The basics of finance are absolutely important. They should be taught as early as possible so that later in life, children can grow into financially responsible adults. Money does not grow on trees and most children believe that this is the case, if not trees then some other fairy tale.
Saving:
Buy a piggy bank for your child. Buy one that is clear so that they can see their savings adding up. Give them chores to do so that they can earn money to put into their piggy bank. Once they fill up their piggy bank, take them to a bank and allow them to be a part of the experience of depositing the money into a savings account. Let them carry the deposit slip around for as long as they want. They will be excited that they got to do something so adult like and will likely be eager to do it again.
Charge Them:
Children do not have a clue about bills. As well they should not at an early age, but after they reach about thirteen years old it is time to start teaching them that the “things” in life are not free. We have to pay to have “things”. Assuming you give them a decent allowance, you can charge them a percentage of their cell phone bill or a percentage of the cable bill. Allow them to look at the statement with you an figure out what the total is that they must pay.
You will not only be teaching your children about finances, but you will be reinforcing the math skills that they learn in school and a lot about the realities of life. They will become more conscientious about what they spend their money on and they will have you to thank when they become financially responsible adults. Children are never to young to learn how to save money, that is why we have piggy banks.