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Money Saving Monday: How to teach kids about money

Budgeting, allowance and even Monopoly can play a part in the learning process.

Are you teaching your kids about money? If your answer is no, consider this: Researchers at the University of Cambridge found kids' money habits are formed by age 7.

Andrea Louden with TruWest Credit Union says the earlier you have money conversations, the more your kids' mindset starts to develop.

You can begin with teaching kids to count coins, then establishing an allowance.

"What can they ue their money for? Then from there, playing Monopoly," said Louden.

Another tip is to set aside coins in a jar so children can visualize the money they are saving.

Then have conversations with them about budgeting and what the money can go toward.

"Instead of spending money on impulse goals, you want to help them save money for meaningful things, like events, or a trip, or vacation," said Louden.