Setting Save, Spend and Share Goals with Your Children

Goal-setting doesn’t always sound very fun, but it can be! For my daughters, I turned goal-setting into a game where their magical coins create joy for themselves and others. Now they love playing save, spend and share and view money in a positive manner.

Let me walk you through the process of setting individual goals.

Step 1: Make it fun.

Step 2: Ask the right questions:

Question #1: What is something that would make you really happy and is worth saving your money for and not spending it right now?

• Weed down the list by having them compare items on their wish list to figure out which one they really want.
• Be honest. If they want to save for a horse and that’s unrealistic then you need to tell them. But if they really, really love horses, then work together to find another option. Maybe there is a local place that offers horseback rides.

Question #2: What is something you want right now?

• Help them understand that they don’t need to spend all their money right now. By keeping a few dollars in their spend jar, they always have money available for those surprise opportunities.

Question #3: Who is someone you love and want to share your money with? What can you do to bring joy into their lives?

• Your children may not want to share their money, and this is normal. Remind them how good it felt to reach your family share goal.
• Share goals don’t need to be extravagant and tangible items work best, like buying a bag of dog and cat treats to donate to your local animal shelter.

Step 3: Set up their money jars or envelopes and let them allocate their money into the respective jars.

Once they’ve set their goals, remember to keep them excited about them. Every time your kids earn or receive money–ask them how much will go towards their save, spend and share goals. When they get a case of the “I wants” remind them of their goals and the impact unplanned splurges will have on them. And when they achieve their goals, celebrate.

It’s my hope your children will enjoy playing save, spend and share as much as my girls do. I encourage you to share this post with family and friends who want their children to have a healthy relationship with money too. If you have any questions, please leave me a comment below, post it on facebook or email me at shannon@theheavypurse.com.