My Savings Goal
Article
Introduce your child to money management with our financial goal-setting tool. As soon as kids understand the value of money and start putting funds aside, they can establish financial goals, with or without the help of an adult. This simple tool is designed to help them reach their goals while teaching them the value of money.
All grades
Table of contents
How to Set a Financial Goal
- To use the tool, start by helping your child define a specific goal, such as saving up for a video game, an outing, or something more ambitious, like a trip.
- Write down the target amount, decide on a deadline, and calculate the number of days, weeks, months, or years your child has to reach their goal.
- Determine how much your child will need to save on a regular basis, and together, evaluate whether that rate is reasonable given their financial situation.
- If necessary, break the goal down into more realistic steps and track your child’s progress together. This approach will help them stay motivated and make the saving process more concrete.
Encourage your child to use this tool alongside our monthly budget tool. They may find the Savings section helpful for visualizing the amount they are able to set aside every month.
Our goal planner tool is also useful for reflecting on motivation, obstacles, and positive habits.
