Saving by a Deadline: Check If Your Child's Plan Adds Up
By Erik Nilsen · Kroni6 min read
The plan works if this sum comes out at zero or less: goal amount minus what's already saved, minus the contributions agreed before the date. Count only money that is actually saved or actually agreed. Calendar weeks, birthday money you're hoping for and extra jobs nobody has agreed to stay out. If there's a gap left, it's better to spot it now than the day before the purchase.
Below you'll find how the sum works, a filled-in example where the money falls short, and a blank planner you can copy and use this week.
Count paydays, not weeks
A lot of us think like this: "It's four weeks away and she gets allowance every week, so that's four payments." That isn't always true. What matters is how many payment dates actually fall before the purchase date.
Three things can make the number smaller than you expect:
- The purchase day itself. If allowance arrives on Saturday and the purchase happens Saturday morning, the money might not be there yet. Agree whether that day's payment counts.
- Breaks. A vacation, a week at the other parent's home or a week without chores can mean no payment that week.
- Conditional money. If allowance is tied to chores, it isn't certain until the chores are done and approved. The honest approach is to plan with what's agreed and treat anything extra as a bonus.
So write the dates down one by one. It makes things concrete for your child too: "You get money on these three days, and then we go to the store."
A filled-in example where the money falls short
This is a made-up example. The amounts are chosen to show the math and are not a recommended rate.
Ida (9) wants to buy a board game that costs $45 at a school flea market on Saturday, October 17. She has $18 saved. She and her parents have agreed on $6 allowance every Friday. Between today and the flea market there are three Fridays left.
Deadline planner (example)
| Line | Date | Amount | Status |
|---|---|---|---|
| Already saved | today | $18 | In the balance |
| Agreed contribution 1 | Fri, Oct 2 | $6 | Agreed |
| Agreed contribution 2 | Fri, Oct 9 | $6 | Agreed |
| Agreed contribution 3 | Fri, Oct 16 | $6 | Agreed |
| Total before the date | $36 | ||
| Goal amount | Sat, Oct 17 | $45 | |
| Gap | $9 | Missing |
The math: 45 − 18 − (3 × 6) = 9. The plan doesn't add up with what's agreed today.
Notice what isn't in the table. Ida might hope her grandma gives her something, or that she can earn a bit by tidying the garage. As long as nobody has said yes to that, it stays out of the plan.
Three honest ways to close the gap
Once the gap is visible, you can choose together with your child. All three of these are reasonable, and none of them is wrong.
1. Pick something that costs less
Maybe there's another game for $35, or a used copy. Then the plan works with what's already agreed. It can help to talk about what your child really wants: the item itself, or having something new on a particular day.
2. An adult contributes, and it's clearly agreed
Parents can choose to add the $9, or offer a paid extra job with a set amount and a deadline. The key is saying it out loud and writing it into the plan as its own line, for example "Extra from Dad: $9, agreed Sept 28." That way your child knows what is a gift and what is their own money, and nobody is confused later.
3. Buy it later
Maybe the game is still for sale after the flea market, or another chance comes along. Then you move the date and count again. With two more Fridays (2 × 6 = $12), the total becomes $48, and Ida has $3 left over.
We don't suggest borrowing against next week's allowance. It only pushes the gap forward in time, and the point of this check is to see what works without counting money that doesn't exist yet.
Adjust for age
- Around 5–7: Use coins or tally marks on paper. "You have this many, you'll get three more, and then you're missing these." Keep it to one date and one goal.
- Around 8–10: Let your child fill in the table and work out the gap. Adults double-check the dates.
- Around 11–13: Let your child suggest a solution and explain why. They might want to compare new and used prices.
Children differ, so treat age as a starting point, not a rule. If your child needs help understanding what a balance means, Balance Explained for Kids: Goals, Mastery and Money is a good place to start.
Getting started this week
- Write down the goal and the date. What are you buying, what does it cost, and what's the last possible day?
- Check the balance. Count what is actually saved today.
- List the payment dates. Only the agreed ones that come before the purchase.
- Work out the gap. Goal minus saved minus agreed contributions.
- Choose a solution together. A cheaper option, an agreed adult contribution or a later purchase.
- Check again on each payday. Tick it off when the money arrives, and recalculate if anything changes.
In Kroni, your child can have a savings goal with the balance visible, and you can see when the next allowance is planned. That makes the worksheet easier to fill in, but the app doesn't promise the goal will be reached by a certain date. You as parents pay the actual money outside the app, in cash or however you usually do. If your child is saving toward something bigger and seasonal, Saving for Summer Vacation: Give Kids a Holiday Fund They Own has more ideas.
Copyable deadline planner
Copy the table below, print it or paste it into a note. Fill in the blank fields.
Goal: ____________________ Price: $________ Last date to buy: ____________
| Line | Date | Amount | Agreed? (yes/no) | Money arrived? (✓) |
|---|---|---|---|---|
| Already saved | $ | yes | ||
| Agreed contribution 1 | $ | |||
| Agreed contribution 2 | $ | |||
| Agreed contribution 3 | $ | |||
| Agreed contribution 4 | $ | |||
| Extra agreed with an adult (if any) | $ | |||
| Total before the date | $ | |||
| Goal amount | $ | |||
| Gap (goal minus total) | $ |
If there's a gap, we chose:
- Cheaper option: ____________________
- Agreed adult contribution of $______, agreed on ________
- New purchase date: ____________
Worksheet rule: only lines marked "yes" in the agreed column count toward the total.
Frequently asked questions
- Should birthday money or gifts count in the savings plan?
- Only if they're certain and arrive before the purchase date. Money you're hoping for should stay out of the plan. If it comes anyway, it's a nice bonus and you can recalculate.
- What if my child wants to borrow the rest from us?
- That's a family decision, but we'd suggest a cheaper option, a clearly agreed adult contribution or buying later instead. A loan just moves the gap to next week's allowance.
- Can the app make sure my child reaches the goal by the date?
- No. Kroni shows the balance, savings goals and when the next allowance is planned, but it doesn't promise a goal will be reached by a deadline. Parents pay the actual money outside the app.
