Tax season is nearing a close but there are still last minute tips to learn if you haven’t filed. One big question is what to do with your child’s saved and earned income?
Hopefully your child has been saving more lately. Depending on how much, they can be affected by the “Kiddie Tax.” If your child has more than $1000 in unearned income from savings interests, the income may be taxed. The rate depends on how much unearned income the child has. READ MORE
In the past, savings bonds used to be great gifts to help start children on their path to savings. Although the days of buying paper U.S. savings bonds are long gone, there are still ways to purchase them. READ MORE
Happy New Year Everyone!
We’re a few weeks into 2015 so there’s no better time to start saving. One savings plan that comes to mind is the 529 Plan. With the growing costs of higher education, starting a 529 plan can help give you a head start when it comes to paying for your child’s college tuition and expenses. READ MORE
The holiday season is upon us, which can lead to big spending. Don’t worry, here are some tips for kids to help them earn and save money during the busy season. READ MORE
Thank you for your support of my passion project, teaching children about money with Walter the Vault. Your words of encouragement and generosity is much appreciated. Unfortunately, we did not meet our target goal. READ MORE
Today is a huge day for Walter the Vault because it’s the launch of our Kickstarter campaign. With your contributions over the next 30 days we’ll be able to finance our first book The Pumpernickels Meet Walter the Vault. READ MORE
Recently Forbes published “3 Financial Goals To Focus On In Every Decade.” The article discussed goals for people 20 and over. Walter the Vault feels it’s important for children and teens to have financial goals as well. READ MORE
Here’s a scenario: It’s your birthday and you receive a check as a gift. What do you do with it?
Perhaps your best option if you’re under the age of 18 and don’t already have one is to open a savings account, also known as a Custodian Account. A Custodian or Custodial Account is an account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). Although most custodians who manage the bank accounts are parents, guardians, or relatives, the custodian doesn’t have to be related to the child to set one up. READ MORE
Summer is the prime time for families to go on day trips and vacations. Kids rarely understand how expensive these trips are, but always want to enjoy these summer experiences. One way to help children learn about basic vacation expenses is to plan the trips with them. READ MORE