Even as a child’s eyes light up at the prospect of yet another classmate’s birthday party, many parents inwardly groan at the hassle and cost. If feelings of financial worry or consumer guilt hit you as you contemplate buying yet another gift, know that you’re not alone. However, there’s a new trend in kids’ parties that takes some of the dreaded expense and inconvenience away.
Birthday parties are excellent social opportunities for young children. But traditionally they come with a certain financial burden, and not just for the host parents. There can be pressure on parents of attending kids to buy gifts for the birthday boy or girl. And, with multiple parties throughout the year, it’s an expense that can quickly add up.
However, there’s a new trend emerging in kids’ birthday parties that’s a savvy solution for all involved. It’s called the “fiver” party, where the idea is that parents can make a financial donation to a larger toy fund. And, as well as eliminating the pressure of buying suitable gifts for the host, the concept can be beneficial to the host, too.
By keeping the donation to a discretionary five dollars, the financial burden is eased for parents of attending children. Furthermore, instead of receiving multiple undesired gifts, the birthday boy or girl builds up a fund to buy something bigger that he or she really wants. Studies have also shown that toddlers with fewer toys develop more variety in their play skills and tend to be less distracted by other playthings.
Moreover, fiver parties are a novel way of introducing kids to money management. As social worker Katie Hurley explained to Good Housekeeping magazine in March 2019, “When kids have the chance to save up for a coveted item, they take pride in their purchase and feel confident about their ability to meet their own financial needs.” Indeed, this kind of early learning can even help provide financial confidence into adulthood.