Teach your children the wisdom to save their money and the value of frugality. It is important for them to earn their own money and invest it in things that they find valuable. Encourage them to spend wisely and to take care of the things they spend their money on. Start with a chore chart. Give them a small allowance and have them store it somewhere safe. Then when your child asks you to buy them a special toy or article of clothing have them buy it with their own money. Not only will they feel proud of their independence but this will teach them how to be responsible with money.