While some schools offer or even require personal finance, parents should not assume it is being taught. Even if it is not taught, however, children are learning about money, credit, good habits, and bad habits every day. They learn through observing the behavior of others, especially their parents. If you use your credit card a lot but pay it off regularly, they should know that. Otherwise, they only see that you use credit a lot. Thus, it is important to talk to your kids about money and help them make decisions about their own spending. Ask for their input on places to cut back on expenses. Talk to them about the importance of saving for the future, and show them how to do this―even if it begins with a piggy bank.

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