[jhd815]

I've read about a few methods that parents have used with their children.

One method is to teach them that things cost money. The way you do this is by giving your child a checking account register (which you can get from any local bank) and use this to keep track of their savings or money earned or given from an allowance (or salary).

Teach them that if they want that new video game or article of clothing or whatever that they will need to save enough first to purchase it. Then when they have the money to buy it, they must subtract that amount from their account register.

This has several effects: 1) They see how quickly they spend or accumulate money or funds; 2) They see clearly how they are spending their money; and 3) It might even get them to not spend their money but instead save it. Once they see how long it takes to save for whatever item it is that they want, they may lose interest in it or they might begin to make judgements about their needs vs. their wants.

You could also teach them about saving and interest by setting up an online savings account with ING or some other institution.

Just one idea that I've read about that sounds like a pretty good idea. I'd use it if I had children.