11. Advertising Is Not the Same as News

Every day, we are bombarded with commercials and ads, adults and teens alike. In some cases, the ads are entertaining, but entertainment is not the same as fact.

I’ve emphasized to my kids how important it is to look at ads with a skeptical eye, even if they enjoy seeing them.

12. Budgeting Is a Necessity

Setting aside money for groceries, gas for the car, and rent or mortgage isn’t the most thrilling way to spend an evening, but it’s the best way to ensure that your bills are covered.

I take my kids grocery shopping and let them watch me sort my bills into categories. I teach them that budgeting allows them to do the things they want and need while staying within their financial means.

13. Mama Was Right – You Better Shop Around

There’s no need for my kids to witness me driving all over town to save a few cents per gallon for gasoline. But it can be a valuable lesson for them to watch me compare labels and prices as I make buying decisions. I’ll even take the time to explain the reasons behind my purchase decisions while I shop.

If you coupon, tell your kids that taking a few minutes to look for a discount adds up to hundreds of dollars in savings (and those savings might go towards a family vacation).

14. Uncle Sam Demands His Share

Death and taxes—there is no escaping either one.

When your teen begins earning paychecks, he or she may be dismayed that deductions are taken for Social Security, Medicare and income taxes.

Explain to your child that taxes are a necessary means for the government to pay for the services it provides. For younger kids, tax their ice cream by taking 30% for yourself.

15. What’s Worth Having Is Worth Taking Care Of

If my kids’ iPhones go on the fritz through no fault on their part after the warranty expires, I’m happy to help pay for a replacement.

But, if they refuse to buy a phone case and carelessly crack the screen by dropping the phone on the pavement, or lend it to friends and never get it back, I plan to let them figure out how to replace it.

16. Pay It Forward

Earning money can be rewarding; spending money can be fun and saving money can be prudent. But sharing money and other resources when you are able makes you more complete as a human being.

I emphasize to my children that charity truly begins at home by allowing them to pay it forward through donations to causes they care about.

17. Money Is a Tool, Not an End to Itself

Economists call money a fungible good – which means that money only has value when it is used for some purpose.

You can’t eat money – but you can use it to buy food. I’ve explained to my kids that money is just a tool; it can help them reach their goals, but it should never be the goal.

18. Information Can Be as Valuable as Cash

Facebook. Instagram. Pinterest. These services are “free” because their owners make tons of money selling information and allowing access to their membership by marketers.

Make sure your kids know to guard their personal information from identity thieves and other bad guys. They don’t have to give up social media, but they do need to be careful.

19. Cooking Is Cheaper (and Healthier!) Than Take-Out

The very last thing I want to do after a long day is think about preparing dinner. But for the same $15 or $20 I spend for pizza, I could easily purchase several days’ worth of groceries.

With your young ones, make cooking together fun. For your teenagers, explain that every dollar spent on fast food and take-out is a dollar they don’t have to put towards a car, new laptop, or school trip.

20. Pay Yourself First

Get your kids a piggy bank, and have them put something in it every time they receive money. Even the youngest child can be instructed to put aside a dollar from the $10 Grandma sends for his or her birthday.

Reinforcing the lesson now will save your kids from the need to relearn this most valuable lesson as adults.