Teaching your children about money - what one lesson would you want them to learn?

To know that money doesn't buy happiness and therefore not be too materialistic.

That debt is very easy to get into but very hard to get out of!

Haha notquitenormal - "you can only spend it once" is one of my mum's old sayings! You can also only eat it once! (particularly nice cheese)

That despite all the adverts, credit cards are not that normal, and it is not necessary to get one as soon as you turn 18 just because you can.

That credit = debt

I taught them very early about interest. They are tight as ticks with the money in their bank accounts now, so it's worked really well.

Oh and the people I know with great amrriages and frriends wouldn't give them away for large amounts of cash but

The lonely rich peopel I know would give it away like a shot for what the former people have!

Appreciate the value of what you already have and learn how to make emotional investmkents as well as financial ones.

You can only spend it once

So easy to find a tenner (for example) and spend twenty thinking you've made a bit more

The man who ran the finance firm I worked foir had his own plane: he did not get that well off by helping people out or doing them favours; finance costs, it costs a lot, and saving is so very much better.

What goes out must come in.

live within your means and always have savings (easier said than done i know!)

dont buy on credit or take out loans

finance is good if its for a car or other big purchase, not little things, but stick to 0% interest

mum and dad have been there and done that and do know what they are talking about, so ask advice

banks are designed to make money out of you and do bend the truth. they are not 'friends' they wont give you impartial advice

and very very importantly DO NOT make the same mistakes i did! (i was in £30,000 worth of debt at age 20 by doing/not doing the above)

That it doesn't grow on trees. And not to bother going to the Bank of Mum and Dad

Don't live beyond your means. That doesn't mean that you can't borrow money, just know how you're going to pay it back.

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Credit is evil evil evil.

There is more to life than money, focus on enjoying your time not trying to earn as much as possible (as long as you can keep a roof over your head).

That you can nearly always haggle to get a better deal. And that this is not embarrassing; paying full price because you didn't ask for a discount should be embarrassing.

Live within your means, appreciate the value of things and save.

If I hadn't had some savings I would have been completely screwed both when I had dd and again when I split from exH.

That you can only spend each pound once.

Threfore, If you buy things on credit, then you're spending money you haven't yet earned...you're not borrow from the bank, you're borrowing from your future self. And your future self is unlikely to thank you for it if all you bought was shoes.

Always live within your means, including tucking away savings for a rainy day.

That credit cards, loans etc are all DEBT not a licence to spend money

It's very satisfying and good for your self-esteem if you can earn your own way and live within your means. That would include saving when you can, being able to budget, understand APR/interest rates and how to use credit sensibly.

Also that money isn't everything - yes, you need a certain amount so you don't stress about bills, but there are plenty of other good things in life so don't chase money at the expense of them.

Setting (and sticking to) a monthly budget and saving a regular monthly sum. Also, to learn the true value of stuff, and not to waste too much money on it. i.e iPods, games machines, fancy houses, fancy cars, fancy clothes etc. IMHO it's all a complete waste of money. Stuff just clutters your life and stops you from seeing what is truly important.

1. That saving is very important but so is having a life. I would want them to save but not to the extent of my parents who were obsessed with pensions and savings and put almost everything away to the point of living very frugally and then both dying before retirement therefore never enjoying any of it.

2. That earning your own money is a wonderful feeling.

3. That whilst they may be financially ok, not everyone is so lucky. And that this is not necessarily that person's fault.

4. Finally, that money isn't the b-all and end-all. That giving is better than receiving. That it should never be worshipped but rather used as a tool to makes themselves and others happy. And that kindness is the greatest commodity.

Either/ Or. One McDonalds ice cream or a packet of 10 ice creams/ doughnuts from Netto next door. How any individual spends their money is a personal choice but each coin can only be spent once so prioritise, make your choice and be happy with the choice you've taken.

They're only little so this is about as much as we can stretch to at present.

Always save and buy something rather than having credit. Never get a credit card. Start saving as soon as you earn (as someone above said).

"when you do borrow make sure the item last longer than the the time you are paying it back"

Nice one Nutty. I was trying to write the same sentiment but didn't because it was too long-winded. Yours is very pithy and media-friendly (and very true). For example, if you are getting a new-build, don't be talked into getting your White Goods (lifetime 5, 10 years?) bundled into your 25 year mortgage.

Never ever borrow money unless on a mortgage.

If you want something you can't afford, you'd better work & earn the money, even if it's just a little babysitting job.