3. Look for everyday teaching opportunities.

When questions or other learning opportunities arise, whether at the grocery store, the gas station, or during dinner, parents should seize the opportunity to use these everyday situations to teach their children about money. Small lessons during everyday life can have a significant long-term effect.

4. Tell stories and teach valuable lessons from mistakes.

Telling stories, whether personal or fictional, helps to create visual images and emotions that enhance memory and learning. Telling personal stories of past financial mistakes (and letting children make mistakes themselves) can lead to valuable life lessons, and allows them to learn and grow from their mistakes.

5. Encourage creative entrepreneurial thinking.

Parents should give their children opportunities to problem solve. If they want to buy an item they don't have enough money for, ask them to suggest ways that they may be able to earn the extra money. If they are determined to get the item, they will take action to earn and save for it.

6. Set goals.

Goal setting is a key factor for life success. As children work toward specific goals, they learn the action steps necessary to achieve those goals. Parents need to give their children the opportunity to set and achieve small goals so they are inspired and feel confident in pursuing their bigger dreams.

7. Provide financial tools.

Wish lists, file folders, tracking sheets, and other financial tools help decision-making and organization. They also encourage children to keep track of their expenses.