A few nights ago I attended a speaker panel about How to deal with money with your kids. It was sponsored by Thrivent and put on by the Junior Achievement. There was a speaker from Thrivent, The Village Family Center, an elementary teacher and a high school business teacher.
More information and handouts are available at the Junior Achievement website is
Some the things discussed were teaching kids the difference between wants and needs. Realizing what things cost and where money comes from. Some times when kids see their parents paying with checks and credit cards they don't realize that you do have to account for that money. There have been times when kids want something and their parents say they can't afford it, and the kids say just write a check.
Another thing is to teach your children the dangers of using credit cards. On college campuses there are many instances that credit card companies set up to get students to sign up for a credit card, many times giving incentives like free tshirts or fast food coupons. They may get the card thinking that they won't use it or just use it for emergencies. But many times once they have it they will start using it and it can get out of hand. They also mentioned that some kids take out more in student loans than they need for school expenses to use on other things. They have to realize they eventually have to pay that back.