This past week was a bit crazy. I’m in the middle of doing video edits for a DVD that will be the focal point of our new Share Save Spend curriculum (due out later this year).

Viewing the video footage reminded me of a reflective exercise that I use in some of my presentations. It’s called the Look Back exercise. The goal is to help people understand how significant the ramp-up has been toward hyper-consumption in the past 30 years.

The exercise is simple. First, I encourage parents to take a few minutes and write down all the material things -- like toys -- that were in their bedroom when they were growing up. Next, have the children in your family do the same thing -- write down all the material items in their bedroom. And if necessary, have the children do the exercise in their bedroom to make sure the list is complete.

When the lists are completed, lay them side-by-side. If you are like most families, the length of the two lists will vary dramatically. One family from Portland who completed the exercise told me they were shocked at the disparity of the two lists. “I had no idea how dramatic the difference would be from one generation to the next,” said Karen.

Karen took the exercise one step further. She decided it would be helpful for everyone in the family to know how much the “stuff” in their children’s rooms cost.

“I pulled out the calculator, and with the help of the kids, wrote down the approximate dollar value for everything on their lists. We were stunned to learn that both of our kid’s lists totaled well over $1,000," said Karen.

Many families admit to me that their children’s rooms (and their homes) are stuffed with stuff. Perhaps some of the following information will shed some light on the issue. According to the publication Youth Markets Alert, the average American teen visits a mall 54 times a year. Additionally, young people ages 12 to 19 will spend more than $170 billion this year.

Some people ask if I support the "buying-more-stuff-equals-economic-progress" argument. Nope -- especially if it takes away from saving and sharing. The earlier a person can learn how to balance sharing, saving and spending, the better off they will be later in life.

I believe something as simple as the Look Back exercise can help families turn the tide of overstuffed bedrooms.

Take a few minutes and try the exercise in your home. If possible, include grandparents in the conversation. It’s likely they will have a very different list than their grandchildren. One terrific outcome for Karen’s family was a newfound appreciation for the things they already have.

When have you bought something because someone else thought you should?

Peer pressure and spending will forever be linked. The key is to identify when it happens and why.

Americans' propensity to spend more than they earn drove down the personal savings rate last quarter to merely 0.4 percent of disposable income -- the lowest on record.

Source: New York Times

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