We have all been there - Browsing through your favorite store and you see that big red tag:
Sometimes you see a huge sign right in front of the store inviting you to come in and “save”
Who wouldn’t want to save money and get some new gadgets at the same time?
As luck would have it, that gizmo you previously looked at with a bit of disdain looks a whole lot better now with the “20% Off Sticker” attached to it. Isn’t it strange how a “soso”, “just ok”, “maybe yes” item now becomes more like a must have item? And the only difference being the advertized sale price?
Try the following discussion with your kids - and the mental exercise might do us parents good too:
Understand that the word “savings” is a complete misnomer in the context of advertising. The only way for you to “save money” is to not spend it. Put your money in a piggy bank or open a savings account – that is saving. When you go shopping, you may pay a lower price on a sale item, but you are definitely not saving.
Next, appreciate that prices always change buying behavior, there’s simply no way around it. But instead of letting your impulses give in, ask yourself this: Would you still buy the this gadget or the new dress if it wasn’t on sale?
If the answer is yes, then you might have a legitimate reason that the item is something you really need.
If the answer is no, go back home and look around the house to find similar items you bought on sale. Evaluate for yourself if those items are still as desirable as they once were when you fell prey to that big red sale tag. Are you still using any of these items today, and would you buy them again at the full retail price?
Resisting the shopping impulse is harder when items are on sale but it is an excellent way of learning how to handle money. Your kids may come out of a store with an itch but it will be a great lesson on how to save money.
As always, comments and suggestions are much appreciated.
For questions, please email: clemens.kownatzki@fxistrategies.com
1 comment:
I really enjoy your posts and stand behind financial literacy for kids. I find myself guilty as charged with "saving" by shopping sales, and unfortunately am passing this on to my son. He now says, "Mommy it's on sale-can I have it?" He is only 7, I guess there is still time to teach him wanting something more just because it's on sale is not the way to go. For me well, some habits are hard to break-but I am going to try!
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