Last night my son attended his first auction. He’s eleven and was armed with $1.50. If you have never been to an auction then you may not realize that $1.50 is not likely to get you very far. He was brave. When he saw something he wanted, he jumped right in – and was promptly out bid.

I had a flashback to my first auction. I bought a stuffed mushroom stool – blue – which has survived high school, college, and 15 years of marriage and children, although it is now on its last leg. It was probably the best $2 I ever spent. I had mixed feelings about him not being able to purchase the item that he wanted. He didn’t discuss bringing money with me before hand and he definitely didn’t discuss bidding once we arrived, but it is disappointing when you don’t get what you want.

On the way home, he said that next time he would take $10 to the auction. It’s his money, that he is earning and saving, but I still thought it was a good time to explain how to handle an auction and any purchase for that matter.

1. It is important that you go into the purchase with some knowledge. Understanding how much value something has can help limit the emotional high that many people get (particularly at auctions).

2. Set your limits according to the known value.

3. Be willing to walk away.

4. Only spend the cash you have on hand.

After talking about it on the way home, I think he lost some of his interest in “out-bidding” the people around him. We have another auction to attend in August and if he wants to go then I will let him help me bid on some of the items there.

Letting kids get involved in purchase situations can help them to understand how it works far better than all the lectures in the world.