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Many parents have struggled for years to understand this answer. There is one principle that you can teach your kids. It is called GSS principle. Teach them how to give, how to save, and how to spend. If you use this, you will give them the greatest financial principle for life.
Here are some more suggestions:
- Give them money for chores around the house, allowances or reward them for excellent grades.
- Encourage them to save the money that you are given them in a bank account. Many parents wait too late to open a checking/savings account for their children. This will give them a sense of responsibility.
- Use the GSS principle with them. Allow them to give some of it away by tithing to their church or by donating to the less needy. Teach them the value of giving to others less fortunate. Their mindset will change once you do.
- Give them the option to either save or spend their money. By allowing them to save or spend their money, they will choose what to do with it. Enforce spending within their means.
- Teach them the priorities of having a goal for their money.
- Play games with them such as Monopoly. Although fun, these games will allow them to understand about money at a quicker pace than their counter parts.