Financial Adventure - Saving For A Short Term Goal Activity

This activity is about teaching your kids & teens to save money in a short period of time and have fun when they reach their goal.

Start conversations with your children by talking about what is considered short term and what could be considered long term. Brainstorm different ideas and categorize them under short term or long term. What drives each decision? How could you be saving for a short term goal verses a long term goal?

As a family, come up with some rewards for setting a short term goal you could reach by saving spare change or by earning some additional money by doing projects around the house. Make them fun, but not too expensive. Could you get a special treat for the family or rent a movie? Next, set a time frame for the family to reach the short term goal.

Once you have your short term goal set, find a clear plastic or glass jar and decorate it if you would like. Just make sure you are still able to see into the jar. You want to make sure you are able to watch your progress. Ask that everyone in the family contribute to the jar whenever possible to reach the short term goal. Working as a family will not only help you reach your goal sooner, but it is a great way to share some quality time.

As you save together, talk about your goal and how close you are getting. You could also create a goal chart to make it easier to visualize where you are at and how much farther you have to go.

CONGRATULATIONS!! Once you reach your goal, celebrate and talk about how everyone helped to reach the goal. How did each contribution help bring you closer to your goal? Was it a hard goal to reach? What if your goal was more expensive or less expensive…how long would it have taken to reach the goal?

Make sure you don’t miss one of our Free Financial Activities…sign up here and you will receive each activity via email. You will also receive a certificate of achievement for each activity completed when you sign up.

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