DIMS – Does It Make Sense?® Scores Help Develop Good Financial Defense
To use a sports analogy, financial offense is making money – and that is what a lot of people focus on. But a strong financial defense – how you spend the money you make – is just as important. At Gifting Sense we help kids ask for birthday and holiday gifts that they will really use and appreciate. In other words – we help children and their families and friends develop good financial defense.
One of the ways we provide that help is by calculating a DIMS – Does It Make Sense?® Score for a potential gift. A DIMS Score ® can range from 1 (This gift probably doesn’t make sense…) to 10 (This gift might make a lot of sense…). They are automatically generated when children complete a Gift Survey by answering questions about a potential purchase on Gifting Sense.
Those questions are on everything from where the item they are interested in was made, to whether or not it is a replacement for an item they have recently outgrown, and everything in between. A higher DIMS Score ® can be achieved, for example, by asking for an item that is replacing something you have outgrown; by asking for an item that comes from a local store (parents can drive there in 45 minutes or less); or by buying an item from a store with a customer-friendly return policy.
If financial offense is making money, then financial defense is how you spend the money you make. Quickly calculating the DIMS Score ® for a potential purchase helps kids practice good financial defense.
Gifting Sense suggests that kids only ask for gifts that can generate a DIMS Score ® of 8 or higher – but of course families can set their own guidelines. Maybe your family allows for one gift a year that doesn’t generate a DIMS Score ® of 8 or better. Maybe you only allow your kids to ask their grandparents for gifts that can generate a DIMS Score ® of 9 or better. We think the real gift you are giving your children – is your encouragement for them to “thoughtfully prefer” what they might like to receive as a gift.
Does it ever make sense to buy an item with a lower DIMS Score ®? Sure – we just think teaching kids to only very occasionally buy items that make less sense is perhaps one of the best gifts you will ever give them. Search history to learn about sports figures and celebrities who made more money than the average family could ever hope to earn – but lost it all through poor financial defense. If someone had gifted them sense when they were young, perhaps their financial track record would be very different today.
If any of this sounds interesting – ask your kids to “Get Started” with one of our Gift Surveys when thinking about what they might like to receive for their next holiday or birthday gift. See for yourself how taking 2 minutes to answer 10-12 questions can lead to one of the best holidays both you your kids have ever experienced – not to mention the beginning of developing good financial defense!