Examples of Saving Goals for Kids (By Age Group)
If you’ve been following our blog, you know we talk a lot about saving—it’s one of the cornerstones of personal finance. The sooner kids grasp the concept of saving, the easier it will be for them to manage money wisely as they grow.
In this post, we’ll break down practical saving goals for kids by age group, tailored to each stage of their development. Whether your child is just starting to learn about money or already earning from small side gigs, we’ve got you covered with simple, actionable examples that make learning about saving fun and effective. Let’s dive in!
Saving Goals for Ages 3-5: Introduction to Saving
At this young age, children are just beginning to grasp basic concepts of money. The idea of saving might feel abstract, but this is a great time to introduce them to the habit of setting something aside for later. The goal here is not to expect long-term planning, but to help them understand that saving money can lead to something rewarding.
Kids at this age are still learning how to count, so you’ll need to make saving visual and tangible for them. Start with something as simple as a piggy bank or a clear jar where they can see their money add up. This makes saving more concrete.
Examples:
1. Saving for a Favorite Snack
If your child has a favorite snack, like cookies or ice cream, encourage them to save a small amount of money each week to "buy" it themselves. This short-term goal gives them a sense of independence and teaches them the value of small rewards.
2. Saving for a Coloring Book or Crayons
Many kids love art supplies. Let them save up for a new coloring book or a set of crayons. This goal is inexpensive and can be reached fairly quickly, helping them understand the satisfaction of saving up for something they love.
3. Saving for a Toy Car or Doll
A small, affordable toy like a car, doll, or action figure is a great short-term savings goal. It also another way to help your child see that their savings can turn into something they love.
At this age, kids need a lot of guidance. You can help by reminding them to add to their savings jar whenever they have spare change or receive money as a gift. Make sure to celebrate their progress. For example, you could say, “Look how many money you’ve saved!” This reinforces positive behavior and keeps them motivated.
Saving Goals for Ages 6-9
As children grow older, their understanding of money and saving becomes a bit more sophisticated. At this age, kids begin to grasp the concept of longer-term savings and start thinking about things they want in the future, rather than just immediate gratification. The saving goals in this age range should reflect their growing interests and ability to manage larger amounts of money.
Examples
1. Saving for a New Game
By this age, kids might have their eyes set on bigger toys or games, like board games, or video games. Encourage them to save for something specific they've been asking for. For example, they could save half the cost while you match their efforts. This goal teaches patience and reinforces that larger rewards take time to achieve.
2. Saving for a Hobby Project
Kids this often have more structured hobbies or school projects that require materials, such as art supplies, science kits, or sports equipment. Encourage them to save for something they need for a hobby or extracurricular activity. It’s a great way to tie their interests into financial responsibility, making saving a practical life skill that supports their personal growth.
3. Saving for a Fun Family Outing
At this age, kids can start contributing to larger family goals, like saving for a fun outing or trip. For example, they could save for a day at the zoo or a family movie night. While you’ll likely cover the majority of the cost, their contribution — even if small — gives them a sense of accomplishment and teaches them that saving can lead to memorable experiences.
Saving Goals for Ages 10-12
By the time kids reach ages 10-12, they typically have a solid understanding of the value of money and are ready to take on more ambitious saving goals. They may also begin to explore their independence and personal interests, which can make saving even more rewarding. Goals at this age should challenge them to think ahead and manage their money more thoughtfully.
Examples
1. Saving for Gadgets or Tech Accessories
At this age, many kids begin showing interest in gadgets like headphones, tablets, or accessories for their devices (like a cool phone case or Bluetooth speaker). These items often come with a higher price tag, making them a perfect saving goal. They’ll need to save for a longer period and manage their money more carefully, but reaching this goal will give them a strong sense of independence and ownership.
2. Saving for a School Trip or Summer Camp
They often participate in school trips or summer camps, which might require extra money for spending or participation fees. Encouraging your teen to contribute to the cost of their school trip or camp helps them take ownership of the experience and shows them the value of saving for meaningful activities.
3. Saving for a Group Activity with Friends
Kids in this age group love spending time with friends. You can encourage them to save for a fun group activity, like going to the movies, or a special birthday gift for a friend. This teaches them the importance of saving for social events and experiences, while also fostering the value of generosity and thoughtfulness when it comes to others. They’ll learn that saving money isn’t just about personal rewards but also about contributing to shared experiences.
Saving Goals for Ages 13-15
As teens enter their early teenage years, their understanding of money becomes much more mature, and they often have greater financial independence. This is an ideal age to start teaching them about financial planning and prioritization.
Examples
1. Saving for a Smartphone or Device Upgrade
Many teens in this age group want their own smartphone or an upgrade to the latest model. Encouraging them to save for a portion of the cost — or even the whole amount — teaches them the value of higher-priced items and how to budget for something they really want. They’ll likely need to manage allowances, birthday money, or even small earnings from jobs like doing chores or side gigs to meet this goal.
2. Saving for Concert or Event Tickets
By the time they hit their teenage years, social events like concerts, festivals, and sports games become a big deal. Teens in this age range are often excited about attending events with friends. Setting a savings goal for tickets to a concert or other live events can motivate them to save consistently over a few months. This goal ties into their growing independence and desire for experiences.
3. Saving for Clothing and Accessories
Teens are generally more conscious of fashion trends and personal style, which makes saving for a specific item of clothing or accessories a good goal. Whether it's a new pair of shoes, a backpack, or trendy clothing, setting a savings goal for fashion items teaches teens to prioritize their wants and handle longer-term savings for non-essential items.
Saving Goals for Ages 16-18
As teens approach adulthood, they often have more financial independence and larger savings goals. They may have part-time jobs or earn money from other side gigs, which makes saving even more important. The goals at this stage should challenge them to think about long-term financial planning, future needs, and even self-sufficiency.
Examples
1. Saving for College or Further Education
As teens get closer to finishing high school, they might be thinking about college or vocational training. Setting a savings goal for education-related costs, such as books, tuition, or living expenses, can help them contribute to their future. This goal helps them take ownership of their education and reduces financial strain as they prepare for the next chapter in life.
2. Saving for Travel or a Gap Year
Some teens may be interested in traveling or taking a gap year after secondary school to learn a vocation or a new skill. If your teen is planning a trip, whether it's a local getaway or international travel, encourage them to save for the experience. Saving for travel teaches them financial discipline and how to plan ahead, while also helping them learn the value of managing expenses for larger life experiences.
3. Saving for Graduation
As teens near the end of secondary school, events like end of year party and graduation become significant milestones. These events often come with various expenses, including dresses or suits, tickets, and accessories. Encouraging your teen to save for graduation teaches them the importance of budgeting for special occasions and understanding how to prioritize spending on once-in-a-lifetime experiences.
Helping kids and teens set saving goals at different stages of their lives is one of the most valuable lessons you can teach them. It not only equips them with essential financial skills but also cultivates a sense of responsibility and independence. At each stage, the emphasis should be on making saving a positive experience.
By actively involving them in the saving process, your kids will grow in their financial understanding—and these saving habits will give them a strong foundation for the many financial decisions they'll face later in life.
We created a goal-setting guide to help parents guide their kids in setting their first goals. Click here to access it.