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Bankruptcy May Be Your Option

Tulsa children learning how to deal with financial challenges

Reading, writing, and arithmetic are the traditional foundations of a child's education. At least one Tulsa family and an Oklahoma credit union believe that teaching youngsters how to handle money might be a valuable lesson that will teach them the tools for dealing with life's financial challenges as adults.

The credit union program encourages children to make smart choices when it comes to their money. Organized in the form of a club called "Money Mammals," the program begins with children opening an account at the credit union. Each $5 deposit results in the child's membership card being punched. Saving money is rewarded with the child being given a prize after four punches.

The parents of the Tulsa family are teaching their nine children lessons about handling money that are similar to the credit union's Money Mammals club. Mom and dad encourage their children to master basic budgeting skills and learn the value of money by letting them spend it on things they want. The parents are hoping their children will learn that being able to purchase something they want means saving up over time to have enough money to do it.

Learning the basics of handling money at a young age can be valuable later in life, but unemployment, a serious illness or injury, divorce and other financial challenges can leave someone with medical debt, reduced income and other financial challenges standing in the way of a fresh way of a fresh start.

There might not be a Money Mammals club for adults, but an attorney knowledgeable in bankruptcy law and debt relief might be of assistance for someone trying to prevent foreclosure, eliminate debt and get back on track financially.

Source: Tulsa World, "Life lessons about money start at an early age in this Tulsa family," Rita Sherrow, Feb. 15, 2015

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