Last Week of the 4 Week Challenge

Last week of the challenge and what a difficult week it was! For everyone but Gertie, who made some bucks. Who's Gertie, you ask? Read on, she saves the day!

The girls' grocery allotment was $125.00, less M's allowance their available monies totalled: $110.00. Had they opted to roll last week's profit into this week, they would've had $154.32. It's unfortunate they didn't. They needed it.

Before we begin with their plan, let's discuss their unexpected incidentals. There were several.

1. One of our neighbors experienced a health crisis this week. We provided a meal for them, and that came out of the grocery budget. Chicken Spaghetti, salad and french bread = $16.84
2. Printer ink cartridge replacement (necessary for both homeschool and college work) = $19.99
3. Small dinner party with 2 families = $30.00
4. 4 pumpkins for children attending party- $12.00

Total Incidental Expenses: $78.83

Total Monies Available for groceries: $31.17

There are problems here. The girls are tired of brainstorming and problem-solving week after week. They're frustrated at the incidental expenses that they "can't plan for". Having forgotten the dinner party I reminded them of at the beginning of this challenge (and suggested they purchase a few things week-to-week so the cost wouldn't hit them all in one week), they're beginning to eye me in a way that makes me nervous, as if getting rid of me will solve their problems. Ok, not really that dramatic, but a mom has to wonder how far away that is! Is it my fault they didn't take my advice?

Saturday afternoon arrives. Things are bleak. As they drop into their chairs at the kitchen table ready to quit, I hear them announcing there's no way they can cover this week with the remaining budget they have. I have a magnificent idea! Five minutes later, I'm standing in front of them with a sign around my neck that reads:

Gertie's Pawn Shop. Running Short on Cash? Stop in and let's do business!

One of my daughters rolled her eyes, but the other one came to life. She was ready to deal. What kinds of things would I loan money for? Could they buy them back? For how long was my shop in business?

I sat down and told them how my pawn shop worked. I'm only open on Saturdays. I loan in increments of $5. I charge $1 interest for every pay out and the interest accumulates day by day. Once the debt is paid, the item they pawned belongs to them again. And I have a friend who will collect aggressively if they don't pay up within 7 days...they do like being able to walk, yes? They giggled, beginning to see an easy way out of their budget problem.

Then I took my sign off, and leaned in toward them. "This is Mom speaking, girls. The choice is yours, but I want you to know sometimes what looks like a golden opportunity can become a trap. I hope you'll consider that woman's offer very carefully and only after looking at every other possible option. You have been so impressively creative over the last three weeks. Think carefully, work together, and be wise."

I'd like to be able to tell you they chose the more difficult route, but, in the end, Gertie was in business. Each girl brought in enough to earn $50, so their grocery budget was increased by $100. However, Gertie ain't no slouch. She only accepted favorite shoes, clothes, and make-up. If you had seen the way my in-debt-to-their-eyeballs girls were dressed as they left for the grocery store, you might've reported me for negligence.

Home from the store, they were happy to report they bought everything they needed and had 72 cents to spare.

It took them the full next week to pay Gertie and reclaim their things, but, I must tell you, watching the way they honored their debt without complaint brought tears of pride to this old mom's eyes.

M, who'd been saving her allowance for 6 weeks for something very important to her paid Gertie out of her savings. She owed, with 7 days interest: $57.00.

A, who works a part-time job and saves the majority of what she makes, paid Gertie out of her account. She also owed $57.00.

Although, when you factor in the profit they kept at the end of Week 3, both girls were technically only out $34.84 at the end of the challenge.

Yes, in retrospect, they could've used their own money to make up the shortage in funds and foregone business with the pawn shop, but I'm so glad they didn't consider that. It was a fun way to learn something important and I gained $14 out of the deal!

Lessons: Obvious.

"If your outgo exceeds your income, then your upkeep will be your downfall." ~Bill Earle