WSVN — Listen up parents, spending habits are not taught at school. So what do you do? Lynn Martinez has some tips from the experts in tonight’s Dollars and Sense.

Teaching kids how money works can be tough.

Tere Spiegel: “They expect money and they want it now and that’s not the way it goes. You have to earn it.”

Money experts say parents have to be the ones to teach money and spending habits.

Meg Green: “It’s a parent’s job to teach them early. As soon as a child understands that money buys something, and that’s a concept that’s kind of difficult.”

Finance expert Meg Green says it’s important for children to understand how money is earned.

Meg Green: “You also have to expect that child to be a participant in the family. You have to make your bed, you have to take out the garbage, you have to feed the dog. You don’t get paid for doing that.”

Meg says an allowance is fair as long as children understand they have to work for their pay.

Meg Green: “You might even have a little list in your house. Here’s extra activities. This is what you can earn by doing it.”

As children get older, you can teach them budgeting habits through life lessons.

Meg Green: “In high school you say, ‘You know what, I’m going to give you your lunch money up front. I’m going to give you that money for the mall up front. This is what you and I are going to negotiate.'”

And if they run out of that money, lesson learned.

Meg Green: “Let them fall down. Let them run out of money. Let them not have something that they really want.”

Tere says it works for her kids.

Tere Spiegel: “He’s spending his money that he’s worked for on it, so he’s going to take care of it. That’s the way he learns.”

Do not confuse giving money and gifts as a sign of love.

Meg Green: “Do I want to help them? Absolutely. Do I want to give to them? Yes. But don’t come and expect. I want that appreciation.”

The most important thing you can do is teach by example.

Tere Spiegel: “They see how hard mom and dad work. We go to work everyday.”

If these lessons are taught young, Meg says your children are more likely to become productive money smart adults. You will be thankful for that.

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