A Parent's Guide and Map to Money Talks with Kids, Question 3
by Team Sammy
Have a money talk with kids today, January 4, 2024. Today's question might be something like:
How often do you think you should make deposits to your piggy bank or savings account to stay on track to reach your savings goal?
Build the Conversation With These 5 Questions
If your child or children engage with today's question, here are five follow-up questions a parent might ask their child:
Is there a specific amount of money you think you should save each time you make a deposit to your savings?
How did you come up with that amount?
Are there any challenges or obstacles you think you might face in reaching your deposit and savings goals? How can we overcome them together?
Are there any fun or creative ways you can think of to track your deposit and savings progress? Maybe a chart, a drawing, or something else?
Do you have any ideas on how you can earn extra money to add to your savings?
Advancing Step by Step
Whether your child or children engage or not, you are making progress.
You have begun the process of intentionally and consciously taking charge of your child's financial education.
You have further exposed your child to words that comprise the language of money. Words such as: savings, deposits, goals, amounts, earn, track.
Education is a process. It requires time and effort. You are doing it!
Food for Thought
Irrespective of the amount—whether it's a penny, dime, or dollar—each deposit made into a piggy bank or savings account contributes to the establishment of a saving habit and the pursuit of a goal. Cultivating these positive habits, be they related to money or other aspects of life, ultimately leads to greater success.
As we have consistently chronicled since our inception, a superpower of "habits" is their capacity to produce predictable outcomes.
Summary of Prior Questions This Week
Q1 - Have you set a savings goal for 2024?
Q2 - If you were to save $500 this year, how would you do it? (Insert your own number)
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We value your input! Join us in sparking conversations about money among kids, families, and communities, fostering the growth of personal finance knowledge and skills. Whether you're starting or continuing, today is a Sammyriffic day to dive in and HOP the TALK AHEAD!