For Immediate Release
Nov. 6, 2019
Media Contact: Darren DeLaune
O: (918) 732-7617
C: (918) 777-8457
Mvskoke Loan Fund hosts ‘spending frenzy’
Exercise teaches students how to handle finances
DEPEW, Oklahoma — The Muscogee (Creek) Nation Mvskoke Loan Fund held a Spending Frenzy financial literacy immersion experience Nov. 4, for students at Depew Public Schools in Depew, Okla.
Approximately 35 youth ranging from fourth grade to 12th grade were involved with the Spending Frenzy.
A couple of years ago, MLF held a spending frenzy event at Eufaula Dormitory in Eufaula, Okla.
Chief Executive Officer of MLF Chris Coburn thought they should do another one at a smaller school and help them understand what this exercise can do for students.
“This exercise simulates a year’s worth of life and it lets children rise to the occasion and handle responsibility,” Coburn said.
The Spending Frenzy is a product developed by First Nations Development Institute and Coburn adapted the game to work with students who are in the MCN jurisdiction.
“When this game was developed, it was designed for western tribes with per capita,” Coburn said.
The Spending Frenzy helps students to understand financial responsibility when they are in a career, making a salary and where the money goes to in order to live a suitable life.
“All the stations deal with real life,” Coburn said. “Whether it is car insurance or health insurance, buying a home, getting a vehicle, the children have to figure out how to do all this and be able to live off the money they have.”
Fourth grade student Jackson Bigpond attended the Spending Frenzy. He said he was doing good until a chance of ‘fate’ hit him.
“My pitbull bit someone,” Bigpond said. “Now I have to pay someone $2,000.”
Coburn said a volunteer walked around with ‘fate’ cards, passing them out to students during the exercise.
“The fate cards are like chance cards in the game, Monopoly,” Coburn said. “Some of the cards are good while some are bad.”
While Bigpond did have to pay because of his ‘canine attacking someone,’ he would be dealt with the fate cards once again, this time in his favor.
“I won $2,000 in a 50/50 raffle,” he said.
Coburn thought it was a stretch to allow students as young as the fourth grade to attend but thought they could understand what their families go through when it comes to handling money, bills and family.
“If they learn from the spending frenzy, then that is the main thing,” he said. “They can get an idea and understanding on what their parents do when it comes to paying bills and handling the finances.
Coburn hopes to have these exercises twice a year, in the spring and fall.