We can also teach them how to manage their money better. For example: I think that credit card and buying things without having the money is a bad thing. Not because of religious or moral reasons but for practical reasons. When you use credit, you’re paying for the privilege of doing so. Even if it’s American Express or whatever… or if you pay off your balance every month, why? What’s the advantage.

So I dumped my credit cards except for one for EMERGENCIES. Cash or debit card only now.

I also looked carefully at “regular” expenses and decided to dump my AT&T phone for a prepaid phone. Got a Tracfone for 30 bucks but it was kinda-sorta free since it came with 30 bucks worth of air time.

Now I budget my phone use by buying the amount of time I want, up front. I also got a double minutes card which makes it an even better value.

There are some expenses that can be “managed” and those are the ones to budget.

btw, I do have a mortgage. That’s a different story. But routinely buying stuff on credit? No way.