DoughMain, a free family organization and financial education website, provides nine tips on how families can use the summer vacation to create a summer of learning:
Create a family match plan for savings
To encourage smart saving habits and help your child build savings, create a matched family savings plan, similar to a 401K you have at work. You, as parents, act as the company and match your kid’s savings contributions. Also discuss how the money they have saved throughout the summer will allow them to continue to do fun things throughout the year or prepare for their future.
Encourage odd jobs
Have your kids take on “odd jobs” to earn spending money this summer. Help them seek opportunities with neighbors or family friends to babysit, cut grass, wash cars, or help out in other ways. This is a great way to start earning money for kids that are not yet of working-age. Using DoughMain’s jobs feature, you can post and track jobs for your kids to help teach the value of work and responsibility.