Two Savings Goals, One Balance: How to Split the Money
By Erik Nilsen · Kroni6 min read
When a child saves for two things, every dollar needs one job. Write down how much there is today, then decide together how much goes to each goal. The two numbers should always add up to the total. If they add up to more, you've counted the same money twice.
There's no single right way to split it. Below you'll find three common choices side by side, with the dates worked out, plus a worksheet you can use at the kitchen table this week.
Why the same money seems to "pay for" both goals
It's an easy mistake. A child has $12 and thinks, "I have $12 for the soccer ball, and I also have $12 for the sticker book." Each part is true on its own, but not both at once. Once the money goes on one thing, it's gone from the other.
The fix is to stop talking about "my money" as one lump. Talk about how much is in each savings jar instead. If you want more on what a balance is and how to explain it, see Balance Explained for Kids: Goals, Mastery and Money.
Step 1: Write down two goals and one total
Start with three numbers on a sheet of paper:
- What does goal 1 cost?
- What does goal 2 cost?
- How much is available today, in total?
If your child earns or gets money regularly, add a fourth number: how much comes in each week?
Fictional example: Ida is saving for a $30 soccer ball and a $9 sticker book. She has $12 today. Her family has agreed she can earn about $4 a week from tasks at home. These numbers are only for illustration. They are not a suggested rate.
Step 2: Compare three ways to split the same $12
Here are three ways Ida could split the money she has today. Look at the bold Sum row. That's the sum check, and it should show $12 in every column.
| A: One goal first | B: Split evenly | C: Big + small | |
|---|---|---|---|
| To soccer ball ($30) | $12 | $6 | $9 |
| To sticker book ($9) | $0 | $6 | $3 |
| Sum (should be $12) | $12 | $12 | $12 |
| New $4 per week | All to the ball, then the book | $2 + $2 | $3 + $1 |
To keep the example simple, we use one rule. Once a goal is reached, any extra money and all new money go to the other goal.
Step 3: See what the choice does to the dates
This is the interesting part. Here's how it plays out week by week with $4 coming in each week:
| Split | Sticker book reached | Soccer ball reached |
|---|---|---|
| A: $12 / $0 | week 7 | week 5 |
| B: $6 / $6 | week 2 | week 7 |
| C: $9 / $3 | week 6 | week 7 |
How we worked it out:
- A: The ball gets $12 plus $4 a week. After week 5 it has $32. The ball is reached, and the extra $2 moves to the book. The book reaches $9 in week 7.
- B: The book gets $6 plus $2 a week and is reached in week 2 with $10. The extra $1 moves to the ball, and from then on the full $4 goes to the ball. The ball passes $30 in week 7.
- C: The book gets $3 plus $1 a week and is reached in week 6. By then the ball has $27, and it reaches its goal in week 7.
Two things are worth talking through with your child:
- The total decides when both are reached. Together the goals cost $39. With $12 today and $4 a week, both are done in week 7 whatever the split. The split only changes the order.
- Every choice has a trade-off. A gets the ball fastest, but the book has to wait. B gives a quick win with the book, but the ball comes last. C shows progress on both, but neither finishes early.
None of these is more correct than the others. Some kids like seeing one goal finish quickly. Others would rather watch both jars grow a little every week.
Step 4: Let your child choose and say it out loud
Ask: "Which column do you pick, and when will each thing be ready?" Saying the dates out loud makes it clear what they're saying no to as well. Picking A means "the sticker book waits until week 7." That's a perfectly fine choice when it's made with open eyes.
Changing the plan along the way is allowed. Just do it the same way each time: write the new split and check that the sum still matches the total.
Filled-in example: Ida's worksheet
Fictional example
- Goal 1: Soccer ball, $30
- Goal 2: Sticker book, $9
- Available today: $12
- Expected per week: about $4 (agreed in the family)
- Split chosen today: $6 to the ball, $6 to the book
- Sum check: 6 + 6 = 12 ✔
- New money: $2 + $2 until the book is reached, then all to the ball
- Expected finish: book in week 2, ball in week 7
- Next check-in: Sunday
Copyable worksheet: two goals with a sum check
Copy it out or print it, and fill it in together.
Our two savings goals
- Goal 1: ______________ Price: $______
- Goal 2: ______________ Price: $______
- Total available today: $______
- Expected per week (agreed): $______
Splits we're considering
| Option 1 | Option 2 | Option 3 | |
|---|---|---|---|
| To goal 1 | $____ | $____ | $____ |
| To goal 2 | $____ | $____ | $____ |
| Sum (should equal the total) | $____ | $____ | $____ |
| New money each week split as | ____ / ____ | ____ / ____ | ____ / ____ |
| Goal 1 reached around | week ____ | week ____ | week ____ |
| Goal 2 reached around | week ____ | week ____ | week ____ |
Our choice
- We pick option: ____
- Sum check: ____ + ____ = ____ ✔
- If one goal is reached first, the extra goes to: ______________
- We'll look at the sheet again on (day): ______________
If you track savings goals in an app
In Kroni, a child can have several savings goals at once and move virtual coins from their balance into each goal. That makes the split visible, because coins sitting in one goal can't also count toward the other. You still make the choice itself, how much goes where, together with the worksheet above. Kroni is not a bank. When a goal is reached, a parent makes the actual purchase or pays out real money, however your family normally does that.
For help setting the goals themselves, including price, time frame and what's realistic, read Savings Goals for Kids: How to Set Goals They Actually Reach.
Tips that make the worksheet easier to use
- Use round numbers. If the price is $28.90, round up to $30. The math gets easier, and there's a little left over.
- Keep necessities out of it. Savings goals are for wants. Clothes, school supplies and other necessary things are the adults' responsibility.
- Put one number on the fridge. Post only the sum check, for example "6 + 6 = 12". It's quick to check at a glance.
- Check in once a week. Update the numbers on the same day each week. Your child will see the dates move as money comes in.
Frequently asked questions
- What if the amounts we've put toward the two goals add up to more than my child actually has?
- Then some dollars have been counted twice. Go back to today's total and split it again between the goals. The two numbers together should equal the total exactly.
- Is it best to save for the cheaper goal first?
- There's no right answer. Doing the small goal first gives a quick win, but the big goal waits. Putting everything on the big goal first finishes it sooner. Work out the dates for both options and let your child choose.
- Can my child change the split along the way?
- Yes. Write down the new split and check that the sum still matches the total. That makes it clear what the change means for when each goal can be reached.
