Along with your spouse, the next family members that should be aware of finances is your children. Kids need to have a grasp on what is and what isn’t something needed and that will help them with their spending habits the rest of their lives. Real Simple magazine’s November issue suggests starting those conversations as soon as they start to understand how much things cost and that’s usually early elementary school. According to a study by Schwab and the Boys and Girls Clubs of America, 60 percent of the teens surveyed  said that learning about money management is a priority.

Print out a copy of your family budget.

Go over it with your kids and show them where the money goes each month. If you don’t have a budget for the family, you can get a free one at Microsoft Office’s website. Search for “family monthly budget planner” and work on it together.

Discuss the plans for college.

College is expensive and the average annual cost is about $25,000 for a private school and $6,500 for a public one. Parents should keep in mind how to help their sons or daughters afford it, says the article.  When you have your child, talk to your spouse about college and start saving as soon as you can. When they get to middle school or so, talk about the costs. Saving for College can help you get started.

Consider a credit card.

At the end of high school, you want to make sure your child can be responsible and handle a credit card. I remember being in college and everywhere you went companies were hassling you to open an account and would give out free t-shirts and other items. According to Real Simple, the average credit card debt for college students is $3,173.  To teach them some responsibility you can add them to your card and set a limit. Explain the ins and outs of using one. Show your kids the proper way to use it and pay it off.