Incentives to practice are nice tools to use especially for younger students. It is like setting a small goal to achieve an item and success at there playing. Using music money is a way to motivate students to earn enough money to turn it in to receive a prize. Students earn money through there hard work and as the teacher you set the price for the items they can receive.
I believe this method is very successful and it puts good traits into your student. By giving your students the mindset of hard work pays off. The harder your students work the more they can possibly make.
It is important for you and your student to sign or stamp the back of each dollar. This will help stop them from duplicating the money they earned, it will also help stop stealing to occur from relatives who both have music lessons.
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For more fun and exciting ideas during piano class check out musicforlittlelearners.com