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Before you send your kids off to college, they need to learn about the value of money. Ideally, it starts at an early age; but if you haven’t started, there’s no time like the present!

When your kids are away at college they are going to be responsible for their own spending (and saving). There will be offers galore from credit card companies because college students are their biggest target market. If they hook them while in college it usually means they have them for the rest of their lives.

My parents never taught me these lessons and I wish they had. I never did chores, had to save for anything I wanted, or learned how to use credit wisely. I have to admit I didn’t do the best in this area of parenting either. But I have learned over the years that if you neglect these lessons, your kids will suffer.

Following are just a few tips to help you teach your kids the value of money:

Establish chores

You can get them accustomed to chores at an early age, providing an allowance based on their age and the amount of chores they do. They should know how to do their own laundry, clean bathrooms, and cook meals. Not only will you be teaching them that hard work produces reward, but these skills will serve them well when they are living on their own.

Teach them to earn what they want

If a child works to earn something, they value it more. If you want to buy them a car, purchase a used one that needs repair and teach them to work on the repairs themselves. If they want a large ticket item, encourage them to get a part-time job and earn the money to pay for it. Save the gifts for Christmas and birthdays. Once they learn this simple truth, it will be much easier to explain to them that you expect them to contribute financially to their college education.

Explain the difference between wants and needs

This is a valuable lesson they will carry with them into adulthood. Today’s kids are accustomed to instant gratification; but saving for something teaches them that just because they want something, it doesn’t mean they need it. If they are committed to save for it, they will re-examine whether or not they truly need it. When they are away at college, this will be the first question they ask themselves before pulling out an easily obtained credit card.

Encourage giving

Giving to others will show kids how to bless others when they are blessed. Finding people in need will give than an appreciation for their own blessings and cause them to re-evaluate those “things” that they find so important in lieu of saving to help others.

Teach them to save

Putting money away in a piggy bank or savings account teaches them to save for future purchases. When they learn this, you are teaching them to plan for the future and this should follow them into adulthood.

Always remember that kids mirror their parents’ behaviors. If they see you frivolously spending and raking up credit card debt, they will follow your example when they go off to college.