Ages 5 to 10:

• Begin giving your children a weekly allowance to offer hands-on money management experience. An allowance makes it easier to learn how to save because children know they’ll get a set amount of money on a regular basis.

• Let your children save for and buy something they really want. Savings habits are only reinforced with rewards, so saving must be tied to spending.

• Set up three coin banks labeled "Spend," "Save," and "Share." Have children contribute a portion of their allowance and cash gifts to each to teach them how to spend wisely, save regularly, and give to others. When the "save" coin bank builds up, take children to open their first credit union savings account.

• Provide opportunities to earn extra money by doing additional household jobs - those above their regular responsibilities.

• Include children on shopping trips to help teach them what things cost and smart-shopping techniques. Let them help compare product qualities, prices, return policies, and warranties.

• Request a free copy of the 12-page smart-shopping activity booklet for preteens, The Real Deal, from the Federal Trade Commission and the National Association of Attorneys General (800-769-7960).

• Encourage odd jobs such as baby-sitting, yard work, or pet care. And encourage children to use their own money to buy beyond-the-basics clothing and accessories.

Ages 15 to 18:

• Begin to discuss saving plans for upcoming goals, such as college and cars.

• Consider giving teens a seasonal clothing allowance, beyond their regular allowance. After setting guidelines and limits, let them make their own choices.

• Consider helping financially responsible teens get their own share draft/checking account. And consider letting financially responsible older teens use your credit or debit card, or get their own with your cosignature.