Children and Money

Setting Family Save, Spend and Share Goals

Today, I’m going to share with you how to set save, spend and share goals as a family. You should do this prior to setting individual goals with your children.

If you haven’t already determined your discretionary income, please do this first. You don’t want to raid your save, spend and share treasure chest due to poor planning. My basic budget worksheet outlines typical expenses and savings obligations and can help you determine your discretionary income.

Now let’s have some fun! The process is very simple, but effective. You choose the option that best suits your family.

Here are your options:

  1. You can tell them what the goals are. For example, we’re saving for a family trip to Disney World, spending on a monthly movie/pizza night and sharing our money with the local humane society.
  2. You can offer two options for each principle then, as a group, decide what to save, spend and share for.
  3. You can have each child make a suggestion on how the family should save, spend and share. This works best for children age ten or older. Be sure they know how much money is available and work with each child to guide them to appropriate choices. Let them pitch their ideas then vote as a family on how you will save, spend and share.

For those with children under age 10, I would recommend using Option #1 or #2.

Key to Success:

As a mom, I can’t tell you how proud it makes me to see my girls embrace the save, spend and share mindset, and it all started by setting family goals.

I hope you found this post helpful. My goal is to create a community of parents raising financially healthy children, and I encourage you to share this information with your family and friends. If you have any questions about setting family goals, please leave a comment below or email me at


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  • Meet Shannon

    "As a Certified Financial Planner, it is my passion to help individuals and families build a healthy relationship with money. I look forward to helping you raise financially confident kids.” - Shannon Ryan