A brainstorm on secured credit cards
The best way to teach your children financial responsibility is to lead by example. If you regularly purchase things you cannot afford and continue to carry large balances on your credit cards, those practices will be modeled by your children. If you instead pay off your balances each month, save for big purchases and regularly evaluate your financial goals, your children will model those behaviors. In the interest of teaching your children responsible habits, do not shelter them from financial discussions in your household. For instance, allow them to observe you discuss an upcoming plan to purchase a new house and any budget talks that accompany that decision.