If you want to know how soon you should explain the intricacies of money and budgeting to your children, here's the answer: as soon as they understand that they can use the money to buy the things they want. When they show some interest, you can start teaching them how to handle it wisely. The simple lessons you teach today will give your child a good base in financial literacy.

Read on and see how these tips can help you teach your child to be money smart at a young age.

Read these other articles for more tips on saving:

• Be Money Wise: 8 Money-Saving Schemes Anyone Can Do
• 4 Steps to Slashing Your Household Bills
• 10 Back-to-School Tipid Tips That Work!

(First published in Good Housekeeping Magazine, Money section as "Money Wisdom" in June 2006; adapted for use in Female Network)

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