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

[OliviaMumsnet]

Just that, really.
We've been asked about this (for the press, not a company btw) and we know that you're all very wise and avid about all of this and we want to hear your views.
TIA
MN Towers

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.

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).

join moneysavingexpert

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.

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

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)

What goes out must come in.

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.

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.

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.

That credit = debt

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

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

You see, I don't see all credit as evil - so not a lesson I will teach DD.

But I will ensure she knows the value of her money and that if she does borrow money then she has to ensure beforehand that she can pay it off.

Read the paperwork. Then read it again. No good complaining about what the bank/insurance company have done when it was clearly in the policy documents you were given.

It's better to save for the things he wants rather then to lend money as by the time he's finished paying it off he could have paid for 2 of the item he wanted in the first place.

Oh yeah, Banks are not your friend!

Know how much you have coming in. Know how much you have going out. Read your bank statements. Open your post. Be in control.

Also - if an offer looks too good to be true, it probably is, so think anbout it carefully.

Always remember that companies exist to make money, not to be nice to you.

Write down what you spend in a week or month. Multiply by 52 or 12. Add on irregular costs (holidays, annual direct debits.

Be shocked at how much your lunch or whatever costs you a year.

Or do what I did and go into debt with a catalogue for 200 quid at age 17 when I was earning about 50 quid a week. It took me ages to pay off and shocked me into being thoughtful what I spend, and going into debt.

Perhaps I'm less cautious than the rest of the posters, but the one lesson I really want my children to learn about money is:

You can't take it with you when you're gone. Don't be afraid to use your money to enjoy yourself, you only have one life, and savings will mean nothing when you're dead.

I got an opportunity to travel the world once, if I was willing to leave that week. I packed in my job, got a £5,000 credit card, and off I went. Paid it back for YEARS afterwards, but never regretted it once, not even for a moment, best thing I've ever done. I want my children to have the same attitude to money - never let your debt stress you or get you down, it is only money and as long as you have your health, then you are very lucky indeed.

that you have to get out there and earn it.

that an advert is, well, an advert. Not the whole and unvarnished truth. So when you see something you think you really, really want, stop and have a think about it, and about the motivation of all those nice people out there trying to sell you stuff (mortgages, new cars, oodles of lifestyle tat etc etc).