Money management. Sounds ominous, doesn’t it? But it isn’t really all that tough to teach your children good financial principles, and doing so will serve them well throughout their lives. Begin when they’re old enough to understand the purpose of money. Train them to spend some, save some, have fun with a little, and give some to God’s work.

The saving part comes first. If they get a dollar, place a dime in a piggy bank. That’s long-term savings—not to be touched. Put another dime into a jar to give to a church or ministry. Every few months, let the kids decide where that should be donated. Take a third dime for little extras: candy, the movies, or other completely frivolous possibilities. This “mad money fund” lets them have a little fun within their budget while protecting the primary nest egg. Finally, put the other seventy cents into a jar for them to spend for things they both need and want. This simple formula works, whether for one dollar or one thousand.

When they’re old enough, help them open savings and checking accounts. Show them how to create a written budget, save for purchases they really want, give to those less fortunate, and balance a checkbook.

Your efforts will carry much more weight as your kids see you managing your own finances well—regardless of whether you have plenty of money or barely enough to get by. It will make a strong impression if they see you spending wisely, putting money away in savings, and giving to those in need.

Unless your kids are planning to hide away in a monastery somewhere, money is and will continue to be a constant in their lives. While you still can, make sure they know how to make it work for them.