Splitting a Purchase: Should Kids Save the Full Price or Their Share?
By Erik Nilsen · Kroni6 min read
When you've agreed to split a purchase, your child's savings goal should be their share, not the full price. If something costs $200 and you've promised $120, your child's goal is $80. If the goal says $200, it looks as if your child has to earn all of it, and halfway through the goal seems much further away than it really is.
The full price should still be written down somewhere, along with what the adults are putting in. That way everyone knows what they're saving for and who pays what. There are three numbers here, and it helps to keep them apart.
Three numbers that belong together but aren't the same
Here's a fictional example. Ida is 10 and wants a scooter that costs $200. Her parents have said they'll chip in.
| What | Amount (example) | Who is responsible |
|---|---|---|
| Full price | $200 | Everyone, as a shared goal |
| Adults' contribution | $120 | Parents |
| Child's contribution | $80 | Ida |
The bottom number is the one Ida saves toward. When she has $40, she's halfway there. If the goal said $200, the same $40 would look like 20 percent, which gives a misleading picture of how far she's come.
These amounts are only a worked example. How big a share your child takes is up to you, based on the kind of purchase and what your child can realistically save.
Fixed amount, cap or percentage?
This is the part that most often gets fuzzy. Say "we'll help out," and everyone may picture something different. Pick one of these:
- Fixed amount: "We'll pay $120." If the price goes up, your child covers more. If it goes down, your child's share shrinks.
- Cap: "We'll pay the rest, up to $120." Your child has a set share, and you cover the difference up to the cap. If the item gets cheaper, the adults save money while the child's share stays the same.
- Percentage: "We'll pay 60 percent." Both shares move with the price. It's fair, but harder for younger kids to work out.
You can explain a fixed adult contribution with concrete numbers: "If the item costs $100 and we pay $70, you save $30." A 12-year-old may be able to follow a percentage deal and work out what a price change means on their own. You know your child best.
Write the goal so it can't be misread
A good savings goal for a shared purchase has a name, an amount and a short note:
Scooter (my share): $80 Mom and Dad pay $120. The full price is $200.
Now your child sees both their own effort and the whole picture. For more on picking goals that don't feel too big, see Savings Goals for Kids: How to Set Goals They Actually Reach.
It can also help to explain the difference between what your child has saved overall and what's set aside for this goal. Balance Explained for Kids walks through that.
When the price changes before you buy
Prices change, and kids change their minds. Agree in advance on what happens in these cases:
- The price goes up (the scooter now costs $230): Who covers the extra $30? With a fixed adult contribution, it's the child. With a cap, the adults cover the increase only while their contribution is below the cap. In this example they're already at $120, so the extra $30 falls to the child.
- The price goes down (on sale for $180): Does your child's share get smaller, or does your child keep the leftover for something else?
- Your child wants a pricier model: A common answer is that the adults' contribution stays the same and your child covers the difference.
- Your child changes their mind completely: The money your child saved is still theirs. The adults' contribution was tied to this purchase and doesn't automatically carry over to a new wish.
- Someone can't manage their share: What if your child doesn't reach the goal by summer, or the adults need to adjust? Talk about it openly instead of quietly changing the numbers.
Right before buying, check the final price and go over the agreement together one more time.
Filled-in example (fictional)
Shared purchase agreement: Scooter
| Field | Filled in |
|---|---|
| What we're buying | Blue scooter from the sports store |
| Full price today | $200 |
| Adults' contribution | $120 (cap) |
| Child's contribution = savings goal | $80 |
| If the price goes up | Adults cover up to their $120 cap, Ida covers anything above that |
| If the price goes down | Ida's share stays the same, the savings stay with the adults |
| If the child changes their mind | Whatever Ida has saved is hers, the adults' contribution is dropped |
| Target purchase date | Before summer vacation |
| Who buys it | Dad pays at the store, Ida gives him her share in cash |
| Price checked before buying | Yes, $200, June 12 |
Copyable template
Copy this and fill it in with your child:
Shared purchase agreement
| Field | Fill in |
|---|---|
| What we're buying | |
| Full price today | $ |
| Adults' contribution | $ (fixed / cap / percentage) |
| Child's contribution = savings goal | $ |
| If the price goes up | |
| If the price goes down | |
| If the child changes their mind | |
| Target purchase date | |
| Who buys it, and how the child's share is paid | |
| Price checked before buying (date) |
Child's signature: ________ Adult's signature: ________
Getting started this week
- Day 1: Find the actual price and talk about how much the adults want to contribute.
- Day 2: Choose fixed amount, cap or percentage, and fill in the template with your child.
- Day 3: Set up the savings goal using your child's share as the amount, not the full price.
- Rest of the week: Let your child watch their own share get closer. Once the goal is reached, check the price and buy.
How this can look in Kroni
In Kroni you can create a savings goal that shows only your child's share, for example "Scooter (my share)" at 80 coins. Your child earns virtual coins by marking agreed chores as done, and chores you've set to require approval wait for an adult. Kroni is not a bank and doesn't move any real money. Your adult contribution and the purchase itself happen outside the app, with cash, a card or a mobile payment app.
Frequently asked questions
- Should my child's savings goal be the full price when we split a purchase?
- No. Set the goal to your child's share, for example $80 if the item costs $200 and the adults cover $120. You can write the full price in the written agreement so your child sees the whole picture.
- What do we do if the price goes up before we buy?
- It depends on what you agreed. With a fixed adult contribution, your child covers the increase, and with a cap, the adults cover the difference up to the cap. Agree on this before saving starts and check the price again right before buying.
- What happens to the money if my child changes their mind?
- A common approach is that the money your child saved is still theirs, while the adults' contribution was tied to that specific purchase. Write it into the agreement so you don't have to argue about it later.
