Your children may be on vacation, but their financial education shouldn’t be! Summertime can be a great time to keep the wheels of learning turning. Here are a few ideas:
• Join the Green Team™! Saving money is made fun in our Kids’ Club Green Team. Members learn to save with a special passbook to record their savings. There are membership cards and free gifts too!
• Encourage them to earn extra money for things they want to do or buy. Add to their allowance with extra chores like washing the car, working in the yard, or helping vacationing neighbors by collecting their mail and newspapers while they are away.
• Bring out the entrepreneur in your kids by letting them set up a lemonade stand (deduct your expenses and explain why!) or plan a family yard sale where they can set up their own sale table with outgrown toys.
• Take advantage of rainy, indoor days and explore the financial education online activities offered for kids, tweens and parents at TheMint.org.
• Look for family board games that teach children skills about earning, saving, spending and giving.
• Teach budgeting skills by including youngsters in the financial planning for a family vacation. Teach older kids the same by figuring how to stay within a set dollar amount for their Back to School purchases.
Have teens? Put teenagers working their first job this summer on the right track by teaching them how to manage their wages and learn about withholding and income taxes! It’s a good time to start talking about bank accounts and credit cards, too.
Click here for more “teachable moments” from The Wall Street Journal.
How will your kids learn about money this summer?