If your child asks for a new toy or gadget, but it’s not in the budget, what will you do? Rather than providing a flat-out “no,” work with your child to set a savings goal and then help them reach it. Here’s how!

Identify the goal. If your child has an item in mind, the goal amount would be the purchase price. If the item is exceptionally pricey, offer to match their savings once they are halfway there. Setting a reasonable goal amount will help them to see when the end is in sight and provide more motivation to reach the goal.

Make a plan. What will your child do to reach the goal? Sit down with your child and discuss ways to earn the money. Do they have a have a part-time job? Are there additional chores they can do around the house to earn more money? Get creative! Together, figure out how much money they can save each week or month and how long it will take to reach the goal.

 

Set money aside. Make sure your child has a Youth savings account with SeaComm! Spending can often be quite tempting if the cash is easily accessible. If your child is serious about saving, it’s important for them to have an account to store their cash. Click here to learn more or call us at (800) 764-0566 to schedule an appointment.

Follow through. Once your child has reached their savings goal, follow through and allow them to purchase what they have been saving for. If you agreed to match their savings, make sure you are ready to do so, too.