Kids love thinking about what they want, and what they can buy. So use that enthusiasm to help them draw up their own budget, based on what they want to buy, what money they already have, and what they can earn from pocket money, chores and birthdays. Show them how they can reach their goal faster, if they spend less or earn more.
The activity: Aiming for goals
- Pick a Goal – talk to them about what they want to buy?
- Talk earning potential – Discuss different ways they can earn money if they don’t already have a pocket money routine (you could even set up a chores routine in the Rooster App :))
- Get budgeting – here’s where you write a budget with them, get a pen and paper and follow something similar to this template:
- Goal Name: New trainers
- Goal Cost: £45
- Current savings: £25
- Still need: £20
- Money in per week: £5
- Money out per week: £1
- Money left per week: £4
- How long will it take (‘Still need’, divided by, ‘money left per week’): 20/4 = 5 weeks
- Picture the goal – the last step is to get a picture of their goal and stick it somewhere prominent (fridge, bedroom etc.) so they can be motivated towards it. Or go one better, and add it as a goal in your Rooster app, so you can monitor your progress.
Take it further
This task is all about budgeting. So show them how they could get to their goal quicker is they spent less each week, or earned more each week – or even did both. If they can use a computer, try putting the budget into a spreadsheet and showing them how the formulas work.
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