Tricia at Blogging Away Debt made a great point today about letting kids learn from their own financial mistakes, while the stakes are still fairly low. I have my parents to thank for that, as well – they let me earn and spend my own money, and as a result I have a stronger feel for the “worth” of a dollar.
My strongest financial memory is of our local Wal-Mart’s grand opening. I was about five years old, and I was so excited – I finally had somewhere to spend my money! Up until then, I mainly put my birthday and holiday funds into a savings account, or saved up for our semi-annual trip to the “city.” Yes, we were that rural back then.
I can still picture myself running through Wal-Mart with cash in my pocket. I gathered an impressive amount of “stuff” and headed to the register. While standing in line, I had a realization – I didn’t have enough money for everything that day. I had to set priorities, and put a few neat but costly things back on the shelf. My heart was broken, and I’m pretty sure I cried as a put back my most expensive item, a flexible snow sled.
The funny thing is, I only remember the sled. I don’t remember any of the things I actually bought. Did I treasure those items for a short while, and then toss them? Would I have missed those items if I hadn’t bought them, as I did the sled? Having recently cleaned out my childhood room, I’m almost positive that I traded that sled for an armful of junk.
The lesson learned: Don’t judge purchases by their dollar value – judge them by the inherent value and pleasure they can add to your life. Because money is a valuable and limited commodity, we must learn to balance our wants and needs with the amount of money available. Sure, I got lots of cool stuff that day. But I was also broke, and I didn’t get to buy my favorite thing at the store.
Thanks, Mom and Dad, for letting me buy that armful of junk. It really made me realize the value of the dollar, and the importance of wise spending decisions.
Just getting started 