One of the finest lessons you can teach your children about money is to do some form of work for it. Perhaps you can categorize household tasks into different tiers: things you do so that the household can carry on its day-to-day activities (like keeping a clean room, taking out the trash, and making sure shoes and dirty clothes are put in proper places), simple chores with a small pay out (like vacuuming the house), and larger tasks to earn more money (mowing the lawn, washing the car, sanitizing the bathroom.)
Also, after your children have earned their money, teach them to put some away for long-term savings, short-term savings, spending, investing, and giving.
Parents, what valuable money lessons do you teach your kids? Share your answers with the eSmart Tax Community.