Because younger kids and teenagers don’t pay bills, they understandably can’t comprehend the value of a dollar. Cut to: them constantly asking their parents for money. Maybe this scenario sounds uncomfortably familiar and you give your kids money each time they ask. Unfortunately, this behavior doesn’t teach healthy money skills. Although your kids won’t be financially independent until the future, it’s never too early to start teaching them budgeting for kids and saving skills.

1. Look for loose change. Get a jar or piggy bank for your younger kids and have them collect loose change in these containers. They might look in-between the sofa cushions, look for change when walking on the sidewalk or check the car. Once the jar or piggy bank is filled with coins, roll and take the coins to the bank. Open a bank account for your child and deposit half the money in the account. Let him spend the other half on something special, such as a toy or candy.

2. Shop clearance and discounts. If you regularly shop shops and look for coupons, your children will follow your lead. For example, you might search for Nordstrom coupons as opposed to paying full price. But this doesn’t only apply to clothes. Spend smartly even when you’re grocery shopping. Clip food coupons, buy generic and shop grocery sales.

3. Purchase online. Retail stores have a lot of overhead and they have to markup their prices to cover expenses. Because online retailers have less overhead, they can afford to charge less for merchandise. The Internet is the perfect place to comparison shop and enjoy amazing discounts. And if buying from a retailer’s website, coupon codes can save you additional cash. For example, enter coupon codes for Nordstrom at checkout and you might enjoy free shipping or other perks. The Internet also lets you shop auction sites and classified ad sites.

4. Be a good financial role model. Let your actions communicate the benefits of budgeting and saving. Be open about mistakes you’ve made in the past and steer your kids in a different direction. For example, you might discuss the importance of avoiding credit card debt and offer practical tips. I Found This Interesting guide on debt repayment scheme. Additionally, you might encourage your kid to donate some of his allowance to a charity.

Teaching the fundamentals of personal finance can put your children on the right path. Financial education is the responsibility of parents. If you discuss money topics in the home and incorporate exercises to teach good money habits, your kids will have a solid understanding of budgeting and saving.

Disclosure:  This is partnered post.