Teach Your Kids About Credit Cards
Differentiate between 'Needs' and 'Wants':
For kids anything that appeals to them, they want it right away. Especially if the item is expensive and if the child doesn't get it then takes it as an opportunity to teach your child the difference between 'wants' and 'needs.' If you keep fulfilling your kid's desires by paying for every item that falls into the 'wants' category then the kid won't learn the importance of saving. Teaching a child to save their money over time for something that is desired is a way to encourage good spending and saving habits.
