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One of the biggest mistakes many parents make is not talking to their kids about money. A 2012 survey published on MarketPlace.org revealed that 1 out of 4 teenagers thought a debit card was the same as a credit card. Talk to your kids about how you budget and your financial priorities. When you do this, your kids will grow up with a good understanding of personal finance instead of learning the hard way that swiping that little piece of plastic can end up creating a world of debt.
A frugal parent uses the toughest word of all
Finally, as painful as it might be you need to learn to just say "no” when your child asks for something. We know that you love your children and want to make them happy but sometimes it's better not to. This initially will be a war of wills. There can be nothing harder than repeatedly saying no to a seven-year-old screaming for a new toy when you're shopping at your nearest big box store. However, if you stick to it your child will eventually learn that they can't get everything they want. And this can be one of the most important lessons you ever teach your child.