A money goal is a wonderful motivator for a teen to create a savings for the future or for a specific item(works for adults too). When we look forward to getting something we want, make a plan to get it and then work toward obtaining that goal, we learn commendable personal values like perseverance, a strong work ethic and decisiveness.
Start your teen off with small money goals. These will help keep your teen’s eyes on the big picture. Help them to find ways to save. For instance, while spending $10 in a game lounge may be fun, spending $8 and saving $2 will bring them that much closer to their goal and be just as fun. It is also fun to daydream about why you are saving your money – it’s part of enjoying the journey. To really cement a money goal with your teen you can try a trick I have used:
- Find a picture or a physical representation of the goal.
- Place the picture of the goal somewhere you r teen sees it regularly.
- Put a note with the amount already saved on the picture. Allow your teen to change the note as they save more.
Quick Links: Teach Your Teen to Be Money Smart | Quiz: Is Your Teen Money Smart?
More on Parenting Teens.
