Kids have a different sense of time when it comes to money. They live in the present. So instead of talking about long-term savings goals, start with short-term ones for the things they want.
One helpful site is Moonjar: www.moonjar.com. Moonjar's "moneyboxes" were created as a tool for children and families to incorporate strong financial values and practices into their daily lives. Launched in 2001 by Eulalie M. Scandiuzzi of Seattle, Moonjar moneyboxes are used in homes and schools around the world.
These moneyboxes are divided into three key categories; spend, save and share. You and your children create a budget and decide together how to split allowances into these three boxes. Let your children decide when and what they want to "spend" their on, and how much they want to put into the "save" box. Also discuss to whom they want to give their "share" earnings, such as to an animal shelter or on school supplies for underprivileged children. Remember to let your children make and learn from their mistakes.
If you'd like professional help in teaching your child about money, look for local finance or business camps for kids at The Money Camp (www.themoneycamp.com) which offers programs for kids and for adults at several locations nationwide.
For an Internet based "camp", visit TeachingKidsBusiness: www.teachingkidsbusiness.com. Sessions are based on the book "Kids' Guide to Business".
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