A funny story comes to mind about my son when he was about 5 years old. He assumed that since Mommy works at a bank, she can just get money out anytime she wants. Oh, if it were only that simple.

Fast forward about 7 years to the future – now he thinks that a credit card is the simple solution to anything we could ever want.

"Why, he asked me very innocently, "can't we get a Wii ?

I reminded him matter-of-factly that money doesn't grow on trees and, besides that, Wii's cost a lot of money. I thought that would end the discussion. This time, however, he'd been thinking a lot about his response.

"You have a credit card, he said. "Why can't you just buy it with your credit card? For some reason, he's convinced that a credit card is just like a gift card you get on your birthday. Someone gives you money to spend, so it's your duty to spend it.

I've fallen short of my parental role because what he really needs to know are the basics. Luckily, there's this great, online educational tool from Wells Fargo called the Hands on Banking® program that I haven't introduced him to yet (but it sounds like I need to start soon). The Hands on Banking program guides you through the fundamentals of smart money management, dividing learning into four different age groups: 4th & 5th grade Kids, 6th to 8th grade Teens, Young Adults and Adults. It's one of those things that I wish had been around when I was venturing into the world of credit – kind of like how I wish there'd been Wii's around when I was younger.

But don't feel too bad for my son. He may not have a Wii, but he is armed with the knowledge that it's something he has to work for to get.

Too bad Wii's don't grow on trees.

Editor's note: We're excited to benefit from Karen's customer insight (and killer dance moves) here on the Student LoanDown!