How to Teach Adding and Subtracting Money for First Grade Math

Setting up a "store" in your classroom is an excellent way to help your first grade students understand the concept of money. Students will get lots of hands on practice with counting, adding and subtracting money. Additionally, a class "store" helps students learn basic life concepts, such as working for their money, making wise purchasing decisions, and saving for the things they want. Follow these simple steps to create a classroom store that children will be able to both enjoy and learn from.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Parent and school support
• Donations from area retailers, social organizations, students and parents
• Money (either real money, or play money in both coin and paper formats)
• A points system for children to earn money

How to Teach Adding and Subtracting Money to First Grade Math Students

1. Garner the support of parents, teachers, and other school employees, in your endeavor to create a classroom store. Be sure to explain how hands on learning opportunities can increase understanding of Math concepts.

2. Request donations from area retailers. Inexpensive items such as pencils, notebooks, erasers and other school supplies are a good place to start. Many community organizations may also be willing to provide you with either cash or product donations. Talk with parents and ask them to contribute small items. Also consider having the students hold a fundraiser to earn money for the classroom store. Parents, students and other interested parties may also consider donating gently used items, such as stuffed animals, toys and other fun items that a first grader might enjoy.

3. Establish a points system for children to earn "rewards." Children can earn a penny for each completed assignment, for performing classroom chores, or having perfect attendance during any given week. You may also consider awarding 2 pennies for each A paper, and 1 penny for each B. This system encourages children to complete their assignments, and work to get better grades. Another benefit of the rewards system is that children who misbehave, or who fail to turn in assignments may be "docked" a penny, as well.

4. Teach children simple math concepts such as "5 pennies equals 1 nickel". Each time a student collects 5 pennies they should trade them in for 1 nickel. Use the same concept to teach the value of dimes, quarters and dollars. Give the children the opportunity to trade in their money at the beginning of each week. Ask them how much they have. Ask them what they would like to trade their current money in for. (Example- "I have 2 dimes and 2 nickels. I can either have 1 quarter, or I can have another dime.)

5. Allow children to purchase items from the store with their money. In order for your store to be cost effective, and for the children to get the most benefit, items should be priced at no less than 30 cents. When pricing items in the store, in order to help children learn addition and subtraction skills, be sure that each item requires more than one coin in order to be purchased. Set prices such as 29 cents, or 35 cents, rather than setting them at a quarter, or a dollar. Also be sure to include items that vary in price range, from small items which can be purchased with change, to larger items which will require the children to save longer, and learn to count dollars as well as cents.

6. When children purchase items from the store they will need to know several things. Make sure they know how much it costs, how much they have, and how much they will get back. If they see something they want, ask how much they now have. They can determine how much more they will need by subtracting what they have into what it costs.