Under 7. When children are first learning about money, teach them the value by breaking holiday or gift money up into different envelopes or sections.  Explain the value of saving. Help them break their money up into spending, saving and giving.  Depending on their preferences, choose a group they can donate their money to.  You can even purchase an item with that money and donate that item to charity.  That way, when you are in a store you can make a learning moment out of spending.  Say things like, this item costs ten dollars.  Do you know how much ten dollars is?  Remember that stuffed animal you donated to the hospital, that was ten dollars. 

       Ages 7-12.  This is prime chores and allowance time.  Make a chart and decide with your children the value of their chores.  This is an important part of growing up and learning the value of money.  Don’t forget to stick with whatever agreement you made.  Unfortunately, this is also prime time for parents to begin enabling characteristics.  If you want your children to know the value of an honest days work, you must make sure they only get the benefit after they have proven themselves productive.

       Ages 12-18.  By far the roughest time in a child’s relationship with a parent.  They are growing more independent while you are trying to instill the last bits of all you have to teach them.  Continue with allowance and chores, but also discuss the future with your children.  Talk about careers and the type of lifestyle those careers afford. Build value in money by letting your child save up for special purchases.  Include the value of interest and matching by incorporating that into their personal savings program. 

       Ages 18 and beyond.  Once your child is out of your home, they have likely already developed their spending style.  The wisest course of action is to be clear and up front about your expectations and try your hardest to stick with them.  Obviously if your child comes upon hard times you will want to help them out.  The key is not to get in a cycle where you are enabling them. 

       Instilling a strong savings ethic is one of the very best gifts you can give your children.  As they grow up and begin to build a life on their own, they will appreciate you for your diligence in this area. For those of you who are stuck enabling your children with your finances, consider asking for help from your spouse or other people in your support system.  The quicker you cut this tie the better.  It might be a difficult transition, but teaching the value of money is a lesson for a child of any age.

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