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Planning for things we want to buy soon versus things that take more time to save for.
If you found 50 video game later?
A short-term goal is something you want to achieve very soon, usually within a few days or a couple of weeks. Think of these as 'quick wins.' Because these items usually don't cost a lot of money, you don't have to wait very long to get them. For example, if you want a $3 box of stickers, you might only need to save your allowance for one or two weeks. Short-term goals are great because they help us feel successful quickly and teach us how to spend and save wisely on a small scale.
1. Goal: A new comic book that costs 4. 3. The Math: We subtract what you have from the price: . 4. Result: You only need $3 more to reach your short-term goal!
Quick Check
If you want to buy a pack of gum by tomorrow afternoon, is that a short-term or a long-term goal?
Answer
It is a short-term goal because it happens very soon.
A long-term goal is something that takes more time and planning—usually months or even a year! These are often bigger, more expensive items like a new bicycle, a gaming console, or a special trip. Because they cost more, you have to be patient. You might need to save a little bit of money every single week for a long time. This is called delayed gratification, which means waiting for something better later instead of spending your money on something small right now. It takes discipline, but the reward is much bigger!
Quick Check
Why does a long-term goal usually require more patience than a short-term goal?
Answer
Because long-term goals usually cost more money, so it takes more time to save up for them.
Which of these is the best example of a long-term goal for a 3rd grader?
If a toy costs 6, how much more do you need?
A timeline is a tool used to see how long it will take to reach a goal.
Review Tomorrow
In 24 hours, try to explain to a friend the difference between a short-term goal and a long-term goal.
Practice Activity
Find something in a store catalog you want. Write down its price, subtract the money you have now, and figure out how many weeks of chores it would take to buy it!