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Many of the best lessons we can learn about personal finance are taught when we are very young. By laying a strong financial foundation for your children, you can help shield them from making catastrophic financial decisions in the future. There are some great options available out there that can help any child learn more about money, how to handle it and how to respect it.

There is a lot to be said for a paper route, or even earning money for doing chores. Instead of handing out an allowance as an obligation, teach your kids to respect that money by having them work for it. We’re not saying put your three year old to work scrubbing floors, but once your kids are around the age of 9 or 10, they should be able to start grasping the concept of work = money.

This can have a pleasant side effect of reducing spoiling, and will help your children realize that hard work does pay off. Introduce the concept of bonuses early on and they will be able to stay motivated and keep on track. But you can just stop here. Now that your kids have money, they need to know what to do with it.

The best solution is to open up a kid-friendly checking account. Most banks now offer options for children’s accounts and this can instill a brand new sense of responsibility. Open an account with your child and make sure they understand the basic principle of not spending what you don’t have.

They may need to learn this the hard way, but over time, this first checking account will open up many new horizons for them. Stay on top of what they are spending and offer advice when necessary. The next step is to introduce the concept of budgeting. Now that they have money, and a place to put it, they will need to decide how they want to spend it.

This is a great opportunity to teach children about what to buy and how to determine whether or not a purchase is really worth the effort that went into earning that money. Grab a notebook and have your child draw up a wish list of what they would like to buy with that money. Once they’re done, you can go over the list and help them figure out what it will take to earn each item. Chances are, once they consider how many hours it takes to earn a pair of jeans, they’ll start gaining more respect for money and work.

Last but not least, it is vital to teach children how to grow their money. Open up an interest bearing savings account in your own name, and deposit their savings fund into it. Describe how the process works and keep them updated on how much interest they are earning. Again, this is a powerful motivator and can help a child learn more about how to make money when they are adults. All the work that you put in now will have a big impact on their future.

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The whole process of saving money is usually associated with pinching pennies until they scream for mercy, living on food from dented cans and basically giving up everything for a future goal. While this will indeed help you put more money away, saving does not need to mean hardship. We rounded up some of the easiest and painless ways that you can start saving money right now, without feeling the pinch.

1. Transfer high interest balances.

One of the easiest ways to save a lot of money over time is to transfer any high interest credit card debt that you may have to a card with a better rate. Watch out for introductory rate changes, and remember that in some cases, this technique may hurt your overall credit rating until you get the balance paid down. This is best for those that have the ability to make payments on time and have credit card debt that is less than $7500.

2. Create an emergency fund in your own checking account.

Write yourself a check for a few hundred dollars, deduct it, but don’t cash it. Do this every month and you’ll be shocked at how much you’ve managed to sock away. This works on the basic principle of out of sight, out of mind, and can be very effective. However, you’ve got to be disciplined enough not to cash that check or add the money back in. Keep doing this for a few months and you’ll have saved up quite a lot.

3. Don’t forget your rebates.

A rebate usually pulls us in and convinces us to buy a product, but thousands fail to actually go through the process of getting that rebate. Take a little time to send that in and put the money aside. With a little smart shopping, this can add up into a nice little savings account and you’re not out anything but a stamp and a few minutes of time.

4. Start out small.

One really great trick to try for those that don’t have a lot of wiggle room in their accounts is to put aside the equivalent of one hour of pay each week. It may not sound like a lot, but over time this will add up. It’s also small enough that you’re really not going to miss that money much. If possible, have your bank do this automatically so there is less temptation to blow your entire paycheck.

5. Save your change.

Waitresses fund vacations every year on pennies, so why can’t you. Every time you get home, immediately empty your pockets and put the change in a jar. You will be absolutely amazed at how much you can save without even thinking about it using this method. It is common to find a few thousand in there at the end of the year.

These five easy methods will help you form good savings habits now, which can lead to saving even more money ten years from now.

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