At home or outside, your children may have heard these terms such as online payment, credit or debit card, budget, saving. When they accompany you to a mall, they see you using a card to make a payment. However, they may not be aware of what exactly is happening or the meaning of these terms. But assuming that they will develop an understanding of the same on their own or waiting till they grow up to take up financial responsibility, is not the right approach. Also, leaving them to figure out money management on their own increases the likelihood that they may wind up with a few bad habits too. Hence, financial responsibility requires discipline, and discipline rarely develops without focused, intentional effort. So, it becomes imperative to start instilling financial habits such as budgeting and saving in them from a young age. You can also teach them how credit card debt works even before they reach the legal age to own a credit card.