But she's not the only one in the family making sacrifices.

Her 9-year-old daughter Maggie is finding it harder to get the clothes, toys and other extras that mom usually buys for her.

"Right now I can still afford to give her the things she wants," Shannon Morgan explained. "But I don't know if I'll be able to do that at this time next year. So she needs to get used to that."

Local parents are finding themselves strapped for cash thanks to the tough economy. Consequently, their children are learning what it's like to have to cut back.

Financial experts are preaching the saving mantra "wants versus needs," but it can be a difficult concept for teens to grasp, especially when those around them seem to be getting both.

"There's peer pressure because a lot of other kids have nice things," said Lynn Jones, a West Creek mother of two. "It's hard, especially when you see everyone around you with BMWs and Hollister (clothing)."

The easiest way for teens to keep up appearances is to hit mom and dad up for money on the way out the door.

"My parents give me money when I ask for it, to a limit," Ashlee Mazer, 14, of Galloway Township said. "If I'm going to the mall they'll give me . But if it's a bigger event they'll give me more."

If there's no cash, there's always plastic.

A recent study by the Jump$tart Coalition for Personal Financial Literacy found that 53.5 percent of surveyed high school student use a debit card, up from 35.9 percent in 2002. About 34.7 percent of students said they use a credit card, up from 32.2 percent in 2002.

"A lot of children today have credit cards in their childhood and early teens, and debit cards very early," said Dr. James Roberts, a professor at Hankamer School of Business at Baylor University in Texas. "(Children) are a lot more responsible for how a family budget is spent and given a lot more access to money."

But while children are being given access to more money at a younger age, they aren't getting the big talk about financial responsibility.

"Two of the things we're not good at as parents is talking to kids about sex and money," said Kristan Leatherman, co-author of "Millionaire Babies or Bankrupt Brats: Love and Logic Solutions to Teaching Kids About Money." "But if there's a silver lining to this financial crisis, it's that we now know we need to do a better job of explaining to children the meaning and value of money."

The best thing parents can do, according to experts, is to include their children in as many financial decisions as possible.

When Roberts and his wife bought a house several years ago, they brought their young daughters (then ages 5 and 7) to every open house, and even had them sign miniature versions of the official contracts at the closing.

"I would rather have them involved and not understand clearly everything that we say, rather than wait until they're old enough to drive a car," Roberts said. "You'd lose a lot of golden opportunities to teach."

With the economic crisis and bailout plan getting top billing in the news, parents are taking the opportunity to use it as a teaching tool for their children.

"We talked about it last night," said Dan McGinnis, a father of two from Egg Harbor City. "I explained that it all went back to being responsible (with money). Just because people are willing to loan you money, doesn't mean you have to take it."

Leatherman also advises against keeping money completely out of a child's reach. Giving an 8-year-old a weekly allowance for personal purchases like books and CDs can go a long way in teaching about saving.

"We give pencils for kids to learn how to write. We give books to them to learn how to read," Leatherman said. "Doesn't it make sense we give them money so they learn how to manage it wisely?"

Some steps are being taken outside of the home to promote financial literacy among children and teens. Last week the state assembly approved a bill that would establish a pilot program offering personal financial literacy courses in six high schools across the state. Ocean City High School already requires student to take a half-year financial literacy course, while several high schools offer a similar course as an elective.

Local parents are also advising their children to start working as soon as possible to earn money for things they want.

Jackie Akeret encouraged her 16-year-old son Kevin to get a job bussing tables at the Smithville Inn to pay for trips to the movies, a new cell phone and gas for the car he hopes to be driving next year.

"We keep telling him he's going to be driving next summer," said Akeret, of Galloway Township. "If he doesn't have cash in the bank he's not going to get too far.

Jones follows a similar course with her two children, helping out with large purchases like prom expenses and school trips, but leaving them on their own when it comes to clothes and cars.

"My daughter was complaining the other day that she has the oldest car in the parking lot (at Pinelands Regional High School)," Jones laughed. "But that's just the way it goes."