Do you know how to manage your money? - KTIV News 4 Sioux City IA: News, Weather and Sports

Do you know how to manage your money?

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Sioux City, IOWA (KTIV) - The average U.S. household has a credit card debt of more than $9,300. 

Thursday, Mercy Medical Center held a forum to help area women make good financial decisions.

Financial planners taught the women about how to manage debt and save for retirement.

The planners say because of these tough economic times, people need to diversify their investments and maintain a long-term perspective.

They say the hardest part about reducing debt can be keeping an open mind and communicating.

"Financial security can be the number one cause of family problems and breakdowns in families. So it is very important that you communicate and be up front with one another and not mix emotion with decisions that are hard and need to be made," said, Laura Pratt, Security National Bank, Branch Manager.

Experts also say families need to take control of their finances early and to not count solely on Social Security for retirement funding.

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