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As the new school year approaches, now is the perfect time for parents and kids to set - and achieve - goals that go beyond just academics.
By helping kids set money goals for the new school year, you'll be helping them learn the value of independence, give them something to strive towards, and set them up for the future by learning healthy money habits from a young age.
In this week's post, we'll guide you through the process of setting and achieving financial goals with your kids for the upcoming school year using ImageNPay as a powerful family budgeting tool!
1) Emphasise the Value of Setting Financial Goals
Before diving into the specifics, take a moment to explain to your child why having financial goals to work towards in the first place is so important. Help them understand that goals provide direction and motivation, whether it's saving up for a special purchase, donating to a charity, or learning to manage their allowance more effectively. By framing financial goals as exciting achievements, you'll spark their enthusiasm for the process and help them get started.
2) Help Them Find Their 'Why'
Next, grab a seat with your kid and chat about what they want to save up for this school year. It could be anything from a new gadget to chipping in for a class trip or setting aside a little money for emergencies. Get them thinking about goals they can reach in the short and long term, helping them learn about responsibility and the value of waiting for the good stuff. Their 'why' will likely vary depending on their current age, so if they're struggling to come up with a reason, come up with a list together of everything they want to purchase/want to do this year. This should help narrow it down!
3) Give Them Independence with ImageNPay Family
Our app's user-friendly interface allows your child to create a virtual card for their specific goal. For instance, if your child aims to save for a class trip, they can allocate a portion of their allowance to their ImageNPay card. With ImageNPay Family, they'll be able to track the progress of each goal by viewing an overview of their spending categories, seeing how much they've saved (and spent) and how close they are to achieving their goals.
With ImageNPay Family, you can also track your child's spending and provide an allowance for them to stick to to help them reach their financial goals. Find out more here.
4) Schedule Regular Check-Ins
Schedule regular check-ins with your child every few weeks to review their goals and discuss their progress using ImageNPay's spending tracker to keep them accountable and offer encouragement when they may need it. For example, maybe they used up all of their allowance for the month or had to dip into their savings for a purchase. What lesson can they learn from this and how they can improve going forward?
5) Celebrate Milestones
When your child reaches a significant point in their savings journey, take the opportunity to celebrate their dedication and hard work. You can do this with a small treat or a fun activity. These celebrations reinforce the positive aspects of financial responsibility and motivate your child to stay on track.
Setting goals with ImageNPay can make your kid's money journey super fun! Throughout the school year, see how their financial skills improve and they grasp the importance of setting smart goals with ImageNPay right there to help.
To find out more about the benefits of ImageNPay Family, click here and tap the button below to try the ImageNPay app for FREE on App Store and Google Play!
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