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Q: How do we go about teaching our kids the value of money?

Diana says...
This is an ongoing challenge for parents: One strategy that works for many families is to set up two different piggy banks for each child. Money received from allowance and gifts can be divided up into a spend-it-on-anything bank and a savings bank for something more expensive, like a new bicycle. For the longer-term money jar, discuss a percentage to sock away each time, and watch the money grow. The kids will make mistakes along the way, but they’ll learn important hands-on lessons.

Diana Cawfield is an award-winning financial writer with more than 10 years experience. Send her your questions here.