Teaching kids how to manage money is one of the biggest challenges facing any parent. (All that teenage stuff can wait.) If you can teach your child the difference between needs and wants, how to budget and how to save, your child will know more than many adults. But if you get it wrong, your child is likely to join the billions of people who rack up huge credit card debt and get stung each month by stiff interest payments. The key to success in teaching your child about money is establishing spending limits and sticking to them. Limits are an important lesson for all kids to learn–and many adults never get it. You’ll know you’ve done a good job in teaching the basics when your child expresses bafflement and dismay at the way some classmates handle their money.