Book Fair Economics

So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? - Luke 16:11

Are you glad the election is over? I sure am. I am thrilled to answer the phone and have a friend at the end of the line, rather than an automated drone telling me how to vote. Who ever thought toilet paper commercials would be a refreshing break from all of the political ads?

Interestingly, election season intersected with the annual book fair at my kids’ school. I think the constant chatter about the economy had me at a heightened state of alert when my kids asked for book fair money. Talk of recessions and bankruptcy rates had me looking for opportunities to teach my little spenders about money management. I told them I would supply five dollars for each of them, and if they wanted more, it would need to come from their own piggy banks.

Since they are kids, they immediately opened their banks, then began digging around for any spare change they could find. The first day of the fair, my oldest daughter came home reporting that she borrowed three dollars from a friend, therefore she had to do a little more searching in order to scrounge up the needed cash for a timely repayment.

I always enjoy the book fair because it offers such a great opportunity for kids to figure out the details of purchasing all on their own. The people working the fair are moms from the school, and they wait patiently while kids count out 100 pennies, or ask for the fifteenth time how much money to set aside for sales tax. I send my kids in with money, but don’t go with them to make their purchases. I figure these opportunities to explore their financial independence are few and far between for five and seven year olds, so I’d better make the most of them.

I also enjoy watching my kids contemplate over their decisions, wondering if they should have purchased something else instead, then reveling in enjoyment and pride over their choices. This year, five-year-old Alyssa painstakingly debated between a book called Pinkalicious and a stuffed lion. Limey the limeade-loving lion won out. Seven-year-old Lauren put a puppy-shaped pencil sharpener on hold, but forgot to ask when she needed to be back with the money. By the time she remembered to bring in the cash, the holding period had ended and the puppy had gone to another buyer. She bought two animal-shaped erasers instead.

Watching my kids learn lessons about borrowing, lay-away and making good choices is a delightful process.

My hope is that these early experiences with money management will lay a foundational understanding of how to be responsible consumers. Then, prayerfully, they may successfully weather life’s financial storms in a way that keeps them strong in times such as these.

What experiences have you found to help teach kids about money management?