Jar of coins

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Make Charitable Giving a Priority
Talk with your children about the importance of giving to others and help them choose charities they want to donate to on a regular basis. Use the envelope system or a special jar to help your child watch their cash donation grow, Chick says. "Then, put the kids in the car, go [to the charity's headquarters] and let them see and feel the emotional part of giving, and they get some sense of how [their contribution] will be used," Chick says. "That is all part of our responsibility as parents."

How and when to give your child an allowance

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The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.

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