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Talking to Young Children About Money

Posted in Kids and Money, Managing Your Money

In many families, talking about money can be difficult, and in some cases, almost taboo. Difficulties of talking to children about money include: Parents of young children often find themselves in a position of saying no to a child’s request to buy something and yet the child may not have any understanding of the item’s cost relative to the family’s finances. Parents of teenagers may constantly be saying no for money the child...

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Preparing a Personal Balance Sheet

Posted in Financial Planning, Managing Your Money, Personal Financial Insights

Taking control of your financial future is a process. And, as with any process, it is important to monitor your progress. One of the best ways for an individual to measure financial progress is to periodically prepare a personal balance sheet. The personal balance sheet shown below can be printed and used as a basis for your periodic progress measurements. It is broken into three parts to help you better understand your investments, your total...

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Start the year with these budgeting tips

Posted in Managing Your Money, Personal Financial Insights

If your New Years resolution is to save money, start with a budget that you can live with that includes saving some of your income every month. It sounds simple, right? Tracking your monthly spending, then making a plan to stay within that budget can be an overwhelming task for some people. We suggest starting small. First, look at your after-tax income. Don’t include income you can’t be sure to receive, such as periodic bonuses or...

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Our favorite financial podcasts: Money Smart

Posted in Featured, Managing Your Money, Peoples Bank News

For those you of you who learn better by listening than reading, we have a great resource to share from the FDIC, the “Money Smart” Podcast Network. The brief podcasts are presented like the old radio programs with multiple voices and sound effects to keep listeners engaged, but the content is spot-on and is especially helpful for parents who could use some help explaining important concepts such as checkbook balancing. They are...

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Tips for Teaching Young People About Money

Posted in Featured, Managing Your Money, Money Tips, Peoples Progress e-Newsletter

Young people need all the help they can get to survive economically. One of the most important lessons of all is how to make money work. Good money management skills, when taught clearly and by good example, can set a person on a solid road to the future. Here are some helpful tips to support that worthwhile endeavor. Talk about money management often. Discuss with your child not only what you’re doing with money at home, but why you do it that...

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