Setting savings goals for a kid

Savings goals turn a kid's account into a game with a finish line. Instead of staring at an abstract balance, the kid sees "$83 toward my $200 bike — 42% there."

How to set a goal

1. Sign into mymemorybank.app/dashboard.
2. Open /dashboard/kids and pick the kid.
3. Click Goals.
4. Add a goal with:
   • Name (e.g. "Bike", "Switch game", "College starter fund")
   • Target amount (e.g. $200)
   • Optional target date (e.g. summer)
5. Save. The goal appears on the kid's dashboard.

You can set multiple goals per kid. The dashboard shows them as progress bars side-by-side.

How progress is calculated

By default, the dashboard counts the kid's *total account value* toward the goal. So if their account is worth $84 and the goal is $200, they're at 42%.

For long-term goals (college, first car), you can mark a goal as "based on YTD contributions" instead, so growth doesn't move the needle — the goal tracks how much you've put in this year.

Why goals work

A few research-y reasons savings goals are effective for kids:

• Concreteness. "$83 toward my bike" is easier for a kid to hold in their head than "I have $83." The bike makes the money mean something.
• Tiny wins. Hitting 25% of a goal is its own little celebration. Many kids check the dashboard more often when there's a goal to watch creep up.
• Long-horizon practice. A goal that takes a year to hit builds the patience muscle that's actually the secret of long-term investing.

Removing or editing a goal

From the kid's Goals page, you can edit the target, rename the goal, or remove it entirely. Removing a goal doesn't touch the underlying account — just the display.

A note for parents

It's tempting to set "college" as the only goal, but for younger kids that's too far away to feel real. The most engaging goals are ones the kid actually wants — a Lego set, a video game, a special trip. Mix one big long-term goal with one or two short-term ones, and the kid will check in on the dashboard a lot more often.