Do not Borrow Kids should know that debt is a terrifying part of one's financial life. Lending money from friends to buy chocolates or a drink is a bad habit. They should be thought manage with the amount that is been given to them. Teach your kids to ensure they pay back the. In this way they learn how to pay their credit bills on time, and to borrow money that could put them in debt. You could also show your kids your credit card bills and how to pay them off on time to demonstrate how the cost of an item goes up because of the interest charged. Children should know how the bad habit of paying late can put you in a deep financial hole.