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So, how do you start your kids on the road to good financial practices? Here are some suggestions:

1. Remember that every moment with your child is a teachable moment. For example, when driving to school, show them the prices on gas stations and explain why they change so often. Explain the prices using concepts of demand and supply.

2. Take your children grocery shopping. While in a store, tell them they need to buy something small — cereal, for example. Give them money and tell them to pick one and to do it wisely. If they can count money, ask them to complete the purchase transaction on their own. Discuss what they did right and what they can do better next time.

3. Take your children to the bank and open a savings account in their name and request an ATM card for them. Once you receive the card, show them how to deposit cash using an ATM. Once in a while, show them how cash is withdrawn. Ask them to keep a running total of their balance.