Goals are a vital part of life. Helping your teen set and achieve goals can help set them up with great habits to last them a lifetime, including great money-saving habits.
Ways to help with effective goal setting for your teen:
- Talk to your teen about goal setting
- Make sure your teens set their own goals
- Become your teen’s guide on the way to achieve their goals
- Make sure goals are achievable with a clear path
- Support but don’t control your teen
- Help your teen understand the benefits of setting goals
- Make goal setting as engaging as possible
- Make achieving financial goals easy for your teen
When to talk to your teen about goal setting
There's no bad time to talk to your teen about setting goals. You could start your kids setting goals from a young age, and most teens will be able to start planning more complex goals for the long term. An ideal time to talk about goal setting is when your teen voices that they want to do something. If your teen already has an aim in mind, you can help them turn it into an achievable goal.
Make sure your teens set their own goals
Working towards a goal is hard. Letting your teens set their own goals can help make sure that they are motivated. Your teen is much more likely to try to achieve a goal if it's one they want to achieve.
As someone who only wants the best for your child, it might be difficult to watch them choose a goal that you don't approve of. Or, if you suggest a goal for them and they don't want to take it on. They might want to save up for a new game console, while you'd prefer then to save up so they have an emergency fund. However, if you want to help teach your teen how to set and achieve goals, it has to be their goal, not your goal. It's important to let your teen pick a goal that reflects their passions.
Become your teen’s guide on the way to achieve their goals
Even though your teen might pick a goal that you might not necessarily pick for yourself, it's still important to be there to support and guide them. A great way to do this is to discuss why they want to reach their goal and help them figure out the steps they will need to take to make it a reality. This can include breaking the process down into multiple steps and having ways to measure the success of each path. If your teen wants to set a goal of saving up a certain amount of money, you can help them work out how to save, and what they'll have to do to get each portion of the total covered.
Help your teen set clear and achievable goals
If your teen has chosen an unachievable goal, they might get frustrated when they realise that it isn't possible. This is a great learning opportunity - you can help your teen reassess their goal and revise it. The first step is to look at why the goal wasn't achievable in the first place - and once your teen has realised why it didn't work, they can set a goal that will work.
Support but don’t control your teen - it’s their journey
Teens are likely to want a bit more autonomy than younger children, so controlling your teen can put them off reaching their goal. It's also very important that your teen learns from this experience. If you control them, they won't learn how to set and achieve goals on their own when they are older. If you guide them, you’re making sure they can achieve even more complex goals.
Help your teen understand the benefits of setting goals
One way to keep your teen motivated while working towards their goal is to explain the benefits of setting goals. You can explain that setting goals helps them achieve things that might not otherwise be possible. You can also show them how setting goals ultimately leads to happiness and fulfilment.
Make goal setting as engaging as possible for your teen
Setting goals can seem boring or look like hard work, so it's important to find ways to get your teen engaged with setting goals. There are lots of ways you can do this. You can make goals into a friendly competition to see who can achieve their goal first, especially if you have more than one teen setting goals. Remember not to leave anyone feeling like they've lost though - achieving goals is a big win, no matter how long it takes.
Alternatively, you could make it a family activity, where you all set goals, and then you can all discuss what progress you've made weekly. This helps keep teens focused - and it might help you focus on your own goals too.
Another great way is to help your kid start a bucket list - this is a list of lots of things they want to achieve either long-term or before they reach adulthood. Reaching those goals and getting to cross items off the list can be very motivating.
Make achieving financial goals easy for your teen with GoHenry
GoHenry has great features to help your teen set and achieve financial goals, whether they're hoping to buy a certain item or save up for the future. Parents and kids can set savings goals in the app, track their savings and work together to plan for future purchases. If your teen is doing additional chores to save up money, you can also set paid tasks in the app. You set the task, your teen crosses it off when they're done, and then once you confirm it, they get paid.
Our in-app Money Missions include fun videos, quizzes, stories and bite-sized lessons that are designed to make financial literacy easy to understand for your teen. Our Money Missions cover everything your teen needs to know to achieve their financial goals - budgeting, saving habits, and jobs and earnings. This can help make sure that your teen knows all about spending money wisely.
Learn more about the GoHenry teen debit card today.