Whether it’s at school, in their future job or for personal reasons, our kids need to know how to set goals for what they want to achieve.
If your kids have been stashing away money from their birthday, the tooth fairy or their allowance, what are they saving for?
When the time comes for spending that money, we want them to be SMART about it.
So this episode is all about SMART saving goals.
Listen to this episode, WITH YOUR KIDS on the podcast player below or on your favourite podcast app.
In this episode your kids will learn about:
- What goals are and why they’re important
- The definition of a SMART goal
- Relatable examples of SMART saving goals
Episode 7 activities
After listening to Episode 7 with your kids, build on the content by doing the simple activities below
Make a SMART saving goal!
Keep this conversation fun. The point here is to make sure they’re setting themselves up for a successful goal that they can feel good about. This will motivate them to keep doing it!
- Have your child make a list of what they want and then decide what they want most. If they don’t understand needs vs wants, listen to Episode 4.
- Go through the SMART goal checklist (free printable available below) to make sure it’s an achievable goal. They don’t need to write full sentences, but they should be able to check off the points to make sure it’s a SMART goal!
- Have them write down/draw a picture/print one from a catalogue/ website of what they want to save for. Put it on or close to wherever they keep their money, preferably somewhere visible!
- Write down how much they have and how much they have left to save. This will help them keep track. Even better, encourage them to do the math themselves!
- If possible, keep the money in a clear jar so that they can see it growing every time they add to it!
- When they get their goal, make sure they know that you’re proud of them! Being able to save up and wait for something is a big achievement.
Talk about some of your own goals
You don’t have to talk about money goals if you don’t want to. But if you’re asking your kids to make goals, they’ll appreciate hearing about some of yours.
They may even be able to help you achieve some of them!
For example, I have a goal of drinking 8 glasses of water a day. I’m terrible at remembering to drink water, so my kids are constantly reminding me throughout the day.
They even challenge me to have water chugging contests with them!
Other examples of goals you could talk about might be about a new skill you want to learn, how you’re saving up for a family vacation or how you’re planning on finishing that book you started reading a year ago!
Don’t just talk about them though, make sure to follow through with them.
This might help your kids feel encouraged and motivated to keep up with their goals too.
Related blog post: What are SMART money goals for kids?
Next Podcast Episode 8: Basic budgets for kids