Setting up accounts for children is helpful, but what good are they if our kids don't know the value of a dollar? Good spending habits are just as important as good savings habits. Certified public accountant Kary Bartmasser recommends a good old-fashioned piggy bank. By putting allowance and other regular money into the piggy bank, kids can learn how to save for what they want, rather than hitting up the Bank of Mom and Dad every time they wish to purchase the latest toy or video game. When the money is gone, they have to save again until they achieve their goal.

Loye Rose of Belle Mead, N.J., took it a step further. When her daughter began college, she was given a debit card in order to purchase necessities. "The purpose of this was twofold," says Rose. "On the one hand, to teach her about budgeting, and on the other, to save her from the (attractive) pitfall of having poor credit from overspending." Her efforts were rewarded when she watched her daughter handle her first credit card in an adult and responsible manner.

This is something that can't be taught too early. Learning the value of a dollar is a lesson from which children of all ages can benefit.