My four year old son got $10 for something the other day and I thought it would be a great opportunity to teach him some great money management habits. The first thing we did was break down how the money was to be divided.

The first dollar (ten percent) goes to Jesus. If you do not share our spiritual beliefs that's ok, just allocate the first ten percent to "Giving." I want him to learn that God comes first, and we need to be mindful of others and give to support worthy causes.

Then I told him, "Now you have $5 to use however you like. The other $4 is to save and make it get bigger to get something really big later."

If he will practice that for the rest of his life he should not have the money problems most face. If you want to start your kids out right and teach them financially sound habits this is a great way to start. And yes they can begin learning this as early as four years old.