We discuss the concept of needs vs wants. For example a cute new eraser would be a want, while a pencil might be a need. I charge them for all sorts of things like recess, extra computer time, library passes, bathroom breaks and snack. They have to prioritize what they need to do during the day (like bathroom breaks, snack, recess) with stuff they would want (library pass, extra computer time). There is a large Ziploc bag that hangs in the front of the room; this is the bank. Students use their money when they buy things, or when they get fined for behavior. They get paid for completing jobs as well. I place job wanted post its on the door and throughout the day students can complete jobs for a paycheck. I pay all of my jobs at the end of the day. They sign the post it they completed and turn it in to be paid. After the first couple of days the kids are pros at spending their money wisely, and I have to say I have never had my room so clean. This is such a fun way to teach your students the value of a dollar and how to budget their hard earned money.
I found these fun resources for some extra practice adding money and recognizing coins and currency. I love the money linking game! My students roll the money dice and add up how much they have to spend. They then choose a balance between needs and wants, spending as close to all of their money as they can. This is a great way to help students learn to add and subtract money, as well as helping them recognize the value of coins and currency. 
Being on a budget has never been so fun!
