There are a lot of good reasons to teach your kids about money. For one, you don’t want your children repeating your financial mistakes. Also, if you raise financially savvy adults, chances are they won’t someday be asking you for money. By helping them, you’re helping yourself.

Teaching your children about money is also simply the right thing to do.

Whatever your motivations, it can be a challenge to figure out how to impart your hard-earned financial wisdom. For instance, at what age do you start? How deep into the weeds should you go? Is it better to show them how to manage money rather than just tell them?

[ READ: How to Save Money for Your Kids ]
How to Teach Your Kids About Money

As you can imagine, there are many approaches to teaching your child about money. Some parents believe in allowances; others don’t. Some companies market debit cards to elementary school children, and some parents think that’s an inappropriate age to be learning about a debit card, no matter how many parental controls are instituted.

What matters, of course, is what you think. But here a few general rules of the road:

Talk to your kids about money. Mitchell Kraus, founder of Capital Intelligence Associates in Santa Monica, California, echoes what many experts say: “The best way parents can teach their children good financial habits is by discussing the money decisions that they make.”

Kraus acknowledges that everyone makes different financial decisions, but you should at least discuss your thinking on spending and saving with your kids.

“Most Americans have a choice on how to spend their money,” he says. “Some choose nicer cars and houses. Some choose experiences. Going over the choices with your children helps them understand your values and that life is full of choices.”

Consider an allowance. There are good arguments for not giving your child an allowance. Some experts say children shouldn’t get paid for doing expected chores around the house. But as Kraus points out, “Giving a child a small allowance also helps children learn about making choices with their money.”

Continue discussing finances with your child and eventual teenager. Don’t make it a one-and-done conversation. “Where most parents stop short is following up with the children on how well those choices turned out and what choices they might want to make in the future,” Kraus says. “Across cultures, there are stories about great wealth being lost in three generations. The first generation works hard and lives on a tight budget to create the wealth. The second generation sees the hard work and sacrifice and understands that choices need to be made about money. The third generation has never heard a fight at the dinner table about money and tends to blow everything, not understanding its value.”

Get your child involved in charitable giving. This could be something you do at church, or you and your child could raise money for a good cause.

“Engaging your children in thoughtful philanthropy is a hands-on way to share your family’s values and teach your children about saving and giving back to their community,” says Ross Cohen, a certified financial planner and wealth advisor at Bartlett Wealth Management, a firm with offices in Cincinnati and Chicago.

Consider making earning money a competition. If you have more than one child, you could turn money-making into a contest.

“That always brings out the competitive nature of the kids. Whichever child saves the most gets the biggest special treat or bonus,” says Lamar Brabham, CEO of Noel Taylor Agency, a financial services firm in North Myrtle Beach, South Carolina.

Obviously, you want to make sure both kids will be good sports if they lose – and you could always have a series of contests, increasing the odds that both siblings may end up winning a competition.

It will help, though, if you make teaching your kids about finance fun, Brabham says, pointing out that a lot of adults find the world of finance less than enjoyable.

“Words like boring, confusing, complicated and scary are common when hearing someone describe money matters. You can imagine what children think of it,” he says.

Ideas for Your Kids to Earn Money Right Away

Another way for kids to learn a lot about money is by earning it. Depending on the age of your child, you may need to assist with some of these ideas.

Babysitting.
Yard work for a neighbor.
House and/or pet sit for vacationing neighbors.
Sell crafts on a website, such as Etsy.
Organize a yard or garage sale.
Shovel driveways for neighbors in the winter.
Do extra chores for money.
Wash neighbors’ cars.
Collect recyclables.
Tutoring.
Ideas for Teaching Your Kid About Money by Age Group

The earlier you teach your kids about money, the better, many experts say.

“Like physical exercise, financial exercise can become a habit that changes their life forever. Don’t wait. Start today. Your kids will thank you when they get older,” Brabham says.