"Instead of an iPod nano, give your kids the tools they need to be financially independent adults.
NEW YORK (CNN/Money) - Last year you caved and bought your kid an iPod, now they want a nano. Where does it end?
"Just say no," said Janet Bodnar, author of "Raising Money Smart Kids"
Many parents struggle with not buying their children what they desire when they can afford to do so. But "it has nothing to do with whether you can afford it," warned Neale Godfrey, author of "Money Still Doesn't Grow on Trees." "It has to do with the values you want to raise the kids with."
Let your child in on your spending decisions and convey the reasons behind the choices that you are making. Explain that "we are saving money for a vacation or something else," Bodnar said, who believes the biggest problem parents have is not talking to their kids about money.
Here are a few other suggestions to keep your kid from becoming a brat.
Starting when your kids are young, give them a simple lesson in finances. "Explain to them that the bank is a big piggy bank for Mom and Dad," Bodnar said, make sure they realize that the money you have in the bank is not limitless, but only as much as you have put in.
Even as early as three years old, your children begin to understand that money is the medium of exchange, which means that's when their financial education should start, according to Godfrey.
"It's easier if you start them at three than at 18," she said. But if you are already faced with disillusioned teens, it's not too late to teach them money-smart lessons."
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