Wealth of Knowledge: Teach Your Kids About Money

Savvy Mom Strategies

"Our 12-year-old daughter gets $21 a month for her allowance: $7 goes to our church, $7 goes into a savings account and the final $7 is hers to spend however she wants. My parents did the same thing for me -- and I had about $1,200 to open a checking account when I was old enough!"

- Laura Amon, Coconut Creek, Florida

"We try to outdo ourselves by saving as much as possible every time we shop at the supermarket. I've taught my boys to always choose the item that's on sale -- but only when it's on our shopping list. When we check out, we always read the receipt to find out how much we've saved."

- Jen Singer, Kinnelon, New Jersey

"One good lesson is to compare what it means to be rich in different countries. I showed my kids an article where a girl says that her ballpoint pen is her most precious possession -- she saved up for months to buy it. It gave them a whole new perspective on the value of money."

- Beth Revis, Union Mills, North Carolina

Originally published in Ladies' Home Journal, February 2010.