ST. LOUIS – April is Financial Literacy Month and even though the month ends Friday, the need to know about money never does.
Millennial Money Expert Allison Kade from Fabric Insurance Agency has some great money tips for the grown-ups and some ideas about what parents should be telling their kids when it comes to money.
Parents can open a 529 plan to start saving for their child’s college education. As the child gets older the parent can explain to them what they’ve been doing with the money in order to help them.
Kade said another great lesson parents can teach their children is financial restraint. Parents can do this by giving their child allowance so they can practice saving up to buy something they really want.
For teens, explaining credit scores is an important lesson. Parents should make sure their teen understands that credit cards do not give people free money.
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