How I Helped My Teen Stop Impulse Spending
This blog post is sponsored by Capital One, although you can always count on thoughts, opinions and experiences being my own.
Hey Purpose Chaser!
I have a question for you…
Did your impulse spending increase during the pandemic?
Capital One recently conducted a survey of 2,000 Americans, where top findings suggested that women are 12% more likely to have made an impulse purchase during the pandemic that they later regretted. One in 3 women (33%) said they made a weekly impulse purchase and nearly half of women (48%) regretted their purchase in under an hour.
In my household, these statistics have been proven to be true, as my daughter Reagan discovered shopping online this last year and has received countless deliveries over the course of the pandemic. The survey reported 61% of women and 55% of men agree that the main reason for an impulse purchase is the idea of deserving to “treat themselves” which is why my husband and I did let Reagan slide one too many times.
We are creatures of consumption. Consumerism is how we coped with a worldwide pandemic and coincidentally, our children followed in our footsteps by repeating the same pattern. My goal this year was to change the narrative and prepare Reagan for financial success as she heads off to high school by empowering her to save time and money for the things that truly matter.
Recently, we visited our local Capital One Café, to enroll Reagan for her first debit card.
(I honestly can’t believe I have a teenager daughter who’s of age to have a debit card in the first place. Where does the time go!)
We chose Capital One because of their amazing MONEY teen checking account! It’s the perfect resource for kids, tweens, teens and anyone ages 8+ because it’s a fee-free bank account with a debit card on a top-rated mobile app that’s only available online. The Money teen account gives Reagan the freedom to track her finances directly on her phone and it gives both of us the access to open an account, transfer money, talk about spending, and practice budgeting skills. Not to mention, visiting the Capital One Café was so much fun for her, as she got to be an “adult” and personally discuss her future financial goals with a Capital One representative!
If you’ve been around Redefining Wealth for awhile, you’ve heard me talk about Capital One Cafés for years. They are intentionally designed to empower people to feel more confident in their relationship with money and Reagan definitely walked out feeling CONFIDENT! She was excited and inspired, and immediately went home to start planning around how she could be more intentional with her purchases.
Now that she has to use her own debit card, it’s amazing how empty her online shopping cart has been. *SMILE* Looks like when it’s her own money, she’s more inclined to really wait to buy the things that matter most.
Wealth and well-being are key pillars in the Washington household and despite me being “the Money Maven,” I’m excited to see how Reagan develops her own financial wellness through these types of tools and resources.