I'm glad you were able to learn from your parents' mistake! I'm working on a similar money-smarts piece and I think a key component of smart finances is resisting that urge for instant gratification. Questions I like to ask are: do I absolutely need this product or do I just want it? Will I use it 1 year from now, 5 years from now? Also, realizing that your financial choices impact more than you is sooo powerful. I'm not obligated to support my parents, but I would like to have the ability to in case they need advanced care in their old age. I also want to make enough money to give a decent amount to charity.