GoalSetter is a platform that helps kids to set goals and achieve them. In addition, the platform helps family members to give meaningful gifts that help kids to achieve their goals. Children and their families can use the platform for as long as they want into adulthood. Creating an FDIC-insured account on the platform is free. Kids and their families can turn on automatic transfers of any sum of money to start saving on the platform. A considerable advantage of this platform is that it allows parents and other family members to support their children’s saving journey so that they can achieve their goals.
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Price is from As Seen on TV Commercial page: goalsetter.co
Start saving small probably with a piggy bank. Piggy banks are incredibly easy to manage and offer great opportunities to help you teach your kids on the importance of saving. Teach your kids to save whatever amount, however small, in the piggy bank. The goal is t fill the piggy bank with notes and coins until there is no room. Teach kids to understand that the piggy bank is for saving money for the future and that the more they save, the more money they will have in the future.
Once there is no additional room in the piggy bank, help your child to carry it to the bank. Open a savings account for your child and help him count the amount of money in the piggy bank so that he can have a sense of the amount of money he has.
Tell your child the amount of money he has and inform him about the relationship between savings and interest. Teaching your child about interest is a great motivational tool because it reinforces the idea that his money will grow with time provided he does not spend it.
When your child wants a toy or a bike, teach them to save for the items he wants. Give the child savings jars for every item that he wants to have and help him save for his purchases.
Offer your child small allowances on a daily or weekly basis to help him save for the things he wants. For example, you may give him a dollar everyday or five dollars at the end of the week. He may decide to put the entire amount in one jar or distribute it evenly among all the jars.
Put relevant pictures of the items your child wants in each jar to provide visual reminders of what he can get if he saves well.
Children often find it difficult to understand the link between time and money. Even adults forget the things they learn in financial classes with time. For the message to stick, lessons about savings and frugality should be timely and ongoing. If you plan to give your child a certain amount of money on his birthday, provide saving and financial lessons before offering the money.
One of the best ways to teach children about savings is to create timelines that help them visualize their goals. Take a pen and paper and create checkpoints on the paper marking the points when they reach 25, 50, 75 or 100 percent of the goal. Every time your child saves a certain amount, draw a line to illustrate how much has been saved and how near it is towards the goal.
Children learn best by following examples, especially of their parents or guardians. Therefore, start by being a good example of sound financial decisions and savings habits. This involves doing everything you teach your child to do.
Have your own savings jars where you put your savings regularly. When you are shopping for items with your kid, help them understand the different price levels of the same product and explain why you prefer to buy one item to another. Emphasize the importance of saving a portion of your income for rainy days.
Have a conversation with your child about the importance of saving money. Financial discussions should provide opportunities for you to impart some lessons. In addition, encourage your children to talk about money and let them understand that there is nothing wrong with talking about money or savings.
Be sure to emphasize the values that you want your family to uphold including spending money responsibly and hard work. In addition, help your kids to understand the fact that it’s OK for them to ask for allowances but that they will have to save up for the things they want. Talk to them about their financial goals and what they need to achieve them.
It is important for kids to understand the difference between needs and wants. Have an open discussion with your kids about money and various ways they can save for the future.
Contrary to the common misconception, teaching your child to set goals is not simply about giving him future life lessons at an early age. The world today is highly competitive and kids, like adults, are happy to compete and achieve great things. Help your child to understand the importance of setting goals and gaining valuable skills like communication and financial management.
Most of the things that parents do to help their kids at an early age involve setting goals. For instance, parents often put toys at a fairly small distance away from where their kids are sitting to encourage them to roll over or crawl until they reach their toys. Once kids start to walk, we let them hold our hands for a short while and then let go to encourage them to walk on their own.
More advanced goals such as getting good grades and financial independence pretty much work on the same principles. Help your child to achieve his goals at every stage of his life. Set small goals for your children and celebrate with them every time they achieve their goals. Encouraging your child to set goals prepares them for bigger responsibilities and accomplishments as he grows older.
It is important to follow the right procedure for setting goals for your child. First, help your child identify the areas that he thinks requires improvement. Then, discuss an achievable goal and help your child understand the link between the goal and his dreams. Once you and your child have identified an achievable goal, develop a plan on how to achieve the goal. Set metrics that will help the child understand his progress towards the goal.
Children may set goals that they want to achieve within a certain period. However, circumstances do change and it is important to make course adjustments to accommodate the circumstances. Involve the entire family in helping your child achieve his goals and celebrate wins.
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