Set a Saving Goal
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What you will learn
- 1Choose a saving goal and find its price
- 2Decide a weekly amount and work out how many weeks it takes
- 3Make a progress chart to keep the goal visible
- 4Plan what to do when a setback happens
- 5Tell short-term goals from long-term goals
Mini Lesson
When you were younger, you saved coins in a jar for something special. Now you can turn saving into a real plan with numbers. A saving goal tells you what you want, how much it costs, how much you will save each week, and when you will get there. A clear plan makes it much easier to keep going when you are tempted to spend.
🏠 The Life Skills Way (step by step)
- PICK THE GOAL: choose one thing you really want, like a $30 art set. Write it down.
- FIND THE PRICE: check the real price with your grown-up, and round it up to a whole number of dollars.
- CHOOSE A WEEKLY AMOUNT: decide how much you can save every week from your allowance or small jobs, like $5.
- WORK OUT THE WEEKS: divide the price by the weekly amount. $30 ÷ $5 = 6 weeks. If there is a remainder, add one more week.
- MAKE IT VISIBLE: draw a progress chart with the goal at the top, and color in a part each week.
- KEEP IT SAFE: your grown-up helps you keep the money in a jar at home or in a bank account the family chooses.
🎯 Setbacks, Celebrations and Goal Sizes
- SETBACKS HAPPEN: if you miss a week or spend some savings, do not quit. Save a little more next week, or move the finish date.
- BONUS MONEY: birthday money or an extra job can get you there sooner. Add it to the chart.
- SHORT-TERM GOAL: something you can reach in a few weeks, like a book or a ball.
- LONG-TERM GOAL: something that takes months, like a bike. Break it into smaller steps along the way.
- CELEBRATE: when you reach the goal, buy it with your grown-up and be proud. Then choose the next goal.
Your grown-up helps you keep your savings safe. Do not carry all your savings around with you, and do not lend them out. Keep the jar in a safe spot at home, or use a bank account the family chooses. Only buy your goal with your grown-up, from a store or seller they trust.
Words to know
saving goal
A thing you plan to buy by saving up money over time.
e.g. My saving goal is a $30 art set.
weekly amount
The money you put aside every week toward your goal.
e.g. My weekly amount is $5.
progress chart
A picture you color in to show how close you are to a goal.
e.g. I colored in week three on my progress chart.
setback
Something that slows you down on the way to a goal.
e.g. Missing a week was a setback, but I caught up.
short-term goal
A goal you can reach in a few weeks.
e.g. A new book is a short-term goal.
long-term goal
A goal that takes months to reach.
e.g. Saving for a bike is a long-term goal.
💡 Handy Tip: save first, on the day you get your money, before you spend anything. Put the weekly amount in the jar right away and color in the chart. Saving first means you never have to find money that is already gone.
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