The trick to teaching your kids to save

The trick to teaching your kids to save

RICHMOND, Va. (WWBT) - Teaching your children the concept of earning money will set them on the right path. So, set up an allowance. A list of things they must do each week so they can learn work ethic and how to earn money.

Also let them have some time to make decisions about those earnings.

Some parents even take some of the money earned back. For example if they earn $5 a week - $1 dollars is taken away to pay for rent.

Cherry Dale with the Virginia Credit Union says help your elementary aged student set up a savings account. “Because you can take them to the credit union or a bank. They can meet the teller. They can see owe we’re going to give them our money :52 and then they can start really tracking,” said Dale.

Dale says if they learn at an early age to track where their money's coming in and what they're spending on it, the transition into adulthood is going to be much easier.

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