The strategy: To teach my children about money.
How do I do that? There are plenty of tips and each family is different, but the overwhelming consensus is that you start by talking openly about money with your children - making them part of the family finances.
There was some debate recently about an initiative by the government's MoneySmart program to provide a package for teaching primary school children about basic money matters. But MoneySmart was spot on: the sooner your children learn good financial habits, the more likely they are to keep them when they get older.
MoneySmart also has some great tips on its website - moneysmart.gov.au - to help parents get their children started. It suggests, for example, that even preschoolers can learn the value of money and saving.
Try showing them just what $5 will buy when you go shopping - a couple of small items or a single one.
Even if your children are too young to count properly, they can benefit from seeing money build up in a piggy bank.
When you take them shopping, MoneySmart advises, talk about the difference between things they want and things they need. Over time, they will come to learn about prioritising spending so that the essentials are purchased first, and any leftover money can be used to buy indulgences.
What about pocket money? Pocket money can cause headaches for many parents. How much is too much? What do you do if your daughter's best friend gets more pocket money than she does? There are no wrong and right answers, and the ''right'' amount of pocket money will depend on what your child will spend it on. If the deal is that your child pays for things like movies and school lunches, you can obviously justify more than if the money is simply for extras.
MoneySmart says pocket money is a great way to teach children that money has to be earnt - that it doesn't grow in ATMs!
Draw up a job chart with a small amount of money for each chore that they do. If your children are saving for something special, they can earn the ticks for the jobs much faster.
How do I get them to save rather than just spend their money? Setting up a bank account for your children is also important in encouraging them to save.
Online financial comparison site RateCity lists a number of banks and mutuals that offer good accounts for children, with many of them rewarding saving by paying higher interest. Suncorp's Kids Savings account, for example, pays 4.75 per cent interest if your child deposits $20 a month and only makes one withdrawal. MECU pays 4.5 per cent for a minimum $10 deposit and no withdrawals, and the Commonwealth Bank's Youthsaver account pays 4.01 per cent if you make one deposit and no withdrawals.
Help your children save for special purchases by discussing how long it will take them to save a certain amount if they put aside different sums from their pocket money. MoneySmart, and the the banks themselves, all have good savings calculators you can play with.
MoneySmart also advises setting a family savings goal, such as a holiday, and using it to involve the children in the family finances. And it suggests pocket money be paid in a combination of notes and coins so children can immediately put some aside for saving.
Other handy tips include sending older children to do the grocery shopping with a list and a fixed amount of money. They get to keep any money left over. Let smaller children pay for small purchases at the checkout and check that they have been given the correct change. Show your children how to read household bills and statements and, when your child is old enough, encourage them to get a part-time job and draw up a budget.