Make a Money Goal With Your Kids for 2019
As you reflect on the past year and make new decisions, consider sitting down with your kids and setting a monetary goal for 2019 together.
The goal doesn’t have to be high; just something that can teach them how to manage their money. Some ideas, although of course, may differ depending on your child, and you should discuss with him what he would like to do during the year:
- Youth (4-7 years old): keep change in the bank, manage a small weekly allowance.
- Classroom Students (8-11): Donate From Benefit, Save X Dollars Every Month
- Middle School Students (12-14): Open checking and savings accounts, make money at work for friends and family, practice a budget
- Seniors (15-17): Get a part-time job, open a Roth IRA, save specifically for college, buy standalone promotions, learn how to budget.
Set up some kind of scoring system or registration system so you can keep track of them throughout the year. Reward them for their progress: If this is a savings goal, you can offer, for example, $ 1 per match or a percentage of the total. Keep a visual chart in your kitchen or family living room so you can track your progress together. And encourage them if they face failure.
Schedule your checks on your phone or calendar app so you don’t miss them (or if your child is a hot-tempered teenager, make sure it’s on their calendar too, and use the bonuses to sweeten the deal). As with your own goals, keeping your kids accountable will be key to their financial education.