GRAND JUNCTION, Colo. (KKCO) Setting the right example for your children is important for any parent.
Setting the right example when it comes to financial responsibility is no different.
Many parent's including Sheana Emerson of Grand Junction, use the three envelope method. Put hard earned allowance money away in three separate envelopes.
One to save, one to spend on the third to give away or do as parents see fit.
"It's important that parents teach their children the difference between want and need" says Emerson, whose son Andrew at the young age of 8 already understands the value of saving.
Once you begin the trend of saving, kids and parents can pick it up as a habit, until they become financially responsible and solvent.