According to The Mint, teaching kids about saving money includes setting savings goals, thinking about saving first rather than last and being smart when shopping. A good way to teach kids about savings goals is to help them buy big-ticket items. However, parents should set a goal that the child has to reach with his own money before the parents pay the rest.Know More
The Mint goes on to explain that teaching kids to be smart shoppers is an important part of teaching them to save money. When kids decide what they want to purchase, parents need to teach them the benefits of searching around and checking prices at other stores. This teaches kids the value of money and the importance of not always settling for the first thing they find.
According to Choose to Save, another way to teach kids to save is to have them pay attention to the prices on menus when they go out to eat. At the end of the meal, share the bill with them so they can see how the cost of everything adds up, including the tip and tax. Doing this teaches them that there is no such thing as a free meal.Learn more about Financial Planning
Investopedia defines a 401(k) as a savings plan offered by employers that allows an employee to make contributions from his salary either on a pre-tax basis or a post-tax basis, sometimes both. The employer also makes a contribution to an employee's 401(k) plan that matches the original contribution or is a non-elective contribution. Some plans also include a profit-sharing feature.Full Answer >
The interest on Series HH U.S. savings bonds is calculated every six months at fixed interest rates, reports TreasuryDirect. Since 2003, the interest rate has been 1.5 percent, and as of February 2015 it remains the same. Series HH bonds are redeemable at face value.Full Answer >
Participants in 401(k) savings plans are permitted to withdraw some or all of their balance if they meet requirements related to age, ability to work or financial hardship. According to the IRS, administrators of 401(k) plans are generally obligated to obtain consent from plan participants, and sometimes their spouses, before withdrawals may be made.Full Answer >
For most people, two million dollars in savings is more than enough to guarantee a comfortable retirement. The majority of people are able to retire after having saved eight times their ending salaries, according to Fidelity.Full Answer >