Why Your Child Needs a Money Goal!

People with clear, written goals, accomplish far more in a shorter period of time than people without them could ever imagine- Brian Tracy. This leading authority on human potential and personal effectiveness also goes on to say that writing down your goals is critical to their success.

We use goals to help us achieve success in everything from losing weight, to stop smoking, to training for a marathon and the list goes on and on. The concept works well and it works very well with kids too!

Help your child to set a practical money goal. The amount is not important!

Here are four reasons why your child needs a Money Goal:

# 4) Your child will learn the value of money in the process of working towards achieving a money goal. Kids quite often don’t understand the concept of money and have an even harder time appreciating its value.  This is an invaluable lesson to learn and one that will serve them well before and during college and especially when they become adults. Why not have them learn this early in life?

# 3) As they work towards their money goal kids will have to make choices. Kids have limited access to money of their own if any at all. One of the benefits of kids having even a modest money goal is that they will need to make choices to achieve their goal. When spending their own money, kids are usually just that bit more careful what it is spent on….at least that is what I have found. Having to make choices has all sorts of benefits including sharpening their decision making skills.

# 2) Having a money goal/saving for a specific thing empowers your child, bolsters their confidence and gives them an incredible feeling of accomplishment when they achieve their goal.

# 1) The money goal was only to get their attention. It is true that a money goal will encourage and motivate a child to achieve something that they want for themselves but the number one reason why your child needs a money goal has a far greater significance. This Chinese Proverb says it best:

Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.”

Teaching your tween or teen to set goals is teaching them to fish! Showing them how to utilize this powerful tool will help your child reach their potential and to maximize their personal effectiveness.

Isn’t this one of things all parents want for their children? Isn’t this what you want for your child?

Congratulations! You have already taken the first step in recognizing the significance of goal setting.

My challenge to you now is to help your child with a Money Goal!

Start today!

 

Richard Rainford

Money Smarts 4 Kids- Financial Literacy for Young People.

www.moneysmarts4kids.com

Free Gift: Please visit my website for your free Money Smarts 4 Kids kit to help get started with your child’s Money Goal: www.moneysmarts4kids.com

Print Friendly, PDF & Email
Posted in Uncategorized