Make 2021 Better for Your Family with Realistic Financial Goals
It’s a new year and with it comes the chance to start fresh … a clean slate … determined to do something new. By the time January 1 rolled around, it’s easy to say just about everyone was ready to see the end of 2020.
Making the year better for you and your children begins with planning, but it’s staying with the plan that determines the success. Each January roughly 65% of Americans claim to make New Year’s resolutions, including the ever-popular ones – work out more, eat better, lose weight and save more – spend less.
While most resolutions fall apart in a matter of weeks, it doesn’t mean you shouldn’t make them or that you shouldn’t talk to your kids about making them. After all, this is their chance to turn the page, set some goals or start fresh as well, right? At BusyKid, we love how resolutions challenge people to be better and provide parents an opportunity to have a conversation with their kids on topics that may never come up.
If you still haven’t had the chance yet, sit down with your kids and make a short list of goals for 2021. Make the goals age appropriate, not super easy to achieve (but achievable) and visible to see. Here are some suggestions:
Save Money Each Month – After years of experts saying Americans don’t save enough, the 2020 crisis hurt millions. While your kids did or didn’t notice a difference, a great starting goal for them is at least 25% of any money they earn or receive goes into savings.
Do Chores & Get Allowance – Speaking of earning. Chores can help teach kids how to earn, save, share and spend wisely. They also teach a child about being responsible, accountable and managing time. Parents can start off slow by assigning kids a task to do on certain days and then continue to introduce new chores to add to their schedule. By adding an allowance, kids can also learn about how money works and why it’s very important to manage it.
Break a Bad Habit – Poor posture, biting your nails, too much TV: all great candidates for New Year’s resolutions. We suggest breaking the habit of spending money on what you WANT over what you NEED. This starts with recognizing wants and needs, but in the end your child will learn about determination and willpower — qualities that are valuable for years to come.
Be Charitable – Whether it’s with money or by giving time, learning to be charitable is the kind of resolution that pays off for everyone. Set your kids goal at 10% of anything earned or given goes to the charity of their choice. If spending time works out better, the goal should be at least 5 hours a month.
Make the Investment – Despite how bad 2020 was, the stock market still broke all kinds of records. Investing can be intimidating so we suggest making it fun with a friendly competition with your kids. By using BusyKid, your family can spend as little as $10 to buy a small piece of major brands. Everyone should buy between 3-5 stocks and following them for two months. At that time, whomever has earned the most wins. Think of it as fantasy football with stocks.
BusyKid is the only app where kids can earn, save, share, spend and invest real allowance. It helps teach kids important money management skills they won’t learn in school but need to be successful in life. For more information, go to www.busykid.com or download the free app.
*The BusyKid Visa® Prepaid Spend Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a licensee from Visa® USA Inc. All cardholder’s funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions. For more information about the card’s terms and conditions including the Visa® Zero Liability policy, click here. One BusyKid Visa® Prepaid Spend Card is included with a paid family subscription, but additional cards cost $7.99/yr with a linked bank as a funding source. A small $.55 transaction fee will be added to orders using a credit card. There may be some additional fees associated with the Spend Card, please see our FAQ’s for more information.