Money Lesson 3 Parents Should Teach Kids: Goals Are Like Gold

March 13th, 2023 by Team Sammy

Goals Are Like Gold - Set a Savings Goal

Parents, we encourage you to teach and talk to your kids about setting goals—especially money goals—starting with a savings goal!

Goals are like "gold." They deliver a tremendous return on investment (ROI).

Teaching children to set goals helps them think critically and plan for what they dream about and want to achieve.

Goals also help kids develop focus, improve concentration, and build accountability.

Additionally, setting goals gives children the opportunity to master essential life skills, including money management, time management, organization, and prioritization.

Good Goals

Not all goals are created equal. Good goals—often called SMART goals—are:

Specific: They are clear, detailed, and easy to understand. Specific goals eliminate confusion.
Measurable: They include criteria to track progress and evaluate success. Measurable goals make it easy to celebrate progress.
Achievable: Goals should be realistic and attainable, considering the available resources and constraints.
Relevant: They should align with broader dreams, values, or priorities to ensure they stay meaningful and motivating.
Time-Bound: They set a specific deadline for when they will be accomplished. Time-bound goals create urgency and help prevent procrastination.

Here is an example of SMART goal. Instead of saying, "I want to save money," a SMART goal would be: "I will save $50 per month for the next six months to buy a new bicycle."

Distinguishing Between Dreams and Goals

Think of dreams as the "why." Dreams ignite direction and desire, giving us purpose and motivation.

Goals, on the other hand, are the "how." They serve as indicators, milestones, and measurement points to assess progress on the journey toward making our dreams a reality.

Goals help us evaluate if we're moving in the right direction and staying on the schedule we’ve set for ourselves. They provide a clear pathway and structure to achieve our dreams and acquire the things we want and need, exactly when we want and need them.

4 Easy and Fun Steps to Teach Your Kids to Set Saving Goals

Have kids:

Listen to one or all of the songs hyperlinked in this blog, starting with Get in the Habit. Then, have them complete the activities associated with each blog. Parents, grandparents, and other interested adults, you may want to start with our Parent Guide for the song Get in the Habit!
Read the story Sammy's Big Dream. Review and discuss pages Pages 11 and 16. These pages share the role goals played in Sammy Rabbit accomplishing his big dream
Follow up the song and story with a discussion
Make a deposit with your child or children into a piggy bank, savings jar or into a savings account at the financial institution of your choice.

Sammy Rabbit says: "You can do it. Now, get to it!"

Let's Get Kids Financially Literate

Let's get kids financially literate and dreaming big, their families and communities too.

Here is what you can do:

Enroll kids in Sammy Rabbit's Money School! Take advantage of our FREE or low-cost, family friendly PREMIUM Memberships today!

Here is how you can make a difference:

Collaborate and partner with Team Sammy on '1' or more financial education strategies. See our Menu of Project Ideas or suggestion one of your own!

Contact Sammy

CONTACT US today!

We welcome your questions, suggestions, thoughts about Sammy Rabbit and his mission to get kids, families & communities financially literate.

Your friends in early age, youth and family financial literacy education for the last 20+ years and counting.

5 Outstanding Quotes and Sammyriffic Wisdom on Goals

Here are five outstanding quotes that reflect the power of goals.

(1) “Setting goals is the first step in turning the invisible into the visible.”

–Tony Robbins

(2) "If you aim at nothing, you will hit it every time."

–Zig Ziglar

(3) “A good goal is like a strenuous exercise — it makes you stretch.”

–Mary Kay Ash

(4) "Set a goal and don't quit until you attain it. When you do attain it, set another goal, and don't quit until you reach it. Never quit."

–Bear Bryant

(5) "Set goals. It's a great habit!"

–Sammy Rabbit

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