Savings plans only work if there is an allocated timeline associated with them. A goal which has no timeline lacks meaning, and is impossible to measure in terms of whether or not the goal has been met.
Ask students to individually write a timeline for their savings goal item. For example:
Savings goal item - flat screen TV
Estimated cost - $1200
Timeline for purchase - 26 weeks (six months)
Students then use simple division to work out how much they would need to save per week in order to purchase their savings goal item.
$1200 divided by 26 = $46.15 per week
Students then ask themselves if this is a reasonable amount for them to save each week, given their other expenses such as general living costs, travel, schooling costs, entertainment and so on.
The timeline can then be adjusted as needed to account for students' ability to save the nominated amount each week.
$1200 divided by 52 weeks = $23.07 per week