Having a vague desire to achieve a goal is one thing. Setting it as a firm commitment and announcing it publicly is another—and makes it far more likely to be achieved. Studies suggest that commitments are more likely to be met if there is a cost of failure such as a damage to reputation. Successfully meeting a target can increase positive self-image and give young people a sense of achievement
There are no limits to the potential goals young people could set in relation to money management. They do not have to be large-ticket savings targets. In fact, small scale, short-term, achievable goals are much better than longer-term, more challenging ones. A young person could commit to write down all personal spending for a week, or to avoid going to a particular shop for a week, or to visit a bank and pick up some leaflets before the end of the month. Making the commitment public, and getting public praise for achieving it, can be a powerful boost to a young person’s self-determination and confidence.
