Consider the following tips to teach your children how to save, and spend, their money wisely – and remember that it’s never too early to do so!

• Show your children how your family saves money. You don’t have to reveal the intimate details of your finances, but even young children will appreciate an explanation of how you and your spouse plan to save for your Christmas shopping. If you are working towards saving money for your child’s education, provide and age-appropriate explanation of this as well.
• Have your children create a budget with categories such as new toys, entertainment, or birthday gifts for friends and family. At the end off each month, sit down and revise the budget as necessary to help your children gain a better understanding of how they are spending their money.
• Don’t be afraid to let your children make mistakes. If your child has been saving for a new video game that will be released at the end of May, and he wants to waste his pocket money on luxuries at the beginning of April, let him learn that his actions will have consequences.