5 financial goal examples for students to learn about saving

Helping students set financial goals isn’t just about teaching them how to save money. It’s also about giving them tools to develop independence, responsibility, and confidence in managing their finances. By teaching students financial literacy fundamentals, we encourage them to become more conscious spenders and build positive lifelong habits.

In this post, we’ll explore the importance of financial goals and share several financial goal examples that are perfect for students.

How to set SMART financial goals

The best way to set goals (financial and otherwise!) is to make them SMART. This stands for specific, measurable, achievable, relevant, and time-bound. SMART goals give you a defined plan and clear direction that guides you to success. Here’s how it works.

S = Specific

A specific goal should clearly state what you want to accomplish, why it’s important, and how you intend to achieve it. The more details you include, the clearer the goal becomes. For example: “I want to save $150 to buy a pair of concert tickets by setting aside $10 from my allowance each week.”

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M = Measurable

A goal is measurable when it includes a clear end target, plus milestones that help track progress. For example, if your student’s goal is to save $100 over 10 weeks, a measurable milestone would be saving $50 by the fifth week. Regular check-ins can keep the process on track and motivating.

A = Achievable

An achievable goal should be realistic and broken into smaller, manageable steps. If your student wants to save to start a small business, those steps might include creating a savings plan, researching startup costs, and setting aside part of their allowance or earnings from babysitting or lawn care jobs.

R = Relevant

A relevant goal is one that fits your student’s current lifestyle and priorities. For example, saving for a car might be a good goal for a high school student, while a younger student might save for a new game or book.

T = Time-bound

Every goal should have a timeline to create urgency and keep motivation high. Whether it’s weeks or months, having a deadline helps students focus and measure success. 

5 financial goal examples for students

The financial goal examples for students below will help teach and reinforce skills they’ll need throughout their lives, such as saving, financial prioritization, and decision-making.

1. College expenses

If your student is in high school and starting to think about college, setting aside savings for college visits, college applications, dorm room decor, or spending money might be a timely and appropriate financial goal. If they are saving for these items themselves, it will also help them prioritize what’s most important to them.

2. Tech upgrades

Technology is expensive! This makes it a great financial goal for students. For younger students, a good financial goal could be to have them save for a new headset, phone case, or charger. Older students can set a financial goal to purchase a new phone, tablet, or computer. You may even want to match their contribution or cover the remaining cost when they reach their specific goal to add an additional incentive.

3. Entrepreneurial ideas

If your student is a budding entrepreneur and has an idea, like starting a lemonade stand, selling handmade crafts, doing lawn care after school, or providing dog-walking services for the neighbors, encourage them to create a financial goal for startup costs. They may even want to attend a local entrepreneur class or purchase some books that will help them get started.

4. A hobby fund

Hobbies are important for students for many reasons. So whether your student’s hobby involves art, music, or sports, you can encourage them to save for supplies, lessons, or equipment. A hobby fund can help them pursue their passions and access all of the benefits of having a hobby while learning to manage money.

5. Extra educational costs

For older kids, this might include a coding camp, an online class, or books to explore future careers. For younger kids, this might include saving for school supplies, spending money for field trips, or saving to buy items from the school store. 

The importance of budgeting

The common thread with each of these financial goals for students is creating and sticking to a budget. In order to set aside money for any financial goal, you need to have a grasp of how much money you are receiving (from a job, an allowance, gifts, etc.), and how much you’re spending on a regular basis. If you’re new to budgets, review these basic principles of budgeting before you jump into your financial goals.

A little encouragement goes a long way

As your students get started with financial goal setting, remind them that every step they take, no matter how small, is a win worth celebrating. Keep encouraging them! When they reach their goal, you can use it as an opportunity to reflect on what they learned along the way.

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