2. Learn them about basic economics.
“Mom, can you buy me that Icecream?”, “Dad, I would like to have that football!”. What most parents do is buy their kids what they ask for. But have you ever considered giving your child the money and let him/her buy something by themselves? It may be a good idea. So, if your son wants to buy a ball, you can advise him that with that money, he can instead buy a cheaper ball and save some money to buy something else. The purpose of this is for your kid to learn how to basically manage some money. They will need this skill in the future. Themint.org is a good option for parents on how to organize their financial lessons for their kids.