Kids' Financial Goals
Now it's your children's turn. And as their mom, you can take a leading role in teaching them to set and achieve financial goals. Say your son Jake, age eight, wants a new video-game system. Help him:
• Define the goal.
• Picture that goal.
• Identify the steps necessary to achieve it.
• Visualize roadblocks he may encounter.
• Imagine realizing the goal.
• Recognize that the goal may not be realized as imagined.
• Consider each success or failure a learning experience.
Changes Along the Way
What's likely to happen with Jake and his game? First, he'll visit stores and/or surf the Web and check out brands, features, and prices until he finds the setup he wants. Once he knows the cost, he can begin to figure out how long it will take to save the money.
Help him devise a plan to do it. Will he give up arcade games, movies, or ice cream? Do extra chores? You should provide support and encouragement as he works toward this goal.
Once he's saved up his money and is ready to buy, Jake will probably get the game system and go on to enjoy it. But what if he discovers that the store he'd chosen no longer carries that system? He has a couple of choices: He can keep looking until he finds the exact one he planned on, or he can accept a different one. His goal may have to change, and he may end up with a different brand or price.
Important Lessons Learned
Jake will either be content with the substitution or not, but he'll learn something regardless of how he feels. Choices have to be made all the time, and while life is not perfect, almost perfect is probably just fine. Or he'll learn that because his goal is unwavering, then the time to wait, look, and save more (if necessary) is worth it.
The challenge is to teach kids — and to learn and relearn ourselves — to accept roadblocks, delays, and alterations as we aim for our defined goals. We teach and learn that time can be on our side, planning is required, and planning early is always right.
(For a related article click here.)
