It becomes easier to spend mindlessly. This is a great graphic (for more, check out this CNN article) to get your class talking about their spending habits:

Ask your students to think back to items they have bought online recently from Amazon (or other websites) and how many are buried in a closet or desk somewhere and not be utilized. One one end of the spectrum we know based on research that we spend less when we have to fork over cash and spend more easily with cards. As we move to more and more frictionless purchasing methods (think Amazon supermarket), the potential for impulsive shopping grows evermore. Author Beth Kobliner in the NGPF podcast described some good strategies including “the Shirley rule” in which you really look closely at the item and ask “Do I really love it?” or the “24 hour rule” which provides a “cooling off” period of one day before making significant purchases.

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Check out the NGPF Project “Rein In Your Wants” to promote mindful spending with your students.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.