Community events have a special way of bringing people together. They create traditions, support local businesses, and give families opportunities to make memories that can last for generations. But beyond the fun, food, and entertainment, events can also have a meaningful impact on the communities they serve.
On this episode of Making Sense of Money, we sat down with Greg, the interim manager at the Walla Walla Fairgrounds, as they celebrate their 160th year of this event. We will look at the positive impacts that events like Walla Walla Fair and Frontier Days have on the community and the economy, and offer some financial tips and tricks.
The Impact of Community Events
When thousands of people come together for events, the impact can be seen far past the venue or event center that hosts the festivities. Visitors may stay in local hotels, eat at nearby restaurants, and shop at small local businesses and vendors.
For Walla Walla, the impact that the Fair and Frontier Days has on the community is significant. With over 90,000 attendees during Labor Day Weekend, the community sees a spike in hotel bookings, bringing increased business to local restaurants, food vendors, and other businesses.
One of the most significant impacts is seen at the Walla Walla Cattleman's Association sale, which can bring in around $850,000. Greg explained that, with these funds, the majority goes back into the community, supporting kids raising those animals.
"It's a large impact on our community over Labor Day Weekend," he shares.
This example shows how everyone can have an impact on their community by being intentional about where they spend their money. By supporting local, our communities can keep money circulating within the places we call home.
Budgeting for Community Events
While community events can benefit local economies, they can also have an impact on our personal budgets. Admission, food, parking, activities, and souvenirs can quickly add up to a high expense. Before heading to an event or planning a trip, consider setting up a spending limit and plan for any extra or unexpected expenses.
One way to help with budgeting and planning is to look for free or discounted activities and special offers. At the Walla Walla Fair, for example, Greg notes that the first day offers free admission until 3 pm, with opportunities to enjoy activities at no extra cost.
A little planning and research can help everyone enjoy experiences, all while keeping the budget on track.
Turning Experiences into Financial Lessons
Community events can also be opportunities to teach lessons about money. Greg shared how his grandchildren learn about budgeting through raising and selling their livestock. They learn that the money they receive isn't all theirs to spend because there are expenses that need to be covered first.
"Just because you get a check, it's not all spendable," he explains.
Whether it's helping a child divide their allowance, talking about the cost of an activity, or encouraging them to save part of what they earn, everyday experiences can be valuable financial lessons.
When asked what he wished he had known about money earlier in life, Greg's answer was simple: "Pay yourself first."
Setting aside even a small amount from each paycheck can help you build a habit of saving and investing in your future. Start with whatever amount works for you and your budget, and slowly increase it when you can.
Just as communities grow stronger when people invest their time and resources, our financial futures can become stronger when we make intentional choices with our money. So, whether you're supporting a local business, teaching the next generation about budgeting, or saving for your future, small choices can make a lasting impact.
To learn more about the Walla Walla Fair and Frontier Days, and how it impacts the community, listen to the full podcast here.
Looking for more financial tips and tricks? Check out our blog here.
