- September 2025
- Premier America
With the holidays quickly approaching, now is the perfect time to teach your child how to set a savings goal, and revisit your own too.
In an episode of The Launch, Premier America Credit Union’s podcast for families, the topic focused on building strong savings habits by breaking big goals into small, achievable steps. Whether your child is dreaming of a new toy or you're saving up for gifts, travel, or end of year expenses, goal setting is the first step toward smart, stress-free spending.
Why Savings Goals Matter (at Every Age)
Setting a goal gives purpose to your saving. For kids, that might mean a toy, a snack, or a video game. For adults, it could be a holiday vacation or staying ahead of end of year bills. Either way, setting a clear target builds confidence, planning skills, and the discipline to stay on track.
A child who saves for a goal is more likely to value it once they reach it and carry that habit into adulthood.
Step 1: Define the Goal
Start by identifying what your child wants to save for. Something specific with a clear cost, like:
A $20 LEGO set
A $50 holiday gift for a sibling
A $10 holiday cookie kit
Then ask:
“How much will it cost?”
“When do you want to buy it?”
Breaking it down like this turns a big number into a bite-sized goal. For example, if you get birthday money or money from chores you can put it away towards savings. Let’s say you get $5 every week for doing chores like taking out the trash and washing the dishes, by saving $5 a week for 4 weeks = $20. Goal met!
Need help making saving extra rewarding?
Open a Youth Savings Account at a Premier America branch to get started! It's a simple way to introduce banking while encouraging long-term saving habits.
Step 2: Make It Visible with a Jar or Tracker
Turn saving into something your child can see and touch.
Use a:
- Clear savings jar
- Printable savings tracker
- Sticker chart with weekly milestones
Visual progress helps kids understand the value of delayed gratification and gives them a sense of ownership and pride. Put the savings jar in a central place like the kitchen counter so it stays top of mind and is easy to celebrate.
Step 3: Set Milestones and Celebrate Wins
Don’t wait until the entire amount is saved to celebrate. Create mini goals along the way. For example:
“Halfway there!” or “Only $5 more to go!”
Celebrating small wins keeps motivation high and teaches that consistency pays off.
Step 4: Pay Yourself First (Yes, Parents Too!)
This lesson isn’t just for kids. Setting a savings goal for yourself especially before the holiday shopping season can help reduce financial stress.
Whether you’re saving for gifts, travel, or a year-end emergency fund, commit to setting aside a small amount from each paycheck.
Tip: Open a Youth Savings Account at your local branch and you’ll receive a Youth Resource Box where we’ll give you guides and games that you can use to help guide the conversation.
Savings goals don’t have to be intimidating. With a little planning and the right tools, they can be exciting, educational, and empowering for kids and adults alike.