Daughter's First Big "Purchase"

One of my bonding activities with our eight year old daughter is to go to a local amusement facility, play the games and win tickets for prizes.  We've been doing this for several years.  Our daughter usually spend her tickets on relatively small prizes: candy, Pokeman cards, and coin banks, for example.   About a year ago, she decided to start saving her tickets for a big prize.

Yesterday, she traded in the saved tickets to "purchase" an IPod shuffle.  She was very excited and I was very proud of her.  She had forgone instant gratification and saved up for a much bigger prize.

Of course, I realize the cost to play the games was around four times the actual cost of the IPod shuffle.  However, the time spent and the fun we had has been priceless.  In addition, I think she learned about saving for big purchases.  Perhaps, a poor economic decision, but a great parent/child bonding experience.

For more on Crossing Generations, check back every Thursday for a new segment.

This is not financial or parenting advice. Please consult a professional advisor.

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