5 lessons you need to teach your kids about money

4. How to delay gratification

One of the basic financial literacy every child should learn is how to delay gratification. Parents need to teach their kid this lesson because it creates the self-discipline needed to save money for retirement, college and other expenses in adulthood.

Also, parents can enforce this financial discipline by not buying every item their children request. This will go a long way to prevent them from impulsive buying.