Savings Goal Calculator for Kids
Your child wants something expensive. Work out how many weeks of saving it actually takes — and show them the date, because "keep saving" means nothing and "eleven weeks" means something.
Why the number of weeks matters
"Save up for it" is not a plan a child can act on. Eleven weeks is. Putting a specific number on the wait turns a vague instruction into something they can count down, and counting down is what makes waiting bearable.
Write the target date somewhere visible. A goal that exists only in a parent's head gets quietly abandoned; one on the fridge gets checked.
Let them see what withdrawing costs
This is the calculator's best use. When your child wants to pull $20 out for something small, put the new balance in and show them the goal move further away. Not as a veto — as information. Then let them decide.
Kids who see the trade-off in weeks make noticeably better calls than kids who are simply told no, because they are the ones who did the maths.
Pick goals that are close enough to reach
Under about eight, a goal more than six weeks out is very hard to sustain. Between eight and twelve, three months is realistic. Teenagers can hold a goal for a year if it matters enough to them.
If the calculator says the goal is a year away for a seven year old, that is a signal to break it into a smaller first goal rather than a signal to push harder.
Track it automatically
Bank of Dad keeps the running balance and applies interest on schedule, so the progress toward a goal is visible without anyone maintaining a spreadsheet. See also the compound interest calculator and how to run a bank of mom and dad.