How to help your child define the stages of a project

Analyze

When it comes to spending money, it's important for your child to know the difference between a want and a need. That's why it's important to talk about it with them ahead of time. Remind them that a want is something you'd like to have (entertainment, travel, etc.) but don't need to survive. Analyze their current situation together so they can understand how much they're earning and spending, and help them decide how much to set aside or save for a goal that's important to them.

 

Make a choice

If they have 2 goals but there's only enough money for 1, they have to choose. In situations like that they have to decide which is the most important to them and make that one their priority. They can still save for the other, perhaps less urgent goal and eventually make it happen. So to help your child prioritize their goal, plan, or savings target you can work on a prioritization chart with them.

 

Plan

Use the Calculo tool to make a step by step plan for their goal. Let it chart the way!

 

Track progress

Check the account balance together regularly so they can see themselves getting closer to their goal. It's important to do because it helps your child see how their deposits make a difference and encourages them to keep going. It make a big difference in keeping them motivated!

 

Celebrate successes

Congratulate your child for reaching their savings goal. Help them with the next steps in their purchase (if that was their goal) but especially take some together to talk about the process they went through and the effort they put into it. And encourage them to keep growing their savings!