You’ve got big dreams and an even bigger wish list, but how do you prioritize what you really want? Start by jotting down everything that comes to mind – don’t hold back, no matter how big or small it seems. Your list might include a new bike, a video game, or even a trip to an amusement park. Now, take a closer look at each item. Which ones make you most excited? Which ones would you use every day? You’ll need to make some tough decisions about what comes first, and that’s exactly where your financial journey begins.
Think About Your Big Goals
With a wish list, you can prioritize what’s really important to you and make smart choices about how you spend your money.
But before you start writing down all the things you want, take some time to think about your big goals. What do you really want to achieve with your money? Do you want to save up for a new bike or a fun toy? Or maybe you want to start a savings account for college or a big purchase?
Thinking about your big goals will help you focus on what’s truly important to you. Ask yourself questions like: What do I want to accomplish in the next few months or year? What kind of things will make me happy and fulfilled? What kind of things will help me grow and learn?
When you have a clear idea of what you want to achieve, you can start making a plan to get there. Your big goals will also help you make decisions about how to spend your money.
When you’re tempted to buy something that’s not on your list, ask yourself if it will help you reach your goals. If not, it might be better to save your money for something that will. By keeping your big goals in mind, you’ll be able to make smart choices and stay on track with your wish list.
Make a List of Wants
Your imagination is running wild with all the awesome things you could buy with your money. Now, it’s time to capture those ideas on paper and create a list of wants. Grab a pen and paper, or open a note-taking app on your tablet or phone. Start writing down everything you’d love to buy or get with your money.
As you brainstorm, don’t worry about judging yourself or thinking too much – just let your ideas flow. You might want a new video game, a shiny bike, or an awesome Lego set.
Maybe you’re dreaming of an experience, like tickets to a concert or a fun amusement park. Write it all down, no matter how big or small it seems.
Think about what you like to do for fun, what makes you happy, and what you’ve been wanting for a while. Do you have a favorite hobby or sport? Consider what gear or supplies would make it more enjoyable.
Are there things you need for school or extracurricular activities? Jot those down, too.
Rank Your Wish List Items
Be honest with yourself. If you really want a new bike but also want a new video game, which one would you rather have?
Put the items you want most at the top of your list and the ones you want less at the bottom. You can also group similar items together, like “toys” or “books,” and rank them within those groups.
Another way to rank your items is to think about how often you’ll use them. If you want a new book, but you know you’ll only read it once, it mightn’t be as important as a new ball that you can play with every day.
You can also consider how long you’ve wanted something. If you’ve wanted a new doll for months, it might be more important to you than something you just saw yesterday.
Set a Savings Plan
How will you actually get the things on your wish list? Now that you’ve ranked your items, it’s time to reflect on how you’ll pay for them. That’s where a savings plan comes in. A savings plan is like a roadmap that helps you reach your goals.
To create a savings plan, you need to reflect on how much money you have coming in each month and how much you can realistically set aside for your wish list items. You might get money from your allowance, odd jobs, or birthday gifts. Make a list of all the ways you get money, and add up how much you have each month.
Now, think about how much each item on your wish list costs. You can look up prices online or check them out in stores. Once you know the prices, you can start making a plan. Here are some things to contemplate:
- How long will it take to save up for each item? If you want something that costs $100, and you have $10 a month to save, it’ll take you 10 months to reach your goal.
- Can you cut back on other expenses to save more? If you normally spend $5 a week on treats, could you cut back to $2.50 and put the rest towards your wish list?
- Are there ways to earn extra money? Could you take on extra chores, dog walk, or start a small business to boost your income?
- How will you stay motivated to keep saving? Can you find a savings buddy, or reward yourself for reaching small milestones?
Review and Adjust Your List
Some wishes might be worth revisiting now that you have a savings plan in place. Take a closer look at your wish list and see if there’s anything you want to change. You might find that some things aren’t as important to you as they were before. Maybe you added something on a whim, or maybe you realized you don’t really need it. Cross those things off your list.
On the other hand, you might find that some wishes are even more important to you now. That’s okay too! Move those things to the top of your list so you can focus on saving for them first. Remember, your wish list is all about what you want, and it’s okay to change your mind.
As you review your list, think about how much money you have available to spend. Your savings plan will help you determine how much you can spend on each item. If something on your list is too expensive, you might want to look for cheaper alternatives or save up for longer.
Adjusting your list will help you stay on track and make smart choices about spending your money. It’s also a good idea to review your list regularly to ensure it still reflects what you really want.
How Your Parents Can Help You With Your Wish List
Often, talking to your parents about your wish list can be really helpful. They can give you advice on how to prioritize your spending and make smart choices. Plus, they might’ve some ideas on how to make your wishes come true!
When you share your wish list with your parents, be open to their suggestions. They might point out things you haven’t considered, like how much something costs or how long it will last. They can also help you think about what’s most important to you and what you can cut back on.
Here are some ways your parents can help you with your wish list:
- They can help you research prices: Your parents can help you look up prices for the things on your list, so you can get an idea of how much they cost.
- They can give you advice on what’s worth the money: Your parents have probably bought a lot of things in their lives, so they can tell you what’s worth the money and what’s not.
- They can help you find cheaper alternatives: If something on your list is too expensive, your parents might be able to help you find a cheaper alternative.
- They can help you set goals and make a plan: Your parents can help you set goals for saving up for the things on your list and plan how to get there.
Wish Lists Are Great Financial Tools
So now you’ve mastered the art of creating a wish list, ranking your must-haves, and begging your parents for cash. Congrats! You’re basically a tiny financial genius. Don’t worry if you still end up blowing your allowance on silly stuff – it’s all part of the learning process. Just remember, saving up for that new toy is way more satisfying than guilt-tripping your parents into buying it for you. Keep those prioritization skills sharp!