Kid's Marketplace

Drew's 3rd grade class went on an awesome learning adventure this week that we (me, Jeff & my mom) were so fortunate to be a part of. It's called Kid's Marketplace and it's meant to be a tool to introduce the skills required for money management and it was SOOO cool! Each student was randomly given a job and an amount they made each month (Drew was a fire fighter who made $200). They had a list of expenses that they would incur each month that they had to budget for; things like housing, clothing, food, and fun, among many others. Each student got to make choices on what they would spend their money on and in what order, but they had to go to every possible table at least once. It was really interesting to see where each student went first. Mom has helped out many times in the middle schools doing a similar activity called "Reality Town" and she said the major difference between the 3rd graders and the 9th graders is that the 9th graders first choice to spend their money was always the sports car, where the 3rd graders all high-tailed it to buy a pet! They'd settle for a bike and a room mate if it meant they could have a horse!

Jeff and I manned the real-estate table. Notice the cool Lego house and family decorating our table; Drew and I spent the evening building it (well actually I just searched for the right color and type of Lego, and he built it... Will helped with the landscaping and family). We had several offers from the students to purchase it, but we had to turn them down:) Here are some other observations that I made that really made an impression on me:

1. There were many other parents volunteering at this activity as well. What was interesting was the way the kids took advice from their parents. One girl yelled at her mom "It's my choice! Don't tell me what to do next!" while others were constantly checking back for advice... It's clear to see the analogy with this scenario and life. (Drew was one who was more than willing to take our advice which made me happy.)
2. Some kids thought that they had to spend all the money in their envelope so they were going around to the tables buying extra houses and cars just to spend it. Others were content that their needs were met and that they had a little spending money left over. (Again, Drew was the latter; he really wanted to keep his money! Although it is funny to note the areas where he skimped a bit and the areas where he splurged; he went easy on furniture, healthcare and food, but bought the most expensive clothes, a bunny and a motorcycle.)
3. Some kids didn't quite grasp the concept that the things they were required to pay for were adult needs that needed to be met. One kid got angry at me and said "Why are you all trying to take my money?" He didn't quite get the reason that he needed a house... guess he thought he'd live with his parents his whole life? (I think I know some adults who still haven't grasped that concept.)
   

Overall I think it was such a rewarding experience for these kids! I bet they'll remember this activity for a LONG time! A lot longer than if a teacher had stood at the front of the classroom and simply explained economics. What a treat for these kids! And you know me, I'm such a sucker for an awesome learning experience, I was on cloud 9 all day long just remembering how fun it was! I'm such a nerd!