I have essentially the same system this year, however I spruced up my behavior chart. I got this idea from Rick Morris and his Clip Chart. This year I have the typical green, yellow, red, but I also added blue and purple sections above the green section.
My husband helped me build this color chart out of wood. We then painted it with magnetic primer (available at Lowes) and then taped off the sections, before spray painting each color. You will notice the green portion is slightly larger than the other parts because this is where all the students start their day out. I wrote each student's name on an index card, laminated the cards, and then put a magnetic strip on the back.
If I notice a student exhibiting above average or great behaviors I move their name up to blue. If I see outstanding behavior then the student moves their name to purple. Students on blue and purple get 5 extra minutes of play time at recess. In addition, if a student is on purple they get to pick a "Purple Star Coupon." These coupons have things like
- Eat lunch with the teacher
- Teacher for the day
- Pick out of the treasure chest
- Extra computer time
I have found that this helps me keep a positive spin on behavior management. Last year the children who followed the rules rarely got the praise they deserved. Now, those students that set good examples can quickly be recognized and rewarded for their behavior. It also allows the class to see examples of "blue" and "purple" behavior and try to follow these role models.