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Never too soon to teach kids about money

Saturday - 10/19/2013, 8:32am  ET

WASHINGTON - You can start teaching your kids about money not long after they begin walking.

Beth Kobliner, author of "Get a Financial Life," says that once a child is three, you can start explaining that some things, like time spent with friends, are priceless, while other things, such as ice cream or gas at the gas station, cost money and have prices on them. "Pointing that out is really important," Kobliner says.

By the time they're six, you can introduce the concept of shopping around to different stores and going online to find lower prices and save money.

When they're teenagers, you can start talking about credit and the importance of "avoiding credit cards to buy things they can't afford."

And of course, like anything, kids learn best by example.

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