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Also set up an allowance system with your kids. Give them opportunities to earn their allowance through completion of tasks or chores, rather than just giving them money. Earning an allowance teaches children the value of money and encourages a stronger work ethic. You can help your children save and budget for things they would like to buy and even open a savings account together. By beginning to teach your children about money and budgets once they are old enough to count, you lay the foundation for financial responsibility.

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