection to a supply and demand unit. Specifically, you can discuss how items at the auction are in high demand (everyone wants them), but the supply is low (only one set of markers), which drives the price way up.

6th Grade

Standard

Child Goals

Mathematics
Attend to precision.


Each child is required to maintain a bank log of his or her finances. The individual child's log and the Banker's log of client accounts must be kept in balance.

Use place-value understanding and properties of operations to perform multi-digit arithmetic.

Children' bank accounts can grow from as little as $50 to as much as several thousand dollars. To keep an accurate log, they will need to perform multi-digit arithmetic.

Fluently add and subtract multi-digit whole numbers using the standard algorithm.

Children are required to complete bank transactions using the standard algorithm.

Reading
Interpret information presented visually, orally, or quantitatively (e.g., in charts, graphs, diagrams, time lines, animations, or interactive elements on web pages) and explain how the information contributes to the understanding of the text in which it appears.


Children must read and interpret bank logs and bank slips and explain how these collateral items are used in the home economy.

Writing
Write opinion pieces on topics or texts, supporting a point of view with reasons and information.


Children are required to complete a job application stating the top three jobs they would like, as well as the reasons they think they should have those jobs. Essentially, the children must state their case of why they should be awarded a particular job.

Social studies
The home economy is a perfect connection to a supply and demand unit. Specifically, you can discuss how items at the auction are in high demand (everyone wants them), but the supply is low (only one set of markers), which drives the price way up. (Note: Social studies standards are not a part of the Core Standards.)


The home economy is a perfect connection to a supply and demand unit. Specifically, you can discuss how items at the auction are in high demand (everyone wants them), but the supply is low (only one set of markers), which drives the price way up.

7th & 8th Grade

Standard

Child Goals

Mathematics
Attend to precision.


Each child is required to maintain a bank log of his or her finances. The individual child’s log and the Banker's log of client accounts must be in balance to ensure accuracy.

Use place-value understanding and properties of operations to perform multi-digit arithmetic.

Bank accounts can grow from as little as $5 to as much as several thousand dollars. To keep an accurate log, they will need to perform multi-digit arithmetic.

Fluently add and subtract multi-digit whole numbers using the standard algorithm.

Children are required to complete bank transactions using the standard algorithm.

Reading
Interpret information presented visually, orally, or quantitatively (e.g., in charts, graphs, diagrams, time lines, animations, or interactive elements on web pages) and explain how the information contributes to the understanding of the text in which it appears.


Children must read and interpret banking logs, bank slips, and checks and explain how those collateral items are used in the home economy.

Writing
Write opinion pieces on topics or texts, supporting a point of view with reasons and information.


Children are required to complete a job application stating the top three jobs they would like, as well as the reasons they think they should have those jobs. Essentially, the children must state their case of why they should be awarded a particular job.

Social studies
The home economy is a perfect connection to a supply and demand unit. Specifically, you can discuss how items at the auction are in high demand (everyone wants them), but the supply is low (only one set of markers), which drives the price way up. (Note: Social studies standards are not a part of the Core Standards.)


The home economy is a perfect connection to a supply and demand unit. Specifically, you can discuss how items at the auction are in high demand (everyone wants them), but the supply is low (only one set of markers), which drives the price way up.

9th & 10th Grade

Standard

Child Goals


Financial responsibility and decision-making Take responsibility for personal financial decisions.


Children earn a salary to pay rent and electricity bills, and they can save their extra money or use it for purchases; alternatively, they may have to pay fines. In this way they learn about the benefits of financial responsibility and the costs of irresponsibility.
Children learn to prioritize personal financial goals by determining how to spend or save their earnings surplus.

Make financial decisions by systematically considering alternatives and consequences.

Children can set measurable short- and medium-term financial goals based on the way they spend their salaries. They can choose to earn bonuses and can incur fines for misbehavior, both of which involve assessing alternatives and experiencing consequences.

Develop communication strategies for discussing financial issues.

Children and their families are encouraged through a parent letter to discuss the classroom economy and gain a better understanding of finances.

Income and careers. Explore career options.

Children have the opportunity to select various home jobs that correlate to real-life jobs. They must have specific skill sets or get recommendations for some of these jobs. Those who want to can start their own businesses.

Identify sources of personal income.

Children earn salaries as their basic source of income. They can receive bonuses by performing well academically and participating in extracurricular activities. Those who want to can start businesses to earn income, and those who don't will see how it works as a source of income.

Describe factors affecting take-home pay.

In addition to paying rent and electricity bills, children can choose to have taxes withheld from their paychecks.

Planning and money management Develop a plan for spending and saving.

Children need to calculate what they will owe for rent, electricity, and income tax, and set aside money to cover these bills. If they want to spend during the home auction, they must save for that too. Opportunities also exist for setting long-term goals.

Develop a system for keeping and using financial records.

The home economy requires children to keep their own financial records and verify them with a classroom Banker. Children must record income as well as money spent in their bank logs.

Apply consumer skills to purchase decisions.

Children can determine the relationship between spending practices and achieving financial goals by choosing whether and how much to bid in the classroom auction, which offers a range of alternatives.

Consider charitable giving.

Children are encouraged to give charitable gifts and are rewarded with tax deductions when they do so.

Saving and investing. Discuss how saving contributes to financial well-being.

The home economy offers strong incentives to savers. To start, they can buy better things at the home auction. If they save enough, they can even purchase their desks–escaping rent payments forever and having still more money to spend. The system provides many opportunities for children to see how saving improves their financial well-being.

11th & 12th Grade

Standard

Child Goals


Financial responsibility and decision-making Take responsibility for personal financial decisions.


Children earn a salary to pay rent and electricity bills, and they can save their extra money or use it for purchases; alternatively, they may have to pay fines. In this way they learn about the benefits of financial responsibility and the costs of irresponsibility.
Children learn to prioritize personal financial goals by determining how to spend or save their earnings surplus.

Make financial decisions by systematically considering alternatives and consequences.

Children can set measurable short- and medium-term financial goals based on the way they spend their salaries. They can choose to earn bonuses and can incur fines for misbehavior, both of which involve assessing alternatives and experiencing consequences.

Income and careers. Explore career options.

Children have the opportunity to select various home jobs that correlate to real-life jobs. They must have specific skill sets or get recommendations for some of these jobs. Those who want to can start their own businesses.

Identify sources of personal income.

Children earn salaries as their basic source of income. They can receive bonuses by performing well academically and participating in extracurricular activities. Those who want to can start businesses to earn income, and those who don't will see how it works as a source of income.

Describe factors affecting take-home pay.

In addition to paying rent and electricity bills, children can choose to have taxes withheld from their paychecks.

Planning and money management Develop a plan for spending and saving.

Children need to calculate what they will owe for rent, electricity, and income tax, and set aside money to cover these bills. If they want to spend during the home auction, they must save for that too. Opportunities also exist for setting long-term goals.

Develop a system for keeping and using financial records.

The home economy requires children to keep their own financial records and verify them with a classroom Banker. Children must record income as well as money spent in their bank logs.

Apply consumer skills to purchase decisions.

Children can determine the relationship between spending practices and achieving financial goals by choosing whether and how much to bid in the classroom auction, which offers a range of alternatives.

Consider charitable giving.

Children are encouraged to give charitable gifts and are rewarded with tax deductions when they do so.

Credit and debit. Identify the costs and benefits of various types of credit.

Children can learn about this important topic in the credit card assignment. They specifically research the cost of borrowing and other potential pitfalls.

Explain the purpose of a credit record and identify borrowers' credit report rights. Identify the costs and benefits of various types of credit.

Children can learn about the importance of a good credit record in the credit card assignment. They research credit scores and the importance of having a good record in order to obtain a card.

Describe ways to avoid or correct credit problems.

Children can research the nature of credit records in the credit card assignment.

Risk management and insurance Identify common types of risks and basic risk management methods.

Children experience property risk and the benefit of purchasing insurance through the insurance simulator.

Explain the purpose and importance of property and liability insurance protection.

Children experience property damage and the potential financial consequences through the insurance simulator.

Saving and investing Discuss how saving contributes to financial well-being.

Children learn that if they save, they will be able to buy their rooms and have more money. They also can use their savings to acquire more wealth through the investment simulator.

Explain how investing builds wealth and helps meet financial goals.

Children can amass wealth through the investment simulator and can see how their earnings are affected by the factors listed. They are encouraged to build on their experience with the simulator by using teacher-provided websites to answer probing questions.

Evaluate Investment alternatives.

Children gain a basic understanding of risk and return by choosing an asset allocation and comparing results. They answer probing questions about diversification as they experience the results of their investment portfolio decisions.