Savings Goal Price Went Up? How to Make a New Plan Together
By Erik Nilsen · Kroni6 min read
When the price of something your child is saving for goes up, nobody has done anything wrong. The money your child has already saved is worth exactly what it was before. The only thing that changed is the distance to the goal. It helps to keep three numbers apart: what's been saved, the old price and the new price. Then you pick one of three paths together: take a bit longer, choose something else, or agree that an adult covers part of the difference.
Who covers the difference isn't decided in advance. It's an agreement you make as a family, and it can look different each time.
Keep what's saved separate from the new price
A price increase can feel to a child like something was taken away. "But I almost had enough!" It helps to show that the savings haven't shrunk. The finish line moved.
You can say it quite plainly:
- "You still have $8. That's yours."
- "The store changed the price. That has nothing to do with you."
- "Now let's find out how far is left, and then we'll decide what to do."
Check the price together before you start doing the math. That way your child sees the change is a fact from outside, not something the adult made up. If your child gets upset, Child Discouraged About Saving? How to Help Them Stick With It has more ideas.
Worked example: $8 saved, price went from $12 to $15
This is a made-up example. The amounts only show the math. They are not a suggestion for what kids should save or receive.
Ida, 9, is saving for a pack of trading cards. When you set the goal, it cost $12. She has saved $8. Now the pack costs $15.
Comparison card (filled-in example)
| Before | Now | |
|---|---|---|
| Saved so far | $8 | $8 |
| Goal price | $12 | $15 |
| Gap (price minus saved) | $4 | $7 |
| Progress in percent | 67% | 53% |
| Change in gap | +$3 |
Notice that the "Saved so far" row is the same in both columns. That's the most important thing to point to. The percentage drops because the goal got bigger, not because Ida did anything wrong.
The new gap is $7. Of that, $4 is the part Ida already knew about, and $3 is the price increase itself. The $3 is what you're really deciding about.
Three choices you can make together
None of these is the right answer. Give your child time to think, and maybe sleep on it.
1. Take more time
Your child covers the whole new gap themselves, just over a longer period.
Example: If Ida earns around $2 a week under your family agreement, she needed about two more weeks at the old price. At the new price she needs about four weeks. That's two extra weeks.
Often a good fit when the increase is small, there's no rush, or your child says they want to do it on their own.
2. Pick an alternative
Maybe there's a different pack, a used version or something else entirely your child would rather have now.
Example: Ida finds a smaller pack for $11. Now the gap is only $3. She could also keep saving for the bigger pack and leave the choice open.
Often a good fit when your child mostly wanted something soon, or when the price jump was large.
3. Agree on an adult contribution
An adult covers all or part of the increase. This is a voluntary choice, not an obligation, and it's worth saying clearly that it applies this time.
Examples of how to split it:
- The adult covers the whole $3 increase. Ida still needs $4, same as before.
- You split the increase: adult $2, Ida $1. Ida then needs $5.
- The adult adds $1 for every $1 Ida saves from now on, up to $3, the size of the price increase.
Often a good fit when your child has saved steadily for a while and you feel it's fair that an outside change shouldn't land on them alone.
Whatever you choose, things your child needs, like clothes, school supplies or food, are still the adults' responsibility. These agreements are about wants your child is saving for.
When the price goes down
It can go the other way too. Say the trading cards go on sale for $10.
| Before | Now | |
|---|---|---|
| Saved so far | $8 | $8 |
| Goal price | $12 | $10 |
| Gap | $4 | $2 |
| Change in gap | −$2 |
Now it's worth talking about what happens with the money your child "saves" on the sale. Does she buy the pack as soon as she has $10 and then start saving for something new? It's a good chance to show that a price isn't a fixed number, and that checking before you buy can pay off.
Write down the new agreement
Once you've decided, write it down. That saves you from arguing three weeks from now about what was said.
Filled-in example:
- What we're saving for: trading card pack
- Saved so far: $8
- New goal price: $15
- New gap: $7
- Choice: we split the price increase
- Child covers: $5
- Adult contributes: $2, added once Ida has saved her $5
- Expected time: about three weeks
- If the price changes again: we sit down and look at it again
Copyable worksheet: New plan for the savings goal
| Field | Fill in |
|---|---|
| What we're saving for | |
| Date we checked the price | |
| Saved so far | |
| Old goal price | |
| New goal price | |
| Old gap | |
| New gap | |
| Our choice (time / alternative / contribution) | |
| Child covers | |
| Adult contributes, and when | |
| Expected time | |
| What we do if the price changes again | |
| Signed by child and adult |
Getting started this week
- Check the price together and note the date.
- Fill in the comparison card with the amount saved, the old price and the new price.
- Point to the row that didn't change. What your child saved stays put.
- Present the three choices and give your child some time to think.
- Fill in the worksheet and put it somewhere you'll both see it.
- Update the goal wherever you track it, on paper or in an app.
If you use Kroni, you can change the target amount on the savings goal so it shows the new price, and your child sees the gap based on the new number. The balance in the app is virtual. Any contribution from you and the actual purchase happen outside the app, with cash, a card or a mobile payment app, the way your family usually does it. To explain the difference between a balance and a goal, Balance Explained for Kids: Goals, Mastery and Money is a good place to start.
One thing to take with you
Prices change for adults too. When you have the conversation calmly, with the numbers on the table and more than one option, your child gets to practice something they'll meet many times later: adjusting a plan without giving up what they've already achieved.
Frequently asked questions
- Do parents have to cover the difference when the price goes up?
- No, it's a voluntary choice. Some families cover the whole increase, some split it, and some let the child take longer or pick something else. What matters is that you agree and write the agreement down.
- Does what my child saved disappear when the goal price changes?
- No. What your child has saved is the same as before. Only the gap to the goal gets bigger or smaller, which you can show with a comparison card where the saved amount is the same in both columns.
- What do we do if the price goes down instead?
- Work out the new, smaller gap together. Then agree whether your child buys as soon as they reach the amount and saves toward something new, or whether you stick with the original plan.
