By Ms. Brito
Fri., May 21, 2021 | reading time 2 minutes ⏰
Karen Holland, an economist and teacher, helped us answer the question: How can I make better purchasing decisions? When young people make thoughtless financial decisions, it often comes from a place of inexperience. Therefore, she has created various practical tools to aid young people in setting aside time to think about a purchase before swiping that debit card or begging parents for that new phone.
More specifically, she uses the DIMS Score Calculator (Does It Make Sense?) to outline the cost-per-use or wear of a future purchase. You can also use the same calculator for experiences, like a concert or a vacation. The DIMS Score Calculator allows students to take everything into consideration before asking their parents for an item. Most importantly, young people can use the final score and present the result in a PDF to their parents to demonstrate that they have thought about their future purchase and that it is cost-effective.
This small, atomic habit (read the book by James Clear if you haven’t yet!) can set an important foundation for students as they begin to think about OSAP and car loans, mortgages, investments etc.
We loved Karen’s energy and are excited to see her again next week for the second part of our workshop. Check out her website, gifitingsense.org if you are interested in knowing more.