An envelope budget system is a great tool for new college grads, even high school students who are working part-time. Learning this simple tool is a great way for young people to get started on the right trajectory.
Read MoreLearning to manage finances in a healthy way is an essential part of adult life. Yet, many children learn little to nothing about money in school growing up. This is why it's so important that parents take the time to teach their kids valuable money habits that will stick with them throughout their lives.
When we run our home like an all-inclusive resort - where food is magically replenished and broken toys and lost cell phones are replaced - kids cannot learn to value money.
Resorts are a lovely reprieve from the real world but they are not preparation for the real world.