Advice on teaching your kids to be financially savvy

- It's summer and the kids are home. Many older kids have summer jobs and even little ones get allowance.  

How do you teach your children to be financially savvy at an early age? Stacy Kaiser, psychotherapist and editor at large at Live Happy, offers tips and advice for parents of children -- both young and old.

1) Lead by example, model responsibility and good money habits.

2) Get them involved in age appropriate household shopping and expenditures.

3) Give them an allowance so they can manage their own "funds."

4) Teach them to set aside a portion of their money for savings, giving back to others, etc.

5) Communicate: Help them understand the importance and value of money, add to the information as they get older – take time listen and to answer their questions.

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