Congress seems like a lost cause when it comes to balancing a budget, but child counselors say you can start teaching your kids how to save money and spend responsibly as early as preschool.

Trena Hickinbotham says the key is to teach kids early on the difference between NEEDS and WANTS.

She says parents shouldn't buy expensive gifts for kids year-round.

She says save that kind of thing for special occasions like Christmas and birthdays.

"If we go out and buy the latest gadgets the minute it's on the market, they don't ever have a need to learn to start saving and budgeting," Hickinbotham said.

She says another good trick is to buy your kids the basic version of an item like jeans, and then, if they want to upgrade to a name-brand, have them pay for the difference in price.