Savings Goals for Kids | What are Savings goals? |Financial education for kids | Teaching money kids

An informative resource to help you #talkmoney with your children. Produced in partnership with Castell Wealth Management this video explains savings goals and the importance of setting them.
Castell Wealth Management are experts in designing and setting up financial strategies and plans so do pop over to castellwm.co.uk/ to see how they can help.
Savings Goals for Kids | What are Savings goals? |Financial education for kids | Teaching money kids
#financialeducation #financeforkids #financialliteracy
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Welcome to our video about having savings goals for kids! In this video, we'll be explaining why it's important to have savings goals and how to set them.
Savings goals are important because they give you something to work towards and help you to save money for the things that are important to you. They can be short-term goals, like saving up for a new toy or a family vacation, or long-term goals, like saving for college or retirement.
Having savings goals can also help you to develop good financial habits, such as budgeting and saving money on a regular basis. It can be tempting to spend money on things that you want right away, but by setting aside money for your savings goals, you can learn to be patient and plan for the future.
So how do you set savings goals? Here are a few steps to follow:
Decide what you want to save for: Do you want to save for a new bike, a family vacation, or something else? It's important to choose a goal that is meaningful to you and that you are excited about.
Determine how much money you need: Once you know what you want to save for, you'll need to figure out how much money you need to reach your goal. This can help you to see how much you need to save each month in order to reach your goal on time.
Set a timeline: It's important to have a deadline for your savings goal so that you have a sense of urgency and can stay motivated to save. You might choose a specific date, such as your birthday or the end of the school year, or you might set a goal for a certain number of months or years.
Make a plan: Once you know how much money you need to save and when you want to reach your goal, you can make a plan for how you will save that money. This might involve setting a budget, cutting back on non-essential expenses, or finding ways to earn extra money.
Track your progress: It's important to keep track of how much money you are saving and how close you are to reaching your goal. This can help you to stay motivated and make any necessary adjustments to your plan.
We hope that you've enjoyed learning about having savings goals! Remember, it's never too early to start saving money and planning for the future. By setting goals and making a plan, you can learn valuable financial skills and work towards the things that are important to you.
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