Helping Children Achieve Goals

Sigh. “I need to save some money.”

My 12 year old is under a lot of stress. As we drive down the road, he tells me of his money woes. He feels the pressure to start gathering the funds he will need to own a car.

I feel I’ve been doing well teaching him about money, despite my recent stumble into debt myself, letting him know about saving, and the actual cost to things. Like insurance. Maybe he knows too much, to be thinking about his financial goals for 4 years from now. I am also proud he’s thinking of his financial future – 4 years from now!

My son’s paternal grandfather passed away when he was only 4 years old, but the two had a strong connection – cars. This child’s first word was “Vroom” followed swiftly by “Papaw”, the affectionate name he had for his grandfather. It was decided that Papaw’s ’95 Chevy Silverado and ’68 Roadrunner would be given to my son. Now, the truck has been kept on the road, and needs a new clutch. My son doesn’t think he will have any problem saving up the funds to get that fixed, in fact, he could probably do the repairs now with his money in his savings account. But the Roadrunner is another issue entirely. It’s a project rebuild car – that Papaw himself barely found time to work on. This summer, while at his Dad’s he worked on the car every chance that he had.

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He dug out all the chrome parts his Papaw had ordered for the car, and put them on the body. I didn’t have the heart to tell him he’ll have to take them all off to paint the body, but he’ll figure it out. My son envisions a future (4 years from now) where this Roadrunner and his Papaw’s old truck sit shining in my driveway. He’ll be the envy of all the neighbors because he’ll have such spectacular vehicles. Affording this dream is his primary goal.

I gave him some plans to increase his income. His current saving account is filled with money from relatives in Birthday cards and extra chores he’s completed around the house. He knows how to mow – but mowing season will soon be over. He’s pretty handy with a snow shovel, and if this winter is anything like last winter, he could make a fortune! I also suggested he babysit – he is great with his little brother, knows how to change diapers, make bottles, and play appropriately with little children.

After thinking on his problem, I got some ideas, other than just increasing his income, that may help him get a handle on these big plans he has. What he needs is a project list. When I’m planning anything, I start with a project list and a budget. He should prioritize his two projects – the truck and the car – separately. In my opinion, the truck will be more likely to be put on the road, in a timeline acceptable to him. So, he needs to take a look at what parts the truck will require. Even these need to be prioritized, into items that are really needed, like the clutch and new tires, and those he wants, like fancy rims. How much does it cost to transfer the title? Register the truck? Insure it? How much gas is this guzzler going to drink?

Same for the Roadrunner. What parts of the car are currently viable? What needs to be replaced? After sitting in a garage since the 70’s, this car is going to need a lot of work. It may be something that he will work on through his twenties. He even admits that the project itself is more having something he and his dad can do together, which helps me to know that his ambitious dreams aren’t using all his brain power. He is reasonable enough to know the Roadrunner is a huge undertaking.

Maybe this is too much for a soon to be 13 year old to be worrying about. That thought certainly crosses my mind. These seem to be very grown-up concepts my son is trying to master, not just the financial, but mechanical too. But then again, if you know a pre-teen, motivation can be hard to find in their sulky little bodies. They seem to be made up of eye-rolls and sarcastic barbs for their parents. I certainly prefer his furthering his mechanical aptitude than playing Xbox all the time.

Also, this is a perfect chance to teach my son how he can achieve any goal he sets for himself. You see numerous articles all over the internet that teach you how to take your goal and break it into actionable steps. Each completed step brings you the confidence that you can reach that goal. You can apply this to pretty much any task you set for yourself: athletic training, financial goals, organizing, etc.

I sincerely hope he achieves his goals, despite these not being my first picks for my baby to drive when he gets his driver’s license. I thought my Camry would be a safer, more economical first car for him. But if he accomplishes what he has set out for himself, he will be the kind of responsible person that won’t be reckless behind the wheel, and will work hard for gas money, so he will be able to enjoy the spoils.

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4 thoughts on “Helping Children Achieve Goals

  1. If my 9yo has half this determination and foresight by the time he reaches his teens I will be very proud of him indeed. Really enjoyed reading this.
    PS. although it won’t help your son’s goal, I truly hope this winter isn’t as bad as last 🙂

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  2. I really enjoyed this post, I have a 10 year old that doesn’t know the value of most things. I think I did this because i didn’t want her to be money mad but I think she now should know a little on the value of item’s and living. I think you have given your son great guidance. x

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