- Definition
A financial goal is a target you set for yourself that involves money, like saving up for something you want to buy or an experience you want to have. These goals can be small, like buying a new toy, or big, like saving for college.
Saving $10 a week from an allowance to buy a new video game in two months is a short-term financial goal.
How to teach this in 30 seconds
Try this analogy: A financial goal is like choosing a big prize at the arcade and saving your tickets for it instead of spending them on small things.
Ask your child: What is one thing you would be willing to save up for?
Common mix-up: Kids might think a financial goal is just 'wanting something expensive.' A true goal includes a plan for how your choices about spending and saving will help you get there.
Examples
- Putting aside birthday money to buy a new skateboard.
- Setting up a bank account to save for a class trip next year.
- Choosing to pack a lunch instead of buying it to save for a concert ticket.
financial goal is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
Where this shows up
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
