IDS News

They Have Money To Learn

By COURTNEY CAIRNS PASTOR The Tampa Tribune
Published: May 7, 2008

CARROLLWOOD - At Independent Day School, retirement is a utopia with cake, miniature golf, a Wii and unlimited access to camping and Hawaii.

Jack Pironti wanted in. He tracked all his expenses as he spent money to make sure he was not overspending. He ignored the $2 activities and chose instead free ones, splurging once on a $1 game. He opted against giving to charity.

Brendenn Flynn took a second job organizing classroom supplies when he fell 50 cents short of his retirement goal.

Rhea Thielbar kept herself on a strict budget: "I bought one Popsicle, and that was it."

The second-graders got their reward last week: "I'm retired" stickers on their T-shirts that gave them permission to play games and have treats separate from the rest of their class.

And as retirees, they also had free rein of the other prizes allotted for children who had not saved enough.

First- and second-grade classes participated in "Money Matters," a four-week unit where they learned about spending and saving by budgeting pretend salaries for their needs and wants.

They called themselves citizens of Up Town, and teachers awarded the students a $10 weekly salary in play money, with the chance to earn bonuses for classroom chores or for positive behavior. They also passed out weekly bills for their mortgage (their desk), pencils, water and storage.

"We had to pay bills," said 8-year-old Emily Quin. "Lots of bills. I was kind of sad we didn't have a car bill."

Once, the teachers told students their town had a water pipe break and the citizens had to contribute $4 each to an emergency fund. Teacher Debi Brockmeyer said it helped them to understand the importance of saving.

"If you're spending money on wants, you won't have anything for needs," Brockmeyer said.

They also had discretionary spending. Classrooms offered Popsicles for sale. On "Fun Fridays," the students could choose between free activities and ones that cost $1 or $2.

"I decided to see which one sounded more fun, and I did that one," said 7-year-old Kiran Khetarpal.

But temptation could be hard, students said. Friends would try to talk them into other activities, and sometimes the free activities did not seem special.

"You would see everyone get Popsicles, and you would change your mind," said Brendenn, 8.

Money also could go to charity. The teachers introduced classes to the day school's "baby room," an on-campus day care for teachers' children, and said the students could make donations for more toys for the babies.

Emily's 3-year-old brother is in the baby room, she said, so she set aside $3, a dollar for each year, for the charity.

Students logged their spending and income and wrote about what they had learned in weekly reflections. Students interviewed family members about their spending patterns, asking what bills they paid, whether they gave to charity and whether they saved money. When classmates began asking each other how much they had saved, the teachers talked about keeping finances private.

Teachers provided incentive to save, with prizes for the final day. Those who had saved the least would qualify for a camping "trip," time in pop-up tents on the playground and a classroom featuring crafts and s'mores.

If students saved a little more, they could go to "Hawaii." Two classrooms transformed into a beach party, where parent volunteers served smoothies with paper umbrellas tucked in them and skewers with fruit and marshmallows. A line of children waited to limbo through the center of the room, as others batted an inflatable beach ball volleyball-style on an area rug.

Outside, they hula-hooped and splashed in kiddie pools. Lexi Brady, 7, dressed in a bathing suit and grass skirt for the occasion.

"I went to Hawaii," she said. "All my friends were retired."

The children who saved the most money qualified for retirement, allowing them to bounce from camping to Hawaii to the private retirement room, where balloons and a Happy Retirement sign hung overhead. The retirees played computer and video games, knocked around miniature golf balls and dined on cake.

Brockmeyer watched the children develop different spending habits. Some saved all their money, she said. Some saved most but allowed themselves an occasional treat. Some spent a lot but scaled back after they saw their funds dwindle.

Emily had planned to retire, but her savings dropped when she donated money to support the day care her brother attends.

"I wanted to retire," she said, "but it's either love my brother or go to retirement."

Reporter Courtney Cairns Pastor can be reached at (813) 865-1503 or cpastor @tampatrib.com.

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