Where does your child believe money comes from? Does your child think that money is a little plastic card in your wallet or that it grows on trees?  If so, it is probably time you started to educate your child about money, what it means, and the proper way to use it.  If for some reason you are not setting the best example with money, why don't you and your child get educated together on how to manage money?  Whether you want to admit it or not, you are coaching your child daily on how to manage or mismanage money.  If you want to teach your child about money, as a parent, you should be practicing sound money concepts as well.  Below are some basic steps that are easy, feasible, and painless to implement with money.  If you apply some of these small actions, you will be amazed how it will change you and your child's lives.  

Have your child work.

My daughter is 10 years old. She doesn't get an allowance, so she started a business. She came up with a price list for me to pay her for chores like dusting, vacuuming, and redoing my appointment calendar each month. She also has a customer across the street that pays her $10 to vacuum her home.  It takes her 30 minutes.  That is more then $10 per hour.  I'm frugal, but my daughter has expensive taste. She loves American Girl products, but I won't purchase them for her.  Therefore, she saves her money and buys items as she can.  Working improves a child's self-esteem.  Also, it gives them a good work ethic, teaches them to take pride in their work, and how to save for what they want.

Take your child grocery shopping.

My husband always takes my daughter grocery shopping with him.  He has a list with normal prices, and they check the list for items to purchase and price increases.  Also, he shows her how to check the ingredients and expiration dates.  She always knows how much things cost, if something is overpriced, and why buying a cheaper brand is "usually" the best choice.  

Give limits on spending.

When shopping for clothing or shoes, give your child spending perimeters. Let them know you will shell out a certain amount for an item, but they have to make up the difference with their own money.  For example, if a dress is $25.00 and the budget is $20.00, your child will pay the additional $5.00. Also, take them to garage sales or thrift store with a spending budget.  Your child may surprise you with what they are able to do with their money.  

Have your child save money.  

Start a savings account for your child with birthday and Christmas money. Each month have them put a certain amount from their allowance or chore money in a savings account.  When the monthly statement comes each month, go over it with your child.  Educate your child on how to save, spend, and give money.  Have them think about what they are saving for both short-term and long-term.  For example, maybe your child is savings for college, a business, or a down payment on a first home.  Or it could be for their favorite book or game. Regardless, it is their money to save and dream with.  

When you educate your child about money, you are teaching them valuable life skills.  If you don’t teach them about money, budgeting and debt, who will?  

Sharman Lawson  a columnist on Fabulously40, and a financial coach, speaker, and author of the book 12 Steps to Eliminate Debt Forever! Visit her website.