“If you're trying to diet, what do you do? You grab your two friends and say, 'We…” — Alexa Von Tobel

For many, graduation marks the end of formal student life - the end of long spring breaks and of thinking that a 10 A.M. class is far too early.

Without any formal personal finance education or trustworthy resources to tell them otherwise, the majority of people in the 18-to-24-year-old age bracket do not know how to use credit effectively, tackle debt or make wise decisions when it comes to spending.

Without any formal personal finance instruction in our high school or college curricula, many college seniors who graduate in the red will continue to make common financial mistakes that only exacerbate their debt burdens.

Kids can learn a lot about necessities and wants by recognizing what people live without. A common routine, but one that should not be overlooked, is having a family donation to a charity for those less fortunate. Ask your kids to search for items, toys, or clothes that they no longer use and contribute those items a collection box.