New Year’s Day is coming soon and many people will be setting new goals. Ideally, goals should be set year round but this is a great time to address the topic.
A great way to teach kids about setting goals is to encourage them to think about what they want to achieve and create a project centered around it.
On our website, in the Sample Lessons tab, you will see an activity called “SMART Goals.” This lesson explains the meaning of SMART goals and uses the “Making the Basket” game to apply the concept. The game encourages students to create goals and to take ownership in achieving it.
Kids can be taught goals in this same manner.
When students create their own goals, they have a stake in the project. However, they can also learn by achieving goals created by their teachers and school.
Below is a suggestion for addressing goals in your educational program and at home.
- Have a class meeting for students to create a goal.
- Refer to our “Smart Goals” Sample Lesson for how to create and process a “SMART Goal.”
- Once the goal is created, break students into small groups to brainstorm how they will achieve the goal.
- Have each group present their ideas and vote on the best one.
- For example, if students want to fundraise for a class trip, maybe they want to create a talent show and sell tickets to the community.
- Start planning how to achieve the goal.
- Execute the plan!
Get the password for the library with Tips and Tools for Accelerated and Fun Learning for kids by completing this form. Once you press the SUBSCRIBE button, we will send you an email with the password. Then go to SOY Resource Library and enter the password.
Financial transactions at financial institutions
On your next trip to the bank, allow your child to make the deposit or withdrawal with the teller. Instruct the child to tell the teller that they would like to make a deposit or withdrawal in/from the checking or savings account. The teller will be very impressed with your little financial guru as they process the deposit and gives the child the transaction receipt. Let the child know the teller will ask, “Is there anything else I can help you with today?” The child should respond to the teller’s question and also say thank you.
Financial Life Lessons & Teachable Moments
Take your child to open a custodial bank account. Discuss what it means to have a custodial bank account and the opportunity you are providing them by having their own account. Allow the child to make deposits and withdrawals, as appropriate, at the bank on a regular basis. This will help your child develop the confidence and the responsibility of transacting business with financial professionals.
As a parent, teacher or guardian you should always look for opportunities to make everyday activities educational experiences to increase your child’s financial literacy. Don’t let your child be a passive participant in life until they are 18 before they begin making financial and business decisions without 13 or more years of previous experience.
As a financial consultant and creator of interactive financial education experiences, I enjoy the learning that takes place when children experience financial concepts, terminology, and strategies first hand. You don’t have to be a financial professional to begin teaching your children financial literacy. In fact, you are your child’s first financial advisor and educator. The financial transactions your child observes you making can greatly influence your child’s financial future.
Look for opportunities during your daily routines to engage children in financial and business transactions. Below are some examples that you can use to create memorable experiences. Some of these I still remember from my childhood:
Financial transactions during meals… when ordering a meal at a restaurant with a cashier, give the child cash to make their meal purchase. Make sure they have more cash than the cost of the meal. Allow them to approach the counter alone and interact with the cashier by ordering their meal, exchanging their cash for their order, and receiving change. After receiving their meal, ask if they got what they ordered.
Every December, since the first grade, my mother and I would put pennies into rolls, and cash them at the bank. I would take the money and buy Christmas gifts for my family. This taught me the value of money and the gift of giving.
I would get excited when my parents took me to the store to purchase gifts for my family. The feeling I got when my family opened the gifts I purchased was indescribable.
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