How can teenagers change their spending habits? The reasons people spend money are #1: needs (food, clothing, shelter), #2: security (health care, insurance, savings), #3: influence (inspire, identify), and #4: prestige (status, glamour, impress).
Parents provide the necessities and securities for their children. The expenditures teens make are for influence and prestige. To change your teenager’s spending habits, you must define the purpose for their spending.
There are different classifications for teen spending, the younger generation of teens who are self-employed and the mid-term generation employed by a business. It is necessary to identify the source of income that will define spending habits.
A middle class teenager will have more spending privileges while a teenager from the poor class will have sporadic spending whims. The middle class teen is an investment shopper while the poor class teen is an impulsive shopper. Uniquely their purchases are identical.
Teen spending habits are possessions and collections. Possession is a power purchase and a collectible is a rewards purchase. Possession is symbolic of status and collecting represents merits.
Teens are selective shoppers. They buy for gratification, encouragement and insight. Alternatively, simply put as purchase to please, praise, and pride. These purchases are either very positive or extremely negative.
Teenagers have personal characteristics, lifestyles and environment. Personal characteristics are distinct traits, which define color, line, and diversification. Lifestyles are justified as expected and anticipated. Environment characteristics are talents.
Vanity, pleasure, and amusement are the sensitive confidential purchases. These naughty purchases place teenagers at a disadvantage of social behavior. These are passion purchases.
Teenagers must spend money to learn how to make choices. In addition, with spending money, there must be consequences. Success, achievement, and maturity determine spending. The repercussions of failure, reality, and morals are also traits of choices.
Bartering goods and services are how changes occur. A goal is a purpose and a promise is a down payment. Goals are services and promises are debt.
Being the power of attorney, financial manager, and general trustee for teenagers’ spending obligates the executor to serve, protect, and provide. Teens have small demanding assets and liabilities. It is fare wiser to be consultant and mentor than to be an expert and a specialist.
Teens are better educated on the subject of economics, investments and world commerce values. Much of that knowledge applies to their purchases.
The wealth of humankind attributes to the labor of life. Materialism is a small price that we must pay to master the universe.