Parents often judge their child's success by the letters they see on their report card. But helping kids develop strong habits and a can-do mindset can set them up for success inside and outside of the classroom for the rest of their lives.
Talk to your kids about these three techniques for setting and achieving goals this school year and encourage them to improve their mind, their health, their outlook, and their Return on Life.
1. Celebrate and Aim Higher.
During the school year, a child's life can feel very regimented. Between class, extracurriculars, homework, and the family's sleep schedule, just moving through a daily to-do list can feel like an accomplishment in and of itself. Once older teens and college students start taking more control of their time, they might not feel the need to fill the spaces between those to-dos intentionally.
Look for age-appropriate ways to inspire your kids to do more than just get by. Celebrate that B+, then ask them what they think they could do to push it up to an A-. Take your soccer star out for ice cream when they make the team, then talk about drills they could do at home to help them have a bigger impact on gameday. And when your teen brings home their first paycheck, talk about their saving and investment plans and explain how contributing just 5% more every month will compound over time.
2. Teach Them to Think SMART.
You're more likely to achieve a goal if it's Specific, Measurable, Achievable, Relevant, and Time-bound. Grown-up resolutions like "I'm going to be healthier this year" usually fail because they don't hit any of those checkpoints.
Once you've helped your child to set a higher target, use the SMART framework to sharpen their thinking and their planning.
"I'm going to get better grades this year" is a good start, but what does "better" mean?
Improving from Cs to Bs? A little clearer, but that goal still raises the question, "How?"
"After completing my homework, I am going to study for one extra half hour every night." Bingo: that's a goal that is both Specific and Measurable.
Is that Achievable? Set the bar too low and your student might coast, but trying to transform a struggling student into a valedictorian might only create unnecessary pressure and frustration.
To make the goal more Relevant, you could talk to your child about how better study habits and higher grades will improve their chances of earning scholarships and attending their preferred college. Some parents might tie other incentives to good grades, like use of the family car.
Finally, Time-bound goals have built-in accountability that can keep kids focused on making steady progress. Your student can use a blank calendar or planner to cross off every day they study that extra half hour. And as those X’s accumulate, so will their preparation for their next big test.
3. Encourage Resilience.
Kids have a hard enough time brushing their teeth and keeping their rooms clean. Remember that the real goal of goal-setting at a young age is to create habits that will last a lifetime. When, inevitably, your child falls a little behind schedule or misses their mark, help them recalibrate and get back on track. Talk about what parts of their SMART strategy are working and which aren’t. Share examples from your own life where you made mistakes, learned from them, and moved forward.
If you’d like some help teaching teens and college students the value of setting financial goals early, we’d be happy to talk to them about our Life-Centered Financial Planning. Make an appointment and let’s work together to put your kids on a path towards lifelong achievement.
