A quote by Larry Elder states, "A goal without a plan is just a wish." We don't want our children simply wishing when it comes to their money; they need a plan! Thankfully, whether it's a family vacation or an upcoming play date with a friend, your child already knows how to plan. Help your child apply these planning skills to reach financial goals as well.

Activity 1

Help your children set goals for the coming weekend and then demonstrate how this goal-setting can be applied to money as well. Start by asking your child what games he or she would like to play or how far he or she would like to ride a bike. Help your child write down these goals and track them over the weekend. Then help your child think of a financial goal, such as an item for which he or she needs to save money. Work with your child to create a money-saving plan to obtain this goal. Be sure to track his or her progress along the way.

Activity 2

Children do a wonderful job of letting their parents know what toys, games and gadgets they want. Many times parents tell children to add these items to their holiday or birthday wish list, but these special requests are great opportunities to teach goal-setting. The next time your child mentions wanting a special item as a birthday or holiday gift, ask if he or she would like to have the item sooner. Chances are the answer will be a resounding “yes", and you can work with your child to help him/her develop a savings plan to make this wish a goal with a plan.