From my earliest days of childhood, I always remember earning my own money. Whether it entailed earning an allowance by doing chores around the house or getting a part-time job as a teenager, my parents always made sure I knew the importance of money. My family was not well off by any means, so if I wanted something special, like a new pair of jeans or a pretty piece of jewelry, I was expected to pay for it myself. There were times when I thought this to be an unfair arrangement. I often felt envious of my friends who would just ask their mom or dad for an extra $20, just because. But in hindsight, I realize that my parents were giving me a greater gift than money. They were giving me the gift of good money management skills. A gift that has served me well throughout my life and a gift I plan to pass on to my children. The following are some guidelines that any parent can follow to help their own children become good money managers.

Start teaching them while their young

For the best results, financial issues should be discussed with your children as soon as they are able to understand the whole concept of money, about 3 or 4 years of age. This is the age where they can start to identify coins and understand their worth. You can even get them their first piggy bank so they have a special place to keep any money they may have. Explain to your children that “money doesn’t grow on trees” and stress to them the difference between saving money for things that we need and saving money for the things that we want. It’s important to teach these lessons at a young age because even the youngest child will tease to have mommy or daddy buy them a shiny new toy. Just remember that commercial marketers are no dummies and advertising that specifically targets kids is especially lucrative.