Editor’s note: This is a transcript of the audio file.

Most everyone has a money lesson or two they’ve learned throughout their life. Whether you did chores as a child, had to make good grades or start a savings account … your parents probably tried to steer you in the right financial direction. I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.

Want your kids to be money smart? Then you need to get them involved in all things financial at a young age.

  • Explain to your children why you work and what that money provides to them and the whole family. Their toys, clothes, food and home all come from your hard work.
  • Giving your kids a piggy bank to fill will help them understand the three lessons of giving, saving, and spending. They need to give their time, to gain their allowance if they want to buy something.
  • Get your kids involved in the family shopping. Have them make lists, check prices, cut coupons.
  • Develop a budget together that includes short and long-term goals. A long term goal could be a bike or a family vacation. They will quickly learn the value of every item and prioritize what they really want or need.

Do you need to brush up on your financial smarts? Just log onto Bankrate.com. I’m Kristin Arnold.