Saving goals for children
Use addition, subtraction and time to plan savings.
Quick answer
You can save money by setting a goal, deciding how much to save each week, and keeping track of your progress over time. You can use addition to see how much you have saved and subtraction to check how much more you need.
Learning outcome
By the end of this page, you will be able to plan a saving goal, work out how much you need to save each week, and use addition and subtraction to track your progress.
- You can set a clear saving goal for something you want to buy
- You can add up your savings to see how much you have saved
- You can subtract to find out how much more you need to save
- You can use a chart or table to track your savings over time
Why this matters
Learning how to save money is one of the most important life skills you can start early. When you save money, you are building a habit of planning and working towards something you really want. You might want to buy a new bike, a toy, or even a holiday. Saving helps you learn to delay gratification, which means waiting for something special instead of spending all your money right away. This skill will help you in school, when you need to save for a school trip, and later in life when you want to buy a car or a house.
Saving also helps you understand how money works. When you save, you learn about addition (how much you have saved) and subtraction (how much more you need). You also learn about time – how long it takes to save enough money. These are all important maths skills that help you in many situations.
How it works
Planning a saving goal is like going on a treasure hunt. You need to:
- Choose what you want to save for – this is your treasure!
- Find out how much it costs – this is the value of your treasure
- Decide how much you can save each week – this is your treasure hunt strategy
- Work out how many weeks it will take – this is how long your hunt will last
- Track your progress – this helps you stay motivated
Examples you can see
Let’s imagine you want to buy a new bike that costs £40. You already have £10 saved up. How much more do you need to save?
Subtraction: £40 – £10 = £30
You need to save £30 more.
Now, if you save £5 each week, how many weeks will it take?
Division: £30 ÷ £5 = 6 weeks
You will need 6 weeks to save enough for your bike.
Here’s a table to help you track your savings:
| Week | Amount Saved (£) | Total Saved (£) |
|---|---|---|
| 1 | 5 | 15 |
| 2 | 5 | 20 |
| 3 | 5 | 25 |
| 4 | 5 | 30 |
| 5 | 5 | 35 |
| 6 | 5 | 40 |
You can also use a number line to show your progress:
Start: £10
Week 1: £10 + £5 = £15
Week 2: £15 + £5 = £20
Week 3: £20 + £5 = £25
Week 4: £25 + £5 = £30
Week 5: £30 + £5 = £35
Week 6: £35 + £5 = £40
Try it as a mini adventure
Adventure: The Great Savings Challenge
You are on a mission to save money for a special toy. Here’s how your adventure works:
- Choose your treasure: Pick a toy you really want to buy (e.g., £20)
- Find your starting amount: How much money do you already have? (e.g., £5)
- Decide your weekly saving: How much money will you save each week? (e.g., £3)
- Calculate how many weeks: Use division to find out how long it will take (e.g., £15 ÷ £3 = 5 weeks)
- Track your progress: Use a chart or draw a picture to show your savings each week
Example:
You want a toy that costs £20. You already have £5. You save £3 each week.
How much more do you need? £20 – £5 = £15
How many weeks? £15 ÷ £3 = 5 weeks
Draw a chart showing your savings for 5 weeks.
Common mistakes
- Mistake: Forgetting to subtract the amount you already have from the total cost.
- Why it happens: It’s easy to forget what you already have when you are excited about a new toy.
- Fix: Always write down how much you have first, then subtract to find the difference.
- Mistake: Saving too much or too little each week.
- Why it happens: You might guess or make it up without thinking it through.
- Fix: Use a simple division to work out how much to save each week. If you want to save £20 in 4 weeks, save £5 each week.
- Mistake: Not keeping track of your savings.
- Why it happens: It’s easy to forget or lose track of money.
- Fix: Use a chart, a notebook, or even a jar to keep track of your savings each week.
Parent and carer guide
Helping your child with saving goals is a great way to teach maths and life skills at the same time. Here’s how you can support them:
- Encourage planning: Ask your child to think about what they want to save for. Help them write down the cost.
- Check calculations: Let them do the maths, but help them double-check with you. Ask questions like, “How much more do you need?” or “How many weeks will that take?”
- Use real money: Give your child a piggy bank or a jar to save in. Let them count the money as they save.
- Track together: Create a chart or use a calendar to show how much they save each week.
- Be patient: Saving takes time. Celebrate small wins and keep encouraging them.
Remember, the goal is not to be perfect, but to learn. If your child makes a mistake, help them see it as a learning opportunity, not a failure.
Practice questions
Tom wants to buy a skateboard that costs £35. He already has £10. How much more does he need to save?
Answer: £25
Lily saves £4 each week. She wants to buy a book that costs £24. How many weeks will it take her to save enough?
Answer: 6 weeks
Ben has £15 saved. He wants to buy a video game that costs £45. How much more does he need?
Answer: £30
Sarah saves £6 each week. She wants to buy a dress that costs £42. How many weeks will it take her?
Answer: 7 weeks
Emma has £8. She wants a toy that costs £22. She saves £2 each week. How many weeks will it take her?
Answer: 7 weeks
FAQ
How can I help my child save money?
You can help by giving them a piggy bank or a savings jar, encouraging them to set a goal, and helping them work out how much to save each week.
Why is saving money important?
Saving money helps you learn to plan ahead, wait for something special, and understand how much things cost. It also builds good habits for the future.
What if my child can’t save enough?
That’s okay! Sometimes goals take longer than expected. You can help them adjust their plan or choose a less expensive goal.
Can I use a chart to track savings?
Yes! A chart helps you see how much you have saved each week. You can use a table or draw a simple bar chart to show your progress.
What if I forget how much I have saved?
You can use addition to add up all your savings or use a chart to keep track. It’s also helpful to count your money regularly.