2019-2020 was an exercise in teaching our elementary school-aged children personal finance, driving independence, and encouraging them to make constrained resource decisions.
In August 2019, we were invited to spend a few days with friends at Rehoboth Beach. A permanent carnival fixture there, Funland is an iconic spot on their fabulous boardwalk. We made the requisite pilgrimage.
On the first day, we rode the rides and they used up the small bills we had on ring tosses, frog flips, skeeball, and similar carnival games. Without having first set limits, our pockets seemed to have holes in them. Something had to change.
On our return trip the second day, we gifted each child $5 to spend however they wished. They could hand over their money to the game operators, feed it into the arcade games (including a larger than life space invaders game), or pocket it for themselves.
Each one set out to spend some and save some. The younger two (6 and 8) planned to pocket $1 apiece. The oldest (9 1/2) tried to save $3.
What ended up happening is that all three got sucked into the game where you manipulate a metal claw to try to get a toy into the chute. All three had spotted Pokémon™ stuffed animals and were dying to bring one home. After the first try, each was dismayed at how quickly the grasped prize dropped out of the claw. Each immediately put their second dollar in. Again – each lost their prize.
The oldest was very salty.
Mom: “What are you worried about Baby Girl?”
Husband: “She’s mad we didn’t tell her before she spent any more money that it was a bad idea.”
BG: “I didn’t get one - I wasted $2.”
Mom: “How did you waste $2?”
“Because it wasn’t fair!”
Mom: “What wasn’t fair?”
“They made it to get money.”
Mom: “They DID make it to get money. Did we warn you?”
“Yeah, like before I spent my third dollar!”
Mom: “We did. We also warned you before your first and second dollar.”
“That’s not true.” Her arms cross angrily.
Mom: “It is true”
“You said, ‘do you really want to spend your last $2 on it? You could just get it at Amazon!’ … but when it’s right in front of my face…!!”
Mom: “What happens when it’s right in front of your face? Then what?”
<shifting gears> “Can you order these on Amazon? I want all the Eevees.”
Mom: “Do you feel like you wasted some money?”
“Yeah, $2.”
Husband: “It’s a reminder that people WILL try to take your money.”
Sometimes you have to pay for your education. The final result was that the oldest saved $1 of her original $5. It was $2 less than planned, but more than zero. The younger two fed their extra dollars to the claw.
Stephanie Brooke Lennon is the author of Family Bank Blueprint, GoldQuest, and What Would Water Do? Simple Strategies for Navigating Life's Obstacles. Her titles are available in Paperback and Kindle on Amazon.com. Follow Stephanie Brooke on Facebook, Instagram, TikTok, YouTube, Twitter, Amazon, and at BrookeLennon.com.