When we were kids, toys were the center of our world. We wanted more toys, and that’s perfectly normal. Today, when our kids visit toy stores and their eyes light up with excitement, we often hear, “I want this!” or “Can we buy that?” Instead of immediately saying “No,” we see this as an opportunity to teach them valuable life lessons. This moment is their first experience of dreaming—wanting something and working towards it. By saying, “Maybe for your birthday” or “Let’s make a plan to get it,” we aim to nurture their ambitions and help them learn the importance of setting goals.
A great example of this is when my mom took Alessi, Basti, and their cousin Bella to Universal Studios recently. At the souvenir shop, Basti found a shiny Transformers toy priced at $108. Excitedly, he asked, “Can I get this for Christmas?” Instead of denying his request, we replied, “Let’s make a plan to get it by Christmas.”
The next day, we checked the price online and found the toy for $99.90 on Amazon—saving $8.10 compared to the theme park price. I pointed this out to Basti to show him that smart choices, like shopping around, can lead to savings.
Introducing Goal-Setting and Vision Boards for Kids
To help him reach his goal of saving $99.90 by December, we introduced Basti to the concept of a vision board. We printed an image of the toy and placed it at the center of our plan. As school was starting, we calculated how much he could save from his 50 cents per school day allowance. We marked all the school days from August to December, and with help from his sister Alessi, Basti multiplied the total to figure out his savings.
We created a simple budget for Basti, including a column for his savings goal and an “actual savings” column. By saving his allowance, Basti could accumulate $32.50 by December, leaving him short by $67.40. I reassured him, “You still have your chores, and you can earn more by doing extra tasks.”
Next, we counted the weeks until December—17 weeks in total. By dividing the remaining $67.40 by 17 weeks, we set a weekly target of $4.00 for him to earn. This was an excellent lesson in budgeting and goal-setting for Basti. We posted his vision board on the wall, so he could see it every day, keeping his goal front and center.
A Change in Goals and the Power of Re-Evaluating
However, about four weeks into the plan, Basti’s focus shifted. After watching Hot Wheels on Netflix, he found a new toy he wanted: the T-Rex Transporter. And just like that, we started over, checking Amazon for the new toy, which was priced at $165.00.
We adjusted the vision board, adding pictures of the T-Rex Transporter and reworking the savings plan. This time, Basti needed to save $132.50 in 13 weeks, which meant earning $10.20 per week—a significant jump from his original $4.00 target for the Transformers toy.
We created a new vision board, this time with more pictures of the T-Rex Transporter. I’d catch Basti gazing at it, dreaming aloud about all the things his new toy could do.
This entire process was more than just saving for a toy; it was about teaching financial literacy to kids. Basti learned the value of saving, planning, and re-evaluating his goals. He discovered that working towards a dream involves effort, sacrifice, and sometimes changing your mind. We explained that every goal has a price and responsibility attached, and it’s okay to change your plan as long as you keep working towards something meaningful.
By guiding Basti through these exercises, we’re instilling lifelong values: the importance of setting goals, the discipline of saving, and the courage to adapt when necessary. Whether he’s saving for a toy, a trip, or a future aspiration, Basti is learning that with a vision, a plan, and perseverance, he can achieve anything he sets his mind to.
Key takeaways for parents:
• Teach financial literacy early: Introduce kids to saving, goal-setting, and budgeting through fun exercises like vision boards.
• Encourage smart spending: Show kids how comparison shopping can lead to savings, instilling smart consumer habits.
• Goal-setting and flexibility: Support your child’s dreams, but also teach them the value of re-evaluating goals and adjusting plans when necessary.
• Building lifelong habits: These exercises are not just about toys; they’re about instilling values like perseverance, discipline, and responsibility.
This simple yet impactful method can help children build a strong foundation for financial success and goal-setting that will benefit them throughout their lives.
