We all know how much easier saving is when you have a goal. I remember as a 12 year old with a newspaper route with 45 customers, I set a goal of saving a $1,000 for the year. I vaguely recall thinking that I better start saving for college (I heard my older brothers talk about tight college finances). I created a graph where I charted my weekly savings to see my progress towards my goal. With a stellar holiday bonus season, I remember the satisfaction that came from hitting that milestone.
With our activity, “Create Your Savings Goal,” we guide students through a brainstorming session that starts with them writing goals on post-it notes and then has them categorize these goals into short, medium and long-term goals. We then ask them to pick a goal from each category and develop a plan for how to achieve it.