More disposable income than ever before, coupled with targeted advertising that takes advantage of their vulnerabilities, has helped to turn teens into impulse spenders.
One of the problems with increased purchasing power is the tendency for kids to spend on impulse rather than planning out their purchases carefully. They need to be able to evaluate worth, need, and priorities before buying. More experience with budgeting, as well as training in critically examining advertising techniques, will help teens resist the hype.
The Problem of Impulse Spending
Teens that fall into the habit of spending on impulse may carry this tendency into adulthood. As adults, the need to spend most of their money on necessities will likely leave them unable to afford the same level of luxury spending they have become accustomed to. Yet they may not know how to break the habit.
Ten Tips That Can Help
Teens need to learn smart shopping skills, including good decision making strategies and understanding how product marketing works. There are also practical strategies for avoiding impulse spending. Share these ten tips with your kids:
Make a budget for yourself. Include all necessary purchases and account for those before you buy any luxury items. Try not to spend unless it’s in the budget. See if you can stick to it.
Avoid malls and chain stores where you will be tempted with a lot of items you don’t need to buy. Find a less “fun” store to shop in for your necessities, and avoid walking the stores as an activity.
Throw away circulars and advertisements before reading them. You may see something you like, head for the store, and wind up buying a bunch of things you don’t need.
Make a list before you go shopping, and stick to it.
Avoid the temptation to pick up several “inexpensive items” (like the $2 and under bin, etc.) as these can add up quickly.
If you see something you really want, put it on layaway or write the item down. Check back in a week or two to see if you still want it, or if the desire has passed (often it does).
Don’t buy things you don’t need just because they’re on sale. A good deal can make an item sound more useful or necessary than it really is.
When shopping with a friend, avoid the temptation to match their purchases. Instead, tell yourself you really don’t need it, and that the urge to have it will pass.
Before you check out, go through all of your selections. Force yourself to put back anything that wasn’t on the list, or that you don’t really need
Don’t hesitate to return something if you don’t use it within a few weeks, or if you change your mind once you get home. Don’t let your closet become a home for a bunch of unworn clothing with the tags still on them.
Reread this list often and before you shop to reinforce these concepts. With practice, the skills to avoid impulse buying will become second nature, and you’ll have more money to spend on the things you really want.
The copyright of the article Teens and Impulse Spending in Youth Development is owned by Susan Carney. Permission to republish Teens and Impulse Spending in print or online must be granted by the author in writing.
