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As each of my daughters reached an appropriate age, around seven years old, I decided to teach them money-management skills. I would place the bills on the table and use Monopoly money to show them how our money was spent. By doing this, they learned that the small amount of money left over, if any, was the reason we could not go shopping for clothes, toys, or other entertainment, as often as they thought we should. Both daughters now use this method with their children. When doing so, they both also explained that having little or no money is what life will be like for them if they don't get their education. A good education will allow them to earn a better income, and with their knowledge of how to manage and budget money, they could have money left over. This method has worked excellently for all of us.

Handling finances should be taught to children. Children need to learn money management at an early age. All they know is "I want this" and "I want that." My method will help them avoid financial struggles in the future. Teenagers need these practices before they begin to work and want to purchase cell phones, clothes, and cars. Now is the best time to start educating them. My goal is for young people to understand how their early financial habits will affect their future success or failure. Learning to manage money and to maximize every dime of every dollar will certainly benefit them in the future.