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Everyday spending decisions can impact your child's financial future. Teach them to be financially savvy; help them stay away from payday loans when they are older. It's about educating children about how to save and spend, empowering them to be savers and investors, and motivating them to keep more of the money they earn while making the right choices on how they spend.

Many of our children's financial habits come from us. In other words, how they see us handle our money has a big impact on what their financial life looks like once they are grown up with jobs, families, and bills. But with the right information, education, and practice, we can raise our young to make good money decisions while enjoying what they work so hard to earn.

Here are ways to teach your kids about personal finances and the concept of good money management:

#1 Children learn to count at a young age, so should they learn about money. Find active ways to engage your children in the concept of money, starting with board and computer games as well as working with toys or real money.

#2 Let Them See Your Values- Children need to know how you feel about spending, saving, and growing money. Talk to them about your values when it comes to finances.

#3 Teach Them To Set Goals- All of us need goals when it comes to money. Whether it's starting a small savings account or financing an expensive family vacation. Have your children set goals for their money; buying a new toy, taking a day trip to the water-park or saving for a car. Having good saving habits will prevent the need to take out a payday loan when unplanned or surprise costs come up.

#4 Distinguish Between Wants And Needs- It's hard for all of us, no matter what age, to ask if something is a "want" or a "need". Teaching children to know the difference, though, will help them make good decisions about spending in the future.

5# Teach Them The Value Of Saving Vs Spending- Teaching your kids about the concept of earning interest on their money will encourage them to save. Consider paying interest on their allowance or matching what they have saved at the end of the year.

#6 Pay Them To Save- Dole out the allowance in money saving increments. For example, if you pay them every week, pay them in bills so they can divvy their cash into "saving", "spending" and "giving". Tell them how much interest they would earn by allocating a certain amount to saving so they can see the value in letting their money grow.

#7 Alert Your Children To The Dangers Of Borrowing- Charging interest on a small amount of money you loan your child will give him an idea of what it's like to have to pay interest on money that is "rented" from someone else. Taking out a payday loan in the future can be a costly move if they are not able to pay it back right away.

#8 Teach Them To Be Cautious About Credit Cards- Set a good example with your plastic by teaching your kids how to use credit responsibly. Explain how to read credit card statements, calculate interest on purchases and protect themselves from credit card fraud. Also, be careful about making credit cards available to young adults. Often times this encourages a "cart blanche" mentality of spending; especially for college students.

Lastly, talk to your kids about fiances. Have monthly family meetings to discuss wise spending habits, the use of credit cards, and the value of saving. This may be the time when your children collect interest on their allowance. Communication is key. Encourage an appreciation for money and a strong value for saving and investing for the future.