Money Management is a crucial survival skill for anyone in the world today-and beginning to teach those skills to our children is something better started sooner rather than later!
As with many things, money management lessons are best learned somewhat casually as a part of the experiences of daily life: when going to the store together, when discussing buying a discretionary item, when receiving a monetary gift, etc.
Share with your children your own monetary management principles and help them to implement them at their own level. For example, teach your children to save and to share with others (and, if that is your family's practice, with your house of worship). Setting a 10-10-80 goal is a good place to start: 10% each to saving and church or charity and 80% to "living" expenses.
Of course, for children to learn to manage money, they have to have some, either through an allowance, earnings or both. And when they want money that is not part of their earnings or allowance, they can work to earn the extra they need. That's the way most of us get "extra money" most responsibly. Borrowing is not a good habit for young children to establish!
When children are early teens, they can go through the junk mail credit card offerings and discuss the pros and cons of credit cards and credit card "loans". As you feel it appropriate (and their age permits), share information about family finances and encourage your children to suggest ways to save or "stretch" your dollars.
Teach your children good money management skills (and model them, too) and you'll do your children a great service that will serve them well all their lives.
