Help children learn to read labels, to ask clerks questions when they do not find information they need on labels, and to recognize a good buy. Take them with you when you shop. Explain why you choose to buy one item over another. Then offer guidance and suggestions when children are doing their own shopping, but remember, the final decisions are theirs when they are spending their money. Set a good example in the use of credit.
Credit involves responsibility as well as privileges, so be sure to pay debts promptly.
Because credit is a necessary part of living in society, avoid making children afraid of it. If children have to borrow from their parents to meet unexpected expenses, set up a definite repayment schedule to give them some practical experience in using credit. Most children don't want all the details of their family finances but they need to know the family, as a family, is secure. After all, family stability is probably the most important fact in their lives. Family Financial Councils Let children sit in on family discussions and decisions about how to spend the family's income.