5 lessons you need to teach your kids about money

3. Teach them the repercussions of making a money mistake

Parents may not want their children to make money mistakes, but hey, there is always a lesson or two to learn when we make one.

Give your child some pocket money and watch him/her make a poor decision with the money. However, seize the opportunity of his poor financial decision to teach him the repercussion of making a money mistake.