(NewsUSA) - Teaching children about money is one of the greatest gifts you can give them. Start when they’re young with simple lessons like saving up to buy a toy. You can build upon those lessons as they get older and become responsible for things like buying their own car or preparing their finances for college.

Talking about money isn’t always easy, especially if you don’t trust your own money management skills. A CERTIFIED FINANCIAL PLANNER™ professional can boost your self-confidence and help you create a plan that supports your family members in understanding their finances.

Little Kids

When your kids are very young, stick to the basics. Explain three things you can do with money: Spend it, save it or give it away. Show them how to divide money they get from gifts or an allowance by putting a portion into savings or donating to a charity, and then allow them to spend the rest.

Also, share how you make money decisions for the family when you shop, cook and pay bills.

Teens

When teenagers get their first job, they get hands-on experience with budgeting. They learn to allocate money they earn to buy what they need, such as gas for their car. It’s also the perfect time to teach them about taxes. Go over their first paycheck and point out payroll deductions, explaining how the system works.

And when your teen is ready, introduce them to the magic of compound interest and the basics of investing.

College Students

Once your child reaches college age, engage in more straightforward money conversations. Discuss spending and cost-saving strategies. Go over student loan and credit card debt, making sure they understand their statements, interest rates, loan terms and repayment options.

Adult Children

With adult children, the type of money conversations you have will depend on whether they’re living on their own or with you. If your child still lives with you, strike a balance between helping them and protecting your own financial well-being, perhaps even drawing up a move-in agreement to keep everyone on the same page.

Regardless of where they live, speak to your children about your estate plan. Explain who you’ve designated to serve as your estate executor (the person responsible for distributing your estate and paying any remaining debts).

Make your children aware of the option of working with a CERTIFIED FINANCIAL PLANNER™ professional to build a more successful and financially secure future. To find a CFP^® professional near you, visit LetsMakeAPlan.org.