Goals With Finances

Earlier in the fall we spent an entire series discussing finances but its worthy to mention again in teaching your children goal setting.  Finances can be one of the best ways to teach your children about goals.  Like we said yesterday this is where we as parents may need to show some restraint and not purchase every thing that our children have their heart set on.  We can teach them the valuable lesson of saving for that purchase.  That in essence is teaching them how to work toward a goal using patience and baby steps until they reach it.

Another area we discussed in the past are setting up a couple times of the year for your children to save toward.  One of those times may be a family vacation where the parent will match a portion or all of the child’s savings.   Another time that will work for this is the holiday season so that your child has the joy of giving gifts they have purchased themselves.  Helping your children set up goals to save towards, be it vacation or that purchase they really want to make is an invaluable life lesson that teaches both goal setting and financial responsibility.

Listen to today’s podcast for more insight on training your children to set goals using finances.