Are your children learning life skills at school?  If not, you'd be wise to integrate those lessons into your home life, because many kids are graduating from high school without a clue about how to function out there in the real world.

When you were growing up, you probably had chores to do, and perhaps this was a way to earn an allowance. My allowance was pitiful compared to what many kids today are given, including my own kids -- but the idea of an allowance is a good one, especially if it's being given as a reward for accomplished duties. Children need to learn about finances at an early age.

Since my folks didn't have extra cash to throw around, my allowance was what I used to buy special items that didn't fall under the need-to-have category. As soon as I was old enough, I started babysitting. I couldn't wait to start my own savings and checking account. In fact, I learned how to go to the bank, to deposit cash, and to open and balance a checking account before my own mom did. Amazing.

I was of the generation that had obligatory home economics and shop classes. I took typing and shorthand classes as well. We were taught that work skills and life skills were important. It was assumed we'd need to know how to cook for ourselves, and to sew a seam to repair a piece of clothing.

Teach your kids these basics. As soon as they're old enough to understand, show them how to make a deposit in a savings account, and give them access to their savings account booklet so they can see how it grows. When your kids are old enough to have their first job, teach them how to open a checking account - show them how to write a check, how to keep track of their account balance. You'd be amazed how many kids leave high school without this knowledge.

Teach your kids how to do their own laundry; how much soap to put in the washer, how to separate the colors and jeans from the whites.  Teach them how to buy groceries, how to prepare a meal for one or two people, and how to preserve their left-over’s. Teach them how to clean up after themselves - to have pride in their surroundings, and respect for the things they've been given.  Encourage your kids to learn marketable skills. They may need to work to put themselves through college, and earn money for the extra things they desire.

Give your kids the benefit of your experience, and teach them these valuable life skills. As you know, they'll need them.