Today’s guest post comes from Margaret Lipman, a teacher and blogger who frequently writes about topics related to personal finance, parenting, health, nutrition, and education. Enjoy!

Learning to manage finances in a healthy way is an essential part of adult life. Yet, many children learn little to nothing about money in school growing up. This is why it's so important that parents take the time to teach their kids valuable money habits that will stick with them throughout their lives.

There are plenty of different approaches to instilling these lessons in your children. Here are 6 ideas to get you started.

1. Begin with mindset

Managing money all begins with cultivating an abundance mindset instead of a scarcity mindset. This means, rather than constantly worrying if you will have enough, notice all the good you already do have and believe in your ability to always have what you need.

In addition to inspiring an attitude of gratitude, this mindset also empowers you to create opportunities for saving and for extra earnings because you're more engaged in your own money journey.

Teach your kids how to adopt this perspective – and demonstrate it, too, through your own example.

2. Set an example

We all know the old parenting phrase, "Do as I say, not as I do," does no good. Little ones are always watching, and your behavior will impact them much more than what you verbally teach them.

Early on, help your children understand the concept of money – what it is, how we can earn it and use it, and healthy habits surrounding it. Let them see you make transactions at the store. Make occasional purchases with cash, so they can more tangibly grasp the idea of money. Or, if you use a card, use Chase Peckham's approach of showing them the receipt after purchases to help them understand.

Keep up basic good financial practices, such as keeping a consistent budget. You may even show your child your tracking of income and expenses, so they can get a real-world look at how much life can cost and how important it is to be wise with finances.

3. Allow them to earn for themselves

Letting your kids earn an allowance can teach valuable money lessons through experience. Keep in mind, though – there can be wrong ways and right ways to handle allowances in your family.

A few suggestions to keep in mind:

• Establish a system. Do you increase the allowance as your child gets older? Or do you negotiate with them the amounts you'll offer, depending on the purchases they'll need to make with it? You can customize this approach to fit you, your child, and your family's needs.

• Require a set amount of chores to earn the allowance (instead of giving your kids free money). You might play around with this idea like perhaps offer the opportunity for your children to earn extra money by doing extra jobs around the house.

• Don't bail them out. Their allowance is their allotted money – they decide what to do with it. They'll be much less likely to internalize the money lesson if you give them extra every time they run out. (And if you really do need to bail them out, consider giving it as a loan and charging your child interest as they pay the money back).

4. To save or to spend?

That is the question.

Once your children have some money coming in, they have to decide what to do with it. Help them separate their money for spending and saving. For example, if your child is younger, perhaps give them 3 jars, one for spending, one for saving, and one for giving to a cause they care about. You might offer suggestions for how much money to put in each jar, but ultimately it's up to your kids to decide.

If your child is older, consider opening up a savings account for them to deposit their funds.

Teach your kids the difference between needs and wants. Help them see, for example, that even though it's okay to splurge now and then, they might get more lasting joy from saving up for a special toy or experience than if they spend their money right away on candy that will be consumed in a matter of seconds.

5. Set goals

Along with spending and saving is the importance of setting money goals. As they save up for purchases, they'll learn discipline and the patience that comes with delayed gratification.

Early on, your child can set goals to save their allowance for a fun activity or a toy they've had their eye on. As they get older, they may be ready to save up for their college education. Demonstrate how they can lay out a plan for their money and set a goal date for when to have earned a specific amount.

You might even create family goals that everyone can pitch in on, such as saving for a family game or a vacation you all want to take. If everyone is on board and you're all excited about it, this could provide a valuable lesson not only in goal-setting – but in working together as a team.

6. Seize opportunities

Sometimes kids need reminders to grab hold of the opportunities that present themselves. For example, they can pursue job opportunities they come across online or among their network. As they get older and prepare to leave for college, they can apply for scholarships to help fund their education. Learning to recognize and seize these opportunities can be an essential part of improving financial health.

Teaching your kids good money habits can be tricky, but so well worth it. You may require different approaches to teach kids money management at various ages.

Before you know it, your kids will be adults – living on their own, paying their own bills, and earning their own money. And you'll be so glad you took the time to help them invest in their future with those healthy money habits.

One additional resource not mentioned by our guest blogger Margaret but still applicable is The Kids’ Guide to Emergency Savings from Pigly. Enjoy!