What a better time to learn a bout setting money goals then when you’re still a kid?

Kids love learning about money. From a young age my kids were fascinated with coins and those green paper bills.

Teaching kids about money is important, so they can grow up knowing how to use it.

One day your little one is going to have to grow up knowing how to save and make money.

So, how can you teach this at home? I like to start with creating some simple, easy to follow goals.

5 Easy Kids Budgeting Goals

1. Saving Coins

   Have your kids make a goal to completely fill their piggy bank or a jar full of coins before they can spend it.

   It’s easy for kids to get in the habit of wanting to take coins out of their piggy bank when they want something small like a candy.

   Teach them that if they save their coins it will turn into more money for something bigger.

2. Earning an Allowance

   Earning an allowance sounds easy enough, but are your kids completing all their chores to earn their allowance each week?

   We have different allowance tiers for what our kids do each week. For example, if they complete their basic chores they get $5, but if they do extra harder chores they get $10.

   An easy goal for them is to save this allowance money, the more money they earn the faster their savings add up.

3. Saving for Something Big

   Do your kids want something big, like a new video game or bike?

   Have them make a goal to save for this item. You can help them plan out how much it costs and how much they need to save per week before they can get it.

   Set a goal to get it by a certain date. This is such a great way to teach responsibility and that things don’t come for free.

4. Extra Fun Money

   We give our kids a souvenir allowance for vacations and special events, but sometimes they want more.

   Make a special envelope for your kids to save fun money. Make a goal with them to save up a little fun money with their allowance.

   Whenever you go on vacation or to an event like a local fair have them decide if they want to pull their envelope out for extra fun money!

5. Keeping a List

   Make a goal with your kids to keep a list!

   Here are some of the different money saving lists they could make

• A Simple Budget– Older kids can learn a simple budget. Teach them how to keep a journal of how much money they have, how much they spend, what they are saving. Great skills to have when they grow.
• Things to Save For– Have them make a list of things they want to save their money for. They can check things off as they save money and add new items.
• Inventory– Have them write down a list of the money they have and where they are keeping it safe. They can look at their list to know how much they have for what they want to buy.
• Ways to Make Money– Have your kids brainstorm ways they can make money. Maybe they can have a yard sale with your help, do extra chores, or look for coins in the couch cushions.

What if your child is too young to earn money?

Do you have little ones? How can you make money goals with them?

I think with little ones it’s good to talk with them about money. Buy a toy cash register and play store with them.

Take them shopping with you and talk to them while you shop.

Let them see you making good money choices. They may not completely understand, but little ones watch you and learn from you.

 

There are lots of easy ways to make money goals with your kids young and old. You can even take it a step further and make some money goals as a family!

How are you teaching your kids about money?