Help your kids kick off the new year with financial resolutions!

With one year ending and another beginning, why not help kids start the new year with some financial resolutions? Here you’ll find the PDF“go-getter goal setter” planner that will help your children develop goals. Each of the five planner areas – saving, earning, spending, donating, and learning – contains a catchy phrase to help illustrate the goal and help kids remember its importance.

Saving goal: “Don’t save what is left after spending, spend what is left after saving.”

Ask your child to list one or more savings goals to accomplish during the upcoming year. Listing items or events will help them plan and budget accordingly. After listing the items, have them decide what portion of their income (the amount of money they earn/receive from different sources) they need to save. As they earn their income, they should deposit it into a bank or a credit union to earn interest.

But...what is interest?

Interest is money that is paid in exchange for borrowing or using another person's or organization's money.

Earning goal: “Never spend your money before you have earned it.”

Once savings goals are in place, discuss how they’ll meet them by earning income. Make a list of current sources of income, including allowances, cash gifts, jobs, etc. Then brainstorm potential new income sources, like garage sales, dog walking, pet sitting. Ask your child to pursue two or more of these new potential income sources. Earned income is usually valued and spent more carefully than money received without any work on their part.

Spending goal: “A fool and his money are soon parted.”

When it’s time to spend the hard-earned dollars, discuss tips to help them make wise purchases. Ideas include comparing prices and buying quality goods instead of quantity goods. Introduce the term “buyer’s remorse” to older children and ask them for examples of times they’ve regretted their choices.

Donating goal: “It is better to give than receive.”

This is an opportunity to give a portion of your earnings to charitable organizations and causes you believe in. Think of several causes your family believes in and ask your child/children to choose their donations. Decide an appropriate amount to give and how often to donate. For teens, discuss the term “philanthropy” as an active effort to promote goodwill toward others. Ask them to research nonprofits online and decide on a favorite.

Learning goal: “An investment in knowledge always pays the best interest.”

Help kids increase their financial knowledge by developing their money sense through reading and activities. They will be able to apply this knowledge as a child and into adulthood. These tools can help them manage their finances and become financially literate.

Below, you’ll find resources to help you educate your kids about finances and increase their financial literacy:

PDFGo-Getter-Goal-Setter Worksheet

PDFFinancial Fundamentals Worksheet

Financial Resolutions and Planner

Fiction Books:

Max Malone Makes a Million

by: Charlotte Herman

Max and friend Gordy try several money-making schemes with limited success. Younger neighbor Austin shows them his business know-how by considering location and market to make big profits.

For ages: 6-9.

Rock, Brock and the Savings Shock

by: Sheila Bair

Twins Rock and Brock have different ideas about saving money earned from grandpa. Introduces compound interest in an understandable way and highlights “six savings tricks” for kids.

For ages: 7-10.

Non-Fiction Books:

The Kids Money Book: Earning* Saving* Spending* Investing* Donating*

by: Jamie McGillian

Offers an introduction to setting financial goals with quizzes and guides to help ensure success.

For ages 8-12.

Raising Money Smart Kids: What They Need to Know

by: Janet Bodnar

Touches on mastering six money skills; setting allowance systems; and helping kids learn the virtues of working for pay.

For: adults