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How do kids make personal financial goals?
KidsSave was designed to help kids save their money
but there are times when kids need to spend it, too.
Learning how to set up and then maintain a personal
financial goal is a big part of healthy money
management skills. Wikipedia defines a smart
objective/goal as:
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specific
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measurable
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achievable
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relevant
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time-specific
Using KidsSave to create a smart
goal:
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Specific: Kids have three
goal options -- buy a specific item, reach a
certain Account balance, or save a certain
amount of money.
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Measurable: The KidsSave
program monitors progress towards the goal on
the goal progress screen. Here kids
can see how much they have saved, how much more
they need to go, and how much time is left.
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Achievable: As Bubbles,
our wizard, walks kids through the goal setting
process, he asks questions to make sure that
kids are setting goals that will lead to
success. Kids have the opportunity to
go back and re-visit entries they have made.
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Relevant: Kids choose
goals that they are interested in. At this
age, having kids set up any goal and learn how
to make progress towards achieving it is worth
the skills they will learn, even if mom and dad
may disagree on the item of interest!
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Time-specific: As Bubbles
walks kids through the goal setting process kids
are asked if they have a specific date in mind
that they would like to have reached their goal
or if they would like Bubbles to choose the end
date according to their saving habits.
This date appears on the goal progress screen.
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