Of all of the important values and habits that we need to instill in our children, financial habits are some of the toughest. Experts agree these are the top three things your kids need to know about money:

Saving. Before you can save a dime, you need to spend less money than you make.  Teaching your kids to save just a small amount will make an enormous difference in a savings account in just a year.

Budgeting. Any and all financial commitments like bills and money owed to mom and dad need to be paid before any extra-curricular activities, like going to the movies or the mall. By showing our kids how to create and maintain a budget (to include savings as well as fun), will help them learn to live within their means.

Responsible Credit Card Use.  Credit cards are not bad; Credit card abuse is bad.  It all goes back to living within your means, and having a backup financial plan in case of emergency- like a credit card.  Whenever possible, a credit card balance should be paid off by the end of the month.

Mandy’s Fabulously Frugal Fact is made thrifty by:

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