Some of the most important personal finance items that will affect your children as they transition into the "real world" include those items that have to do with credit and debt. If you give them a good start in responsible money management, they will be well placed to establish their own credit later in life — making it that much easier to get a home mortgage loan.

At the Banks.com credit card blog, Hayli Morrison makes this excellent point:

Also, loan them money when they’re older, but consider tagging on interest and late payment fees.

Rather than just giving your kids money for what they want, work out a loan system (of course, this only works if they have a way of earning money on their own). Decide what you will pay for as parents — parents are obligated to pay for food, shelter, some clothing and other items of course — and what your children will be responsible for.

If your kids want a luxury item they can’t afford, creating a loan is a good way to help them get it, as well as get a good taste for what it means to borrow money and have to pay it back.

Do you have any tips for teaching your children about money and credit?