Many of us struggle in our finances because we didn't receive a strong foundation during childhood. Perhaps our parents didn't save money, or they spent beyond their financial means.

Don't let your children make the same mistakes. Instead, give them the tools to manage their money successfully and prevent costly financial blunders in the future.

Success magazine recently offered these tips in Five Simple Mistakes You Don't Want Your Kids to Repeat.

1. Buying items you didn't really need. Many people call this "retail therapy," said Darren Hardy, the publisher and editorial director at Success magazine. Parents must teach their children to ask the following questions before they make a purchase:

Do I need it or just want it? You'll be surprised how many items are "wants" rather than "needs."

If I want something, how much do I want it? Is the item worth seven times what it costs? This is what a single dollar is worth invested at 10 percent return in 20 years, Mr. Hardy said.

2. Your one river ran dry. Regardless of the job or business your children choose, they should be involved in generating several streams of income from a variety of enterprises.

3. Your house is bigger than your wallet. Mortgage companies use a calculation called the debt-to-income ratio (DTI) to determine whether you can afford your mortgage payment. This number became "flexible" over the past few years and allowed people to get into houses they couldn't really afford. Don't demonstrate this standard to your children.

4. You exposed your eggs. People have often heard they need a diversified portfolio, but most people have 90 percent or more invested in a single asset. Mr. Hardy suggests teaching your children "to be aggressive in earning money and conservative in keeping it."

5. You didn't grow your money tree. The most important investment you can make in securing your long-term financial health is investing in yourself and your personal development. In fast-changing times, your children should continue learning even after earning their degree. This will make them "financially secure and viable," Mr. Hardy said.

Also, many parents want their children to know about the stock market and investing, but they don't know how to explain the concepts.

UpDown.com educates children about investing in a fun, informative, and intuitive way. The site has been described as "fantasy football meets the trading floor," said Meagan J. Ellis, an account manager.

At UpDown.com, each stock is like a pro football player. Members are given $1 million in virtual money to invest and compile their "fantasy" portfolio. Children can earn real money if their virtual portfolio outperforms the S&P 500, a stock market index containing stocks of 500 large-cap corporations in the United States.

In addition, members can create their own competitions and compete amongst their friends, providing a social element that will keep kids interested in investing.

RECAP

If you missed The Pinch last week, here are some highlights:

EXPIRATION DATE: You don't necessarily have to throw out packaged food just because it is past its "best by" date. Many companies place their Web address or consumer telephone number on the package to handle questions about the safety of their products. Foods such as yogurt and tuna in a pouch often can be eaten after its "best by" date so long as the package has not been damaged or opened.

Still not convinced? A co-worker recently ate a pouch of tuna whose "best by" date was July 2007. He checked with the manufacturer's Web page first to learn more about eating out-of-date food. He's still doing well.

Also, some grocery stores have special sections in which they sell baked goods that are a day or so past their "best before" date. The items can be purchased at discount prices, and they're a great way to save money and still get your favorite treats.

STUDENT DISCOUNTS: College students are usually on a budget, so they're always looking for a deal. Student discounts can help them save money -- which many parents will appreciate.

Students can receive discounts at the movie theater, museums, plays and other venues. When they're out on the town, they should ask if the establishment offers any type of student discount.

READ LATINA EMERSON'S blog on saving money and shopping smarter in Augusta at blogs.augusta.com">style="bold">blogs.augusta.com.