“Working to help parents raise money-smart kids.”
Hello, friends!
All the recent Super Bowl ads got me thinking about moderation, simplicity and money mindfulness.
Huh? 🤨
The ads (and the halftime show) are so over-the-top and in-your-face that I began contemplating ways to better communicate our message of controlled consumption.
In fact, the whole spectacle reminded me that our kids are gladiators in the marketing arena, so we must arm them to deal with the consumption beasts they will ultimately battle. And doing so isn’t easy in a world full of manic messages. However, perhaps this essay might help kick things off. (Pun intended! 🏈)
— 1 —
Moderation: My mom has preached moderation for as long as I can remember. She believes you don’t have to deprive yourself of things you love, but you do need to set limits.
As you consider downing that bag of Lay’s like Seth and Paul or finishing those Flamin’ Hot Cheetos like animals grooving to Salt-N-Pepa, you might recall this graphic from an essay about controlled consumption that I shared last year.
We want to help our children find that sweet spot on the controlled consumption slider. They don’t have to commit to capsule wardrobes or take up intermittent fasting, but hopefully they will learn moderation through experience.
And remember that our kids — not us parents — have to find their places on the slider. We can help guide them, allowing them to splurge on the things they care about and encouraging them to tone down their spending on what they don’t, but we can’t decide for them.
— 2 —
Simplicity: This Amazon ad with real-life couple Scarlett Johansson and Colin Jost pokes fun at Alexa’s reading our minds.
My view of Alexa? “Thanks, Amazon, for solving a problem we didn’t have.” It’s not like placing orders on the site was difficult. But now we have the pleasure of Jeff Bezos’ bunch listening in on us for the fairly minor convenience of ordering toothpaste with a shout or starting a song with a scream.
Johansson and Jost’s ad is designed to distract us from this fact. Well, at least Alexa isn’t reading our minds. Great. Thanks. 🙄
Don’t get me wrong; I use Amazon because it’s convenient. Still, you’re wise to try introducing a little mental friction into the purchasing process with your children. One tactic you can use is The Waiting Period. For example, make a rule that for any item over $50, your kids must hold off on buying it for one week. Doing so will give them time to reconsider (and often forget about) stuff they think they must have.
And then there’s another strategy: “Alexa. Please shut down for good.” 😉
— 3 —
Money Mindfulness: It was great to see Greenlight’s shining a spotlight on the importance of teaching kids money smarts in this very funny commercial.
Remember, though, that debit cards like the ones offered by Greenlight, FamZoo and Step are only tools. Parents like us need frameworks to turn these resources into outlets that can truly help us teach our children money smarts.
That’s why I like to keep things simple when starting an allowance system. In fact, I suggest beginning by focusing on these three core money-smart skills:
- Setting and saving for goals ✅
- Distinguishing between needs and wants ⚖
- Making smart money choices 🧠
The last skill requires money mindfulness. Even though we’re always making choices with our money, we’re not always mindful of those decisions. So just as mental mindfulness brings awareness to our often out-of-control thoughts, money mindfulness encourages recognition of our financial choices.
Given cash on a birthday? A friend Venmo you? The decision is often automatic — into the wallet (or digital wallet) to spend. Bringing mindful intention to such a choice can help you (and your kids) think differently to consider saving a portion, sharing an experience with a friend or even splurging a little on yourself. And yes, splurging’s okay! As long as that’s your intention.
Money mindfulness matters.
Enjoy the journey!
John, Chief Mammal
P.S. Please consult with a financial or investment professional before engaging in any decisions that might affect your own financial well-being.
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