iThings: Having Discretion When You are the Target

iphone-line-appleIt’s happening again. There’s a new iPhone out, and with it, a release of excitement and consumerism throughout the land. It’s amazing how quickly we can go from not knowing something existed to not being able to live without it, isn’t it? Apple is quite skilled at releasing products in such a grand and captivating fashion that the ears of America turn to hear of the new iSomethings. But they’re not alone. Everyday, advertisers are meeting in the boardrooms of Madison Avenue with one thing in mind: how to convince you to spend.

If you’re a teen, you’re a major target of advertisers. You have more discretionary spending money than you’ve ever had in your life, you’ll soon be able to drive yourself to the store when a moment of consumerism hits, and you care about the way you look. Let’s be clear: you are a target. We’re so sure of it that we have an entire Biz Kid$ episode dedicated to the topic of marketing to teens. (Watch You are the Target here.)

So what does this mean? It means you need to be smart when it comes to taking in advertising. Ask questions before getting out your wallet.

“Do I really need this item?”

“What am I giving up by spending these dollars?”

“Am I being persuaded by advertisers or peer pressure into buying something to make me feel better about myself?”

Have a “sleep on it” policy when it comes to purchases over a certain amount. Perhaps that could be $20. Anytime you are thinking about spending more than $20, wait a day before completing the transaction. You’d be surprised how quickly that shopping buzz can fade.

Finally, educate yourself. Read unbiased reviews of the products you’re considering. Learn about your money personality, and beware of your potential pitfalls.

Budget. Make a plan, and stick to it. It sounds easy, but that new iSofa could be just around the corner. Will you be able to resist?

Watch Biz Kid$ You Are the Target episode here.

Watch our What’s Your Money Personality episode here.

Learn about Budgeting Basics in our episode here.