Classroom Economy · Guide
How to Run a Classroom Economy with MI Bank
Turn your classroom bank into a full economy — classroom jobs, paydays, a class store, rent and bills, savings goals, and rewards. This step-by-step guide shows teachers how to switch it on and run it, and shows students what to do. It’s an optional layer that sits right on top of MI Bank, and nothing moves money on its own.
Before you start
- The classroom economy is an optional layer built into MI Bank — the same teacher dashboard and student accounts, with jobs, a store, paydays, and bills added on top. You set up your class in MI Bank first, then switch the economy on.
- You choose how simple or advanced it is by picking a mode — from just rewards and a store, up to a full personal-finance simulation. You can change modes any time, or switch back to Bank Only.
- Nothing moves money on its own. You approve every payday, bill, purchase, and check, and every entry posts to the classroom bank where you can reverse it — so your records always add up.
- It’s still a simulation with pretend classroom dollars. No real money is ever involved, and the student portal carries no ads or trackers.
For Teachers
Switch on and run your economy
You stay in control the whole way. Turn on the tools you want, then post rewards, run paydays, and charge bills on your own schedule — each one lands in the student’s classroom bank, labeled and reversible.
Set up your class in MI Bank first
The economy runs on top of MI Bank, so start there: sign in, create a class, add your students, and hand out sign-in slips. New to it? See How to Use MI Bank for the full walk-through. Once your class exists, you’re ready to add the economy.
Turn on the economy & pick a mode
On your class page, choose “Add economy tools.” Pick the mode that fits your class — the matching tools turn on right away:
- Simple Rewards + Store — award and charge classroom dollars and run a class store.
- Upper Elementary Economy — adds jobs, payday, desk rent, and a student banker.
- Middle School Economy — adds bills, savings goals, and basic budgeting.
- High School Personal Finance Simulation — the full economy, with more advanced sims arriving over time.
Name your currency (for example Dollars or Beaver Bucks) and, for younger students, turn on whole-dollar mode (no cents). Most teachers start with Simple Rewards + Store or Upper Elementary Economy.
Add starter content & follow “Getting started” One-click examples
Your economy hub has a “Getting started” checklist that walks you through the first steps for your class. To fill it fast, use “Add example items” on the store, jobs, and bills — ready-made samples you can keep, edit, or delete. It’s the quickest way to see the whole system working.
Reward, charge & run the class store
Two everyday tools from your economy hub:
- Quick rewards & charges — give a reward or a charge to one student or the whole class, with an amount and a reason. Choose “Post” and it goes straight to their bank (and you can reverse it).
- Class store — add rewards and privileges students can buy. When a student asks to buy something it lands in your “Purchase requests” queue — nothing moves until you Approve (or Reject) it.
Create jobs & run payday
Under Jobs & paydays, create classroom jobs (banker, supply manager, and so on) and assign a student to each. When it’s time to pay, build a payday: check the amounts, skip anyone who’s out, then choose “Post payday.” Each payment appears on the student’s statement labeled “Payday,” and you can reverse any of it.
Add rent, bills & a class goal
Rent & bills lets you charge desk rent or recurring bills: build a bill and post a run to charge the class. Want a shared target? Set a class goal — everyone’s savings count toward one goal the whole class rallies behind. (A class goal is just a tracker; it moves no money.)
Review, reverse & send home the parent kit
Because every reward, payday, bill, and purchase posts to the classroom bank, you can open MI Bank to see balances and drill into any student — and use “Reverse” on any entry to undo a mistake with a labeled correcting entry (nothing is ever deleted). To share it at home, the parent kit gives you a ready-to-print parent letter and student certificates.
A teacher Full Membership is required to create and run the class. Bank-Only classes are never affected by any of this — the economy tools only appear once you switch them on.
For Students
Earning, saving & spending in your class economy
You earn classroom dollars by doing your job, then decide what to do with them — save toward a goal, or spend at the class store. Here’s how it works.
Sign in
Go to classroom.moneyinstructor.com and choose student sign-in. Enter the class code, your username, and your PIN from your teacher — the same way you sign in to MI Bank.
Open “My Money”
Your My Money page shows the whole picture: how much you have right now, the money that came in and went out this month, the bills and pay you can expect, and how close you are to your savings goal.
Earn your pay
You have a classroom job your teacher gave you. On payday, your pay lands in your Checking account automatically — you don’t have to do anything. You’ll see your job and your last payday on your dashboard and on My Money.
Shop the class store
Open the class store to see the rewards and privileges you can buy. Choose “Ask to buy” on anything you want — it becomes a request your teacher approves. No money leaves your account until they say yes, and you can cancel a request while it’s still waiting.
Write a check (if your class uses them)
If check writing is on, choose “Write a check” to pay a class payee, the class fund, or a classmate. Like the store, your teacher approves each check before any money moves.
Set a goal & watch it grow
On My Money, set a savings goal — something you’re saving for — and watch the progress bar fill as your Savings grows. If your class has a shared class goal, your savings help the whole class reach it too. Whatever you don’t spend keeps building toward what matters to you.
Go Further
More to teach your classroom economy
The digital economy runs itself once it’s set up. These free resources help you teach the ideas behind it — or run it on paper instead.
Classroom Economy Hub
The big picture — what a classroom economy is, how to adapt it to any grade, and every way to run it.
Overview →Printable Starter Kit
Run it on paper: jobs, paychecks, ledgers, bills, store tags, and a parent letter — ready to print.
See the kit →Free Economy Lessons
A ready-to-teach sequence — currency, jobs, paydays, and taxes — that teaches the concepts behind it.
Start the lessons →How to Use MI Bank
The step-by-step guide to the classroom bank the economy is built on — for teachers and students.
Read the guide →Ready to run your classroom economy?
Money Instructor members get MI Bank and its classroom economy tools plus every teaching resource, worksheet, and lesson plan on the site — banking, budgeting, taxes, credit, and more.