buying flowers and plants at a florist, buying brand name clothing and only shopping in the “right” stores.
group share their personal suggestions, experiences and successes. Provide hands-on learning
Provide comparison shopping education One of the easiest steps to increase the value of every dollar spent is to do comparison shopping before spending. Besides teaching how to research bigticket items and ask the right questions, suggest a separate shopping trip just to get information without buying anything. That means the person does not carry credit cards or a checkbook and is only comparing prices, value, repair history, warranties, etc. This not only helps educate the buyer to make the best choice, it also eliminates the possibility of a persuasive salesperson influencing a quick (and potentially bad) decision. Increase awareness of marketing strategies Help people recognize common marketing strategies that are very successful. For example, salespeople and advertisements will break down an expensive item into “ten easy payments of only....” so the total cost plus interest is never mentioned. Ads that appeal to making your life easier will distract the customer from considering the price. Common phrases are shop at home, our agents are available 24/7 and delivered to your door. Be aware of ads and salespeople who provide incentives if you immediately commit to purchase something. Common phrases are special gifts for the first ten callers, discounted price if purchased today and 15% discount on all your items if you apply for this credit card today. Other common marketing strategies in grocery stores are: placing the least expensive brands on the bottom or top shelves and the most expensive items at eye level; placing items at the end of aisles; and placing individual pieces of produce by the pound in the front of the store and produce packaged in multiple pound bags at a discounted rate further back. Share good spending practices Great practices to establish are to wait for sales, use coupons, take advantage of group buying, use rebates and be aware of what are the best months to buy certain products. Another important habit is to save up to buy something instead of buying on credit. If you’re working with groups, participants generally are more open to interactive discussions when other members of the The Register | August 2013
Information is more dynamic when there are opportunities for practical applications. Do group shopping trips for comparisonshopping with people sharing their findings at the end. Work on spending projects, play games that include financial choices, role play different scenarios and work out the real cost of buying on credit. Discussions and activities are more motivating, engaging and reinforcing than lectures and PowerPoint presentations. Get beyond dollars and cents Consider self-evaluation tools that will help consumers understand themselves better and how that influences their spending patterns. What money messages did they learn or inherit growing up? How does how they spend their money reflect their values? What is their money personality? How does their spending affect their relationships? Poor spending habits and choices result in about 80% of American adults feeling they cannot save enough, build net worth or attain a good credit score. Helping your clients and prospects spend well can make the difference! While a single class on spending issues can be helpful, focusing on spending throughout a more comprehensive program lasting weeks or months will have a greater chance of fostering positive changes in a person’s life.
One decision can impact your retirement by tens of thousands of dollars.
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