You don’t have to be a financial expert to teach your children good money habits, argues personal finance expert Mary Hunt, author of Raising Financially Confident Kids. Begin early and by modeling good money skills in front of your children, like using cash instead of credit. Allowances are OK, but if your child runs out before the week is up, don’t loan them more money. Teach them the difference between needs and wants; take them shopping with you; and have them visit a bank.

Read the story.