Saving money is something you learn through life, but Sharod Waite, Financial Advisor with The Moneywise Guys, says starting early helps that much more.

"I think we have failed our children in teaching them some basic financial principles. In high school kids take a basic economics class but that's it," Waite said.

To help your children learn, parents can simply post a spreadsheet on the fridge to keep track of allowance and spending.

Parents can also download apps like "Spending" that track your child's account (which is linked to yours) and even allow them to go into debt and accrue interest. Waite said this teaches children to live within their means.

You can find other apps that teach kids smart spending here. 

Also, providing an allowance is something each family can decide. Some families feel they should provide an allowance along with having kids do regular chores (to show responsibility as a family member). Others have a set amount of money they award for each chore. Some parents also pay their children for good grades.

Waite suggests parents buy a stock or bond and frame it, to show the child how money appreciates, and give them pride in being a part owner of a company.