5 Financial Goals You Should Set with Your Kids Today

One of the most valuable lessons parents can teach their children is financial literacy. Starting these lessons with kids early creates a foundation for responsible money management into adulthood. Here are five financial goals to set with your children, helping them understand the value of money and the importance of saving.

1. Saving for a Small but Special Purchase

Teach your kids the value of saving by encouraging them to set aside money for something they really want, whether it's a new toy, a book, or a video game. This goal teaches patience and the satisfaction of earning a reward. You can help them by creating a savings chart where they can visually see their progress.

2. Starting a Small Business

Have an entrepreneur on your hands? Encourage their entrepreneurial spirit by helping your child start a small business. This could be as simple as a classic lemonade stand, a yard sale, or making and selling handmade crafts or artwork. This goal teaches them about earning money, costs, profits, and the value of hard work and creativity.

3. Creating a Charity Fund

Instill the importance of giving back by setting up a charity fund or goal with your child. They can allocate a portion of their allowance or earnings from their small business to donate to a cause they care about. While learning about earning, this goal also teaches empathy, generosity, and social responsibility.

4. Build a Budget

Introduce your kids to budgeting by having them plan a small family activity, like a movie night or a picnic. Give them a budget for the activity and help them decide what to spend the money on. This goal teaches them about managing resources, making choices, and understanding the cost of items.

5. Open a Savings Account

Opening a savings account in their name can be a significant first step towards financial independence. St. Mary’s Bank offers a Super Saver account for young savers aged 12 and under. This experience teaches them about the banking system, earning interest, and the benefits of saving money over time.

Bonus Goal: Setting a Long-term Savings Goal

Help your child set a long-term savings goal, such as saving for a more significant vacation, a new gaming or computer system, or investing in a hobby like photography or music. This goal is more abstract but teaches them to plan and understand the concept of significant investments and delayed gratification.

Creating financial goals with your kids does more than teach them essential life skills—it brings you closer as you work together to reach these milestones. Starting their financial education early sets them up for success, and the experiences you share along the way are priceless, shaping them into money-savvy individuals for years to come.

Start their savings early! Check out our youth savings account and start setting these financial goals today.