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I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores - it's a great way to impart the value of money to your children.

These days kids get paid enough that they probably don't need to work too much. The problem is when the person is old enough that they need to work to make a living, and the only thing that they know how to do is what they are already washed up in.

You have to teach children about money intentionally - create teachable moments.

The easiest way for your children to learn about money is for you not to have any.

Young children need to develop good habits that will be useful to them the rest of their lives. It is important to keep the lessons age-appropriate. For example, when your children start earning allowances, that would be a good time to teach them how to put some money in the bank instead of spending it all.

In the past, I never gave money to my children when they were young in return for nothing. When one of them approached me to give them cash, I asked them to do some work in exchange for it.

Sometimes as a parent, you have to give your child that doesn't do his or her chores some tough love and withhold the allowance.

It is critical that kids start to learn the value of money, short-term and long-term saving and budgeting at an early age.

When you're a child, you take things for granted. For instance, my mum didn't have a lot of money, but I went to piano, ballet and gymnastics lessons, and tae kwon do.