Things parents should teach their children

Parents should teach their children when they young before they get corrupted that there is more to life than money! They should show them how easy it is to get caught up in the debt trap. They should teach their children to be themselves even if it is not easy, to be happy with what they have and to think about what's important.
The first thing I'm going to tell my children is don't get debt! Now I'm sure your all thinking we all need debt to get what we want. How else will you get that new car, designer jeans and your own place!
My answer is simple save!
When my boys leave school and hopefully go to university they will be told save your money attend any of the local universities so you don't have to live in rented accommodation, instead save the money you would waste on accommodation, food and bills in a high interest account.
The average living costs for a student in Edinburgh are £695 a month only £35 of that cost would still be applicable if they stay at home.

Now think the average degree takes 4 years if they stayed at home they could save £33,475.

To have that in their bank at 22 is an achievement on its own. The most important thing to remember is that they have not had to change anything else about the student experience. So all their spare money has still been spent on partying and living the student life cause hey they are adults now. All I ask is you treat our home with respect but they can come and go as they please bring who they want around have the occasional party when we are away. If it means they stay at home and save then I'm happy.
Once they graduate and find job they should stay home while they work their way up continuing to save. Stay home till 30 if that's what it takes.

That means they can leave home walk into their first house mortgage free. Mortgage free at 30! As a parent I can't even describe how excited that makes me feel for my children. Now that £9135.54 seems like nothing when it comes to interest but if you add the money he would save on a mortgage over 20 years

That's now around the £64k that's a lot of money.
The next important thing we should teach our children is don't finance a car if you can help it, but if you need to as you need to get to work and back and you have not saved enough then remember the 7 year rule.
The 7 year rule allows you to start with nothing finance your first car over 5 years for example buy a £15k car pay it off over 5 years

Then keep it another 2 years after it's paid off and save the payments

This means after 7 years even if your car is worth nothing your next £15k will only need £7592.25 financed if you keep your payments around the same, you will pay this car off in 3 years

But by keeping the car for another 4 years and saving the payments you will end up with £11872.69 to put towards your next car.

The next year the finance will be for just over a year

Then once to save for the next 5 years 10month your next car will be yours with no loans

You could get a holiday included with your next car purchase as a reward
Additionally going forward you can achieve the savings you need  by saving £50 less a month

All the examples above highlight how using credit holds you back, it traps you in a vicious circle.
The biggest and most important lesson I can teach my children is be happy with less they don't need loads of cloths with designer labels, you don't need a new car if it is not broken, and don't rush to live on your own. If they live a minimalist life with  minimalist expectations  they will save money buy what they need not what you want.