It's never too early to teach your children the basics of thrifty economics. You will save them so much heartache later if you teach them now, while they're impressionable. From early on, my kids have learned I won't buy anything they ask for at the grocery store, unless it's on my shopping list and I have a coupon and/or it's on sale.
My eldest (age 7) is learning the financial pressure of debt. He really wanted to buy a certain toy. When he discovered he didn't have enough, I encouraged him to wait until he had saved up enough to buy it. However, if he still wanted it, I would buy it for him, but he would have to pay me back the loan amount plus interest after the grace period. I know it seems harsh, but it has been a valuable lesson for him. He has realized his purchase wasn't worth the stress he feels to earn the money before interest starts accruing. I figure it's better for him to learn this lesson now over a few dollars than it is for him to learn it when he's older and facing a much bigger monetary amount!
What do you do to teach your children money-saving skills?
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