It’s time to talk to your kids about money

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It’s time to talk to your kids about money

Posted On: April 24, 2018 by Farmers Trust & Savings Bank in: Financial Literacy, Saving money

Do your children understand the importance of a budget or do they think money grows on trees? If they tilt in the direction of believing the money supply is endless, it’s time to sit down and talk to your kids about money. According to a 2015 survey conducted by the National Foundation for Credit Counseling, only 40 percent of U.S. adults have a budget and keep a close eye on their spending habits. By taking an active role in your children’s financial education, you can help make sure that number rises. 4 ways to teach your kids about finances One of the most effective ways to teach kids about credit and finances is through hands-on experience. Following are four simple ways to help your children practice with money and credit. Allowances. Give your child a monthly allowance and explain the importance of saving. If they spend their entire allowance and ask for more, consider giving it to them with the stipulation that it will come out of their next month’s...