Welcome to “Gorrales,” a yearlong classroom economy where students are assigned a job, earn a paycheck, pay bills and budget for expenses, all meeting Texas Essential Knowledge and Skills for fifth grade.

With this lesson, fifth grade teachers Danielle Morales and Thanh Gorrebeeck — the minds behind “Gorrales” — are making sure students are invested in their financial futures. 

“It has been an amazing experience, and every year we are adjusting and making changes to help the students learn more about the real-life economy and build financial wisdom,” Morales said.

Gorrebeeck said the classroom economy is very real to students. “They take great personal responsibility — from performing their jobs to tracking their loans, earnings and spending. It is amazing to watch our little economy run with continued enthusiasm all the way through the year!” she said.

On the last Friday of February, students took out their bank logs and paid bills, rent or homeowners insurance. Students with at least $1,000 in the bank after paying bills can participate in perhaps the highlight of the whole year’s lesson: An auction for treats and fun experiences.

Morales played auctioneer, calling out opening bids and ticking up the prices as auction paddles flew into the air. Students had to be quick as bids were called and increased, scribbling their numbers on their whiteboard paddles.

First up, lunch with Morales and Gorrebeeck, with the starting bid at $100. 

“$150. $200. $200 going … $250!” Morales called. “$300. $300 going once, $300 going twice. $400!” The numbers kept rising, eventually landing on $550, to a fifth grader named Ethan, who celebrated as the class clapped.

A three-in-one board game went for $900. A spelling pass, $150. Some of the kids had a lot of money saved up and bid often; some just splurged on one thing. One big-ticket item? A little giraffe plushie for $1,500. 

Was this a splurge? Yes, but after paying their bills, kids are happy to save up for months for these little treats and opportunities. They’re learning about wants vs. needs, budgeting, saving and spending.

And they’re saving up more than their paychecks. Morales said they can earn bonuses from good grades, extracurricular activities, extra classwork after school hours and compliments from other staff members.

“It’s really fun and special — no one else in fifth grade is doing this,” said Sem fifth grader Alisha, whose classroom job is police officer. When asked about one thing she’d learned, she said, “Don’t spend so much.”

Her classmate, Ayden, agreed. “If you get paid more, a lot of people want to spend it right away,” he said. “But if you save up for even a little while, you can get even better things in the auction.”

Ayden said his parents are excited he’s learning these lessons in fifth grade. “They said if you’re good at budgets and stuff like this now, you should be great at it when you’re older.”

Learn more about how financial literacy is taught from K-12 in Frisco ISD.