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As parents we all go through the same thoughts and feelings about our kids. We genuinely want them to do better than we did and to be more financially sound. But how do we teach financial responsibility to our kids in terms that they can understand and embrace? Here are a few tips that may help you show them how to make good money choices and to create future millionaires.
 

If you have younger children at home, it is so much easier to teach them how to save money early. When they understand the concept of money, many parents set up a three part savings system that incorporates 3 portions. A portion to one piggy bank for sharing; another portion to a piggy bank for saving and the final portion for spending. This works well because they can always see how their money is physically accumulating and they can understand visually.
 

Older children can graduate to their own savings account while following the same concept of portioning our a part for giving, saving and spending. Depending on the age, you may want to add in investing or moving money into a college fund that cannot be touched. Older kids can enjoy watching the number on the savings accounts grow and the encourages even more savings.
 

By showing your children how to save money, how to share and donate money to others and how to spend money wisely, the more ingrained it will become in your children and the more they will make smart money decisions in the future. It is a lesson that many adults wished they had learned as kids and struggle with today.