Times are challenging for many families, especially with back-to-school shopping. With that, now might be a good time to teach children about financial literacy.

That’s according to Nancy Snedden, President of BDO and host of Your Money on VOCM.

She says this is a great time to teach kids about how they should be looking at money and how to prioritize needs vs wants.

Snedden suggests getting kids involved in setting the back-to-school budget so they understand that, for example, if they want a specific backpack they will need to cut back their spending somewhere else.

She says to look for those teachable moments to help kids learn about money.