#FinancialFridays: Needs, Wants, and Bean Budgets

I had so much fun recently with the kids at the Grey Roots KidsCamp!

I got to talk to a group of 20 kids, ages 5 to 10, about money, needs, and wants. They had fantastic ideas and asked some really thoughtful questions.

One of the best parts was an activity where the kids got to make choices about needs and wants. Here’s how it worked:

We set up four “stores” — one at each picnic table. Four kids acted as storekeepers, each selling a different item.

  • Store 1: Apples – representing food, a need. We talked about how we need food every day to stay healthy, have energy to play, help our families, and live our lives.
  • Store 2: Candy – a want
  • Store 3: Swimming – a want
  • Store 4: Bikes – another want

Each child got five beans to “spend” each round, and the items were represented by picture tokens. Every child had to buy one apple (a need), and then they could choose how to spend the rest of their beans. We did three rounds, and they got five new beans each time.

Here’s the cost breakdown:

  • Apple = 2 beans
  • Candy = 2 beans
  • Swimming = 3 beans
  • Bike = 9 beans

Some kids chose candy every round. Others picked swimming each time. A few mixed it up. And some kids decided to save their leftover three beans each round — by round three, they had enough for a bike!

It was awesome watching them make their own decisions. We only had time to run the activity once, but they begged to do it again. They were totally engaged, excited, and having a blast. It was especially fun listening to them talk about what they’d do differently if they played again.

What would you do with your beans?