10 Minutes Together: Tracking Your Savings Goals
What’s something that your family is saving money for? What are some things that individual family members are saving money for? How much money do you need to save for your individual and family goals?
Sometimes it takes a long time to save money for the things you want to buy. It’s important to celebrate your progress as you work towards your goals! Here are some tips to help you along the way:
- Set your goal: the amount of money you need to save for something special or the amount of money you want to put in the bank. Record the amount.
- Do the math to figure out what 75% of that amount is, 50%, 25%, and 10%. Record those amounts.
- Set a rewards system to treat yourself (with a non-money reward) every time you reach a marker that moves you toward your final savings goal. For example, once you reach 10% of money set aside, you might set aside an hour to read a favorite book. When 50% is reached, you might spend an afternoon in the park playing football with friends.
The goal is to keep moving towards your savings goal and keep yourself motivated along the way with things you enjoy doing. This same process can work for any kind of goal setting. If your goal is to complete your multiplication tables in two minutes, but it currently takes you four minutes, then reward yourself as you make progress. Take some time to think about your personal family goals, and how you’ll celebrate your progress towards those goals.