You are now being logged in using your Facebook credentials

Thursday, Apr 24th

Last update09:35:25 AM GMT

You are here: Money Kids and Money Teach Your Kids about Saving Money in Summer Vacation

Teach Your Kids about Saving Money in Summer Vacation

Teach Your Kids about Saving Money in Summer Vacation

Summer - and the living 'is easy - but what do your children know about living? In the center three months to help their children build a sense of financial responsibility. Here are some ways to teach your child about saving money in their summer vacation.

Have your children get summer jobs working for an employer outside. This gives them the opportunity to learn the fundamentals on how to deal with a supervisor, on time and so on. You also get unbiased information about your work this way, which is important.

Check your paychecks with them and explain in basic terms you are having withheld taxes, if applicable. Become familiar with terms such as FICA and FUTA and help they see the impact of taxes on their financial lives. Use your best judgments about them a subsidy if they are accountable with their money and eager to work, then you may want to consider linking its assignment to a set list of everyday tasks.

Encourage the habit of saving for maybe a small incentive, if your child keeps faithfully all summer to buy a useful article, as a team, be willing to match a portion of those savings as a reward for what he or she could get a printer as well.