We think we have some good news to share: We believe children can become mini-superheroes in your family’s fight against inflation. How so? Well, what we observe every week in our workshops is that when children learn how not to waste money on purchases they may end up regretting, they also become ready and able to help their parents spend as carefully as possible at the grocery store, the movie theatre, and even on holiday gifts. Kids feel empowered, and parents feel understood. Perfect timing, huh?
This winter holiday season is shaping up to be the trickiest one in a while. Food, heating, and borrowing costs are up, not to mention the price of typical holiday fare such as gift-giving or travel. Families are feeling the pressure to maintain holiday traditions with less disposable income. But if you reflect upon your own childhood, how many grade, middle, or high school holiday gifts can you now recall? For most of us, the answer is one, maybe two.
So, take the pressure off yourself, your kids, and your wallet. Early in the game, ask your children (or grandchildren, nieces, and nephews) to really think about the one thing they might like to receive for an upcoming holiday or birthday gift. Ask them to research (big word for a low-effort task) how much money will be required to purchase that gift, including costs like sales tax and shipping. Ask them to anticipate how much they will really use or appreciate the item or experience in question.
Only then will you need to think about what the art of the possible is in terms of how much you can afford. We see children stop themselves from asking for gifts that might not make sense for their families all the time. Our free and safe tool, the DIMS SCORE® Calculator, was specifically designed to help kids quickly, but not arbitrarily, consider and compare potential purchases. They enjoy using it because it helps them avoid buyer’s remorse and fear of missing out in real time.
For kids, thinking before buying really only amounts to asking and answering simple questions about typical childhood purchases, such as “How often will I play with this basketball each week?” or “What is the return policy for boots at this store?” But those questions help them slow down and break shopping decisions up into manageable chunks. Answering them allows young people to experience first-hand that being thoughtful about money and spending isn’t hard or scary. Nor does it mean that you never get to do or buy anything fun. It just helps you understand the trade-offs that spending on one purchase can impose on another. Would they rather have that new t-shirt or movie snacks when seeing a film over the winter break? Children feel empowered, and parents feel understood when everyone can work with complete information.
When kids return to school after the winter holiday break, they mostly tell their teachers about time spent with family and friends versus “what they got”? Stories about their uncle’s homemade pizza or grandparents talking about their own childhood mishaps top the list of warm memories. Most children understand that not all their classmates will have received gifts. Even their short personal histories reveal to them that time spent with loved ones is a precious commodity, particularly after the sparse family gatherings that took place during the pandemic.
Consider organically crowd-sourcing the purchase of one larger, more meaningful gift. We’ve never met an extended family member who wouldn’t far rather spend their hard-earned gift-giving dollars on a contribution towards something that their grandchild, niece, or nephew really wants, will use, and appreciates—versus books that don’t get read, earrings that are never worn, hoodies that collect dust, or toys that only elicit the tightest, polite “Thank You.”
Remember, words like “interest rates” or “inflation” don’t mean much to most kids. But children pick up on things like our surprise when opening a bill or checking out at the grocery store or gas pump. You can normalize thinking about money by asking your kids “How much do sales tax and shipping add?” (to the cost of a seemingly small online clothing purchase), or “How much do safe transportation and snacks add?” (to the cost of going to the movies). You can also formalize thinking before buying by encouraging your children to use the “DIMS – DOES IT MAKE SENSE?®”SCORE Calculator when making a wish list.
Did you ever help your parents save money when you were young, even by mistake? Do you remember them being pleasantly surprised? How great did it make you feel? If you can summon that memory, we hope it will encourage you to give your own family the gift of understanding how cooperation can be a superpower in the fight against inflation. Why not let your kids feel like mini-super-heroes? Years from now, they might tell you that, in retrospect, understanding they could help make a difference in household finances was one of the best presents they ever got.
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Child Development For Parents Holiday Hacks Smart Gifting
