I try to teach my kids frugal values. The ability to sacrifice short term gratification for the long term payoff. The fact you can have anything you want if you are willing to work and wait for it.
The funny thing is, they were listening. I had no idea.
They had this week off school so we have been trying to do fun things together. One thing on their list was to go “thrifting” or hitting a bunch of thrift stores in one day. They usually have a general idea of what they are looking for (beanie babies) and I give them each a set amount of money to spend. Sometimes if there is a really good deal, they will pool their money.
We got to the first store and were working our way over to the toy section when we saw the lady wheeling out a cart of new items to be stocked. I looked down and saw an American Girl Doll lying on top of the heap for $11.00. I pointed this out, but decided against it since my daughter already had the exact same doll.
My 9-year old son’s wheels started turning.
He grabbed the doll and carried it around for an hour in full view of everyone while I finished shopping so someone else wouldn’t grab it out of our cart.
His plan was that he and his younger brother should pool their money and buy it because they could sell it on Ebay and get a Nintendo DS with the money. His logic was that if you saw a Nintendo DS at the thrift store for $11.00, you would pool your money to buy it, so why not buy a doll that could be sold for the same price and then buy a DS.
He knew the doll had value because I had recently gotten the same doll for his little sister after much hunting and he knew both the retail price and what they usually went for on Ebay (around $60.00).
He knew from past experience that around the first of the month (when rent is due) you can get a used Nintendo DS for about $60.00.
He also knew that he and his brother had been saving for awhile to buy a second DS so they could link.
He was able to add up all that in his head and convince his younger brother to give up the beanies and Bionicles they found that day for the prospect of a toy sometime in the future.
His doll has just completed her first day of auction and is already up to $27.50.
I am so proud.