Measure Your Progress

Parents, teach your kids to measure their progress and measure their money! Both are great money habits!

To get where we want to go or be, we must know where we are at or where we stand.

Measuring progress offers clarity on our current position relative to our desired destination.

Measuring and monitoring progress allows us to identify areas of strength and weakness.

These understandings enable us to formulate a plan and strategy tailored to achieving our objectives effectively. It also allows to recognize what is working well and what needs improvement, so we can adjust our strategies accordingly, optimizing our efforts for greater effectiveness and efficiency.

In summary, measuring progress is essential to track our advancement, identify areas for improvement, and ultimately, achieve our dreams and goals sooner rather than later.

5 Things Measuring Progress Means

Parents, teachers, and trainers share with kids measuring progress minimally means the following five things:

1. Measuring progress means regularly checking and assessing my progress toward achieving my goals. This includes money goals, like saving, spending, and net worth.

2. Measuring progress means writing down, recording and tracking crucial dates, such as start, review, and completion dates, as well as documenting goals and aspirations.

3. Measuring progress means involves seeking guidance from adults such as parents and teachers, leveraging their experience to gain an objective evaluation of my performance.

4. Measuring progress means allocating and scheduling dedicated time to contemplate, document, tally, review, track, and assess your actions, particularly regarding time and financial management.

5. Measuring progress means means utilizing tools and resources, such as charts, graphs, or apps, to visually track and analyze performance metrics effectively.

7 Steps to Teach Kids to Measure Progress

Parents, teachers, and trainers here are seven practical tips and steps you can take to teach kids to measure their progress:

1. Have a Discussion: Talk to your kids about everyday things we measure, such as our weight, recipes, fuel efficiency, and report cards. This will help children to understand the practical importance of measurement in various aspects of life.

2. Review Personal Finance Charts and Graphs: Schedule time to review a variety of personal finance charts and graphs you can access online such as stock prices, real estate values, saving interest rates, food prices, inflation rates, etc.

3. Set Clear Goals: Help children establish clear, achievable goals in various aspects of their life, such as academics, sports, hobbies, or personal development. And, set up a calendar schedule for kids to review and reflect on their progress toward achieving the various stated goals. Discuss what went well, what could be improved, and any adjustments needed to stay on track. Encourage them to ask themselves questions like, "What have I learned?" or "What can I do better next time?" Offer constructive feedback to help them understand their strengths and areas for improvement. Encourage them to see feedback as a tool for growth rather than criticism.

4. Use Visual Aids: Utilize charts, graphs, or progress trackers to visually represent their goals and the steps needed to achieve them. Encourage them to update these regularly to see their progress.

5. Celebrate Milestones: Acknowledge and celebrate their achievements, no matter how small. This reinforces the importance of measuring progress and provides motivation to continue.

6. Make it Fun: Turn measuring progress into a game or challenge to make it more engaging for your child. Offer rewards or incentives for reaching certain milestones.

7. Lead by Example: Demonstrate the importance of measuring progress in your own life. Share your goals and how you track your progress with your child.

A Few Words About Measuring Our Money and Net Worth

Measuring our money means assessing or evaluating our financial situation and financial wellness. This can involve various aspects such as:

1. Net Worth: Calculating our net worth is a valuable practice to undertake at least annually. It involves assessing our assets (such as savings, investments, property) and liabilities (such as debts, loans) to determine your financial position and progress over time.

2. Financial Goals: Setting specific financial goals, whether short-term (like saving for a vacation) or long-term (like retirement planning), and measuring our progress towards achieving them.

3. Savings: Keeping track of our savings accounts and emergency funds to ensure we have enough liquidity for unexpected expenses and opportunities.

4. Investments: Monitoring the performance of our investments, such as stocks, bonds, mutual funds, real estate, etc., to see if they are meeting our expectations and aligning with our financial objectives.

5. Budgeting: Tracking our income and expenses to understand where our money is coming from and where it's going. This helps in managing our finances effectively.

6. Debt Management: Assessing our debts and managing them efficiently, whether it's paying them off strategically or consolidating them for better terms.

Overall, measuring our money involves being aware of our financial situation, setting goals, and monitoring our progress towards achieving them. It's a crucial aspect of financial management, financial wellness, and planning for the future.

By implementing the tips and suggestions above, parents, teachers, and trainers can effectively teach kids the importance of measuring progress and provide them with valuable skills for success in life.

Have Keep Kids Learning

Now that you have the financial education ball rolling, keep kids learning and their personal finance knowledge going and growing! Enroll them in Sammy’s Money School. We offer Free, low-cost Premium, and Sponsored Premium memberships.

Companion Reads, Listens, and Resources

• 8 Money Lessons Wise Parents Teach Their Children!

• Money Lesson 9: Teach Kids to Invest Early and Often

• A Parent's Guide and Money Map to Money Talks with Kids, Question 1

• Have a conversation with kids about the money song: Get in the Habit

• Financial Education that Starts with a Story

• Financial Education that Starts with a Song

• Introducing Sammy's Let's Get Kids Financially Literate Campaign

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