A quick reminder: Tonight is the 100th episode of Til Debt Do U$ Part on Slice @ 9:00 and the first airing of the show on CNBC in the U.S. @ 10:00 and 10:30. For new visitors joining us, welcome!

Here’s the 100th episode interview at TV Guide.

I talk about how important it is to teach our children about money a LOT.  And I practice what I preach. As we were on our way to the beach one day, Alex said, “I love these drives. I learn so much about money every time we head out to the beach! Funny, I didn’t realize the drives had turned into mini-lessons. But each time we’d start out, she’d ask some question that would set me on a roll.

You can teach your children about money in all types of situations: when you’re shopping, while you’re paying the bills, or even while you just out driving. It’s best when the kids’ ask a question that opens the door. But sometimes you can say something that gives your kids an “oh, really?” which they will follow with a question, and then you’re off to the races.

You may not always have a “lesson plan” at hand for what you want to teach, but if you have a good idea of how you want your kids to feel about, and deal with, their money, you always have a framework within which to work. And whether you’re talking to a child, a young adult, or some family member or friend who has yet to see the light, having a core set of messages makes it easier to avoid being distracted by the minutia. Here are mine:

1. It’s not how much you make, it’s how much you keep. I’m a saver by nature, and I’ve tried to instill the habit of saving in my kids from a really young age. If you always spend every red cent you make, it doesn’t matter how much you make, you’ll never have anything. And if you don’t have a something set aside, you have fewer options.

While it might be easy to save when times are good, the real test of your commitment will be to tighten your belt and do without something you really want so you can keep saving even when the money is thin. And since you can count on the fact that times won’t always be good, having something set aside for the leaner months or years can save your butt.

Saving is an investment in your future. Whether you’re saving for school, for an emergency, or for retirement, having money in the bank gives you choices. And there is nothing better in life to make you feel you are in control than having choices.

2. Credit is good. Debt is bad. It’s all well and good to go out and put a $120 dinner on a credit card, but if you don’t pay that balance off in full when the bill comes in, you’re just dumb. Why? Well, you had a nice dinner right? Then you went home and pooped! Dinner is gone. But the balance you’re carrying lives on.

Credit isn’t evil. It’s a tool that must be used carefully. Know the rules, and you can use credit to your advantage. Have no self-control and credit will turn into debt and eat your future. It’s easy to buy stuff on credit that we think we must have TODAY! But if you can’t afford to pay for it in full TODAY, then you’re simply indulging yourself. Unmanaged credit has a way of haunting you for eons. Look at all the people who miss a couple of payments and then watch their interest rates skyrocket because their credit score has gone into the tank. Do yourself a favour: outside of the things that will outlast the credit you may have to use, like a car or a house, don’t step into the quagmire of debt. Instead, use credit to your advantage – to build a good history, for example – so when there are things for which you must borrow you can do it on the best terms.

3. Keep talking, Keep learning. We aren’t shy about money in our house. We talk about how to use it. We talk about the mistakes we make. We learn from our mistakes. And all the while I try to impress on my kids that everybody has their own path to walk. Figuring out what’s important is the first step. The next step is doing something to make what’s important shine.

While I may do my best to teach my children about how money works, it will be up to them to pick up the reigns of their own financial education and keep learning. There are always new things to think about: new products are offered, new investment alternatives are created. If you aren’t constantly learning new and better ways to manage your money, then you’re just proving you don’t really care about it very much. There are tons of great books to read about finance.  And while they may decide that they do not want to be their own investment specialist, insurance specialist, estates specialist, they should at least learn about the choices they are making.

I hope that since it’s been okay to talk about money with me, my kids will also want to talk about money with their partners. Developing financial goals then laying out the plans for how to achieve them means you’re working together… and that’s really important if you want to stay married.

4. A good financial plan is balanced. If you prioritize home ownership over everything else – you don’t save for retirement, you don’t have enough insurance, you don’t have an emergency fund – it is only a matter of time before your plan falls apart. A sound financial plan has a firm foundation that covers all the bases. Putting all your eggs in one basket is a good way to see your plan scrambled if you stumble. (This applies just as much to your whole plan as it does to your investment portfolio.)

I know “financial freedom” is all the rage, but I’ve watch people sacrifice their present to try and achieve a financial goal without really ever understanding what they are giving up. If you’re just accumulating a crap-load of money in the bank, what’s that all about? I would much rather my children understand that balancing today’s needs and wants with tomorrow’s is the key to managing money well. Yes, they need to save so they have options. But if they prioritize more savings over having a life, then all they end up with in the end is lots of money. I’d rather have some money and some life, and I’d like to demonstrate how important that is to my children by showing them that you can save, spend sensibly, and have a great time too.

5. Be conscious about how you spend your money. I watch so many people blunder through their lives, spending money without thinking about it, and then crying about what they can’t have. If you’re operating without a plan – read “budget” – you’re at the whim of whatever you’re dealing with at the moment. Without a plan, it’s pretty tough to stay focused on the big picture. Sure you’re burnt out and would love a vacation, or you’ve been studying your nuts off and would love a night out with friends, but if you’re spending next week’s rent money, grocery money, or telephone bill money to do it, you’re going to be very sorry.

Having a budget means you’re making a conscious decision about how you really want to spend your money.  It is about being aware of how much you have, and prioritizing thoughtfully so you can cover the bases on the things that are important to you.  It isn’t about “doing without.” It’s about “living within” (your means).

Okay, your turn. What are your top five money lessons — the things that form the core of your financial philosophy?