Hey there! It's Talk About Money Tuesday, your favorite day of the week!π€
When you think about where your money goes, you probably focus on essentials. But it's the sneaky budget busters, like unused subscriptions or forgotten tech gadgets, that can chip away at your finances month after month.
With Thanksgiving not far away, it's a perfect time for parents and mentors to show young people how to appreciate what they already have and may not even be using to the fullest. Teaching gratitude can also help them resist chasing every shiny new purchase.
When your kids see you spending intentionally, it can plant the seed that what you already own serves you just fine. This shift in perspective can save money, reduce clutter, and help families invest in experiences that deliver real value.
Money Stat
$200
There's a hidden cost to "set it and forget it" when it comes to subscriptions. The average household loses about $200 a year on subscriptions they don't even use, according to CNET's annual subscription survey. That breaks down to an average of roughly $17 a month. How does this spending happen? Free trials are definitely a factor. It's easy to sign up for subscriptions and then forget to cancel before charges begin. Also, small monthly fees can be easy to overlook on bank statements.
Conduct regular audits of your bank statements with a focus on subscription costs and invite your kids to join you. When you decide to ditch the services you're not using, be prepared for companies to roll out price incentives to make you reconsider. Don't give in though, because paying half price for a service you don't use is still money wasted!
Money in the News
The news: An e-commerce platform known mostly for offering trendy clothes at cheap prices recently announced a books and fast-fashion mashup. Shein customers can now shop more than 100,000 new and used book titles, including text books, thanks to a partnership with Alibris, an online marketplace for independent book sellers. Shein says its average customer reads one to three books a month, so giving a bookseller a storefront on the Shein website makes it easy for readers to find and buy the books they want.
What it means for young people: Because Shein revolves around quick-hit purchases, Gen Z and Millennial shoppers could start treating books as just another impulse buy.
Tip for parents & mentors: Even when books are inexpensive, the real question is whether buying them offers lasting value. Shein's move into bookselling opens the door for you to discuss that. Remind your kids that it may not be worth it to buy a book just to read it once β or never read it all. You can encourage mindfulness by asking: Is this a book you'll treasure, or are you just curious about it? You can also suggest my favorite alternative to buying books: a visit to the public library, where all the books are free!
Get in the Zone
Money skill: Understand the value of experiences over things
Why it matters: Kids are surrounded by messages that tell them happiness comes from buying more things. But research, and the lived experience of many adults, says meaningful long lasting experiences often create more joy than quick purchases.
When young people learn early on to connect money with moments they value β time with family, hobbies they love, trips that expose them to new people and ideas β they're on the path to becoming mindful spenders who understand that money isn't just for "stuff." It's also a tool for building a life they enjoy and appreciate.
Try this: What's something you can you do to help young people think about choosing experiences over material purchases?
Sit down with your kids and brainstorm activities everyone would enjoy. Think picnic, a day trip, a movie night, or a hiking adventure. Set a small budget and then let them choose the experience and plan the details. When kids have a hand in shaping the experience, they begin to understand that shared moments can bring more joy than buying something new. Soon they'll start to associate spending money with creating memories, not collecting more stuff.
The Language of Money
Teaching young people about money includes helping them think critically, appreciate what they have, and make choices that really matter. Use these youth-friendly definitions to help start a conversation with your kids about mindful spending, gratitude, and price vs. value:
π€ Intentional spending: When you think carefully before buying. Example: Deciding to save your allowance to buy a LEGO set instead of spending it on small toys.
π§ Mindfulness: Paying attention to what's happening right now. Example: Do you really want to buy a toy or do you just like it in the moment while shopping?
βΊοΈ Contentment: Feeling happy with what you have. Example: You're happy with your games, so you don't need to buy anymore.
π Sustainable spending: Buying things that are long lasting. Think of it as a company's nickname on the stock market. It's usually a short group of letters β say APPL for Apple or DIS for Disney β that lets you quickly find a company and trade its stock.
Looking for more youth-friendly personal finance terms to share with kids and teens? ββDownload my Language of Money freebie. β
Loose Change
ποΈ Tackle your crammed closets, cluttered living room, and more with these tips on how to practice the social media trend known as "underconsumption core" in your home.
π¦ The Macy's Thanksgiving Day Parade is surely a bucket list item for parade lovers everywhere. Here's a look behind the scenes of the more-than-century-old event.
π Need yet another sign the Halloween to Christmas pipeline has run roughshod over Thanksgiving? Mariah Carey's All I Want For Christmas re-entered the BillBoard Hot 100 earlier than ever, with nearly 10 million streams over a seven-day stretch that began with Halloween.
Thanks for reading! If you know someone who cares about youth financial literacy, share this newsletter with them. And if this newsletter was forwarded to you, please subscribe βhereβ.
'Til next time,
Audrey
βFounder/Certified Financial Education Instructorβ
The FinLit Zone
600 1st Ave, Ste 330 PMB 92768, Seattle, WA 98104-2246
βUnsubscribe Β· Preferencesβ
β