GOLDEN VALLEY, Minn.- April is financial literacy a month.

When it comes to teaching our children the skills to save, there is no time like the present.

Financial Advisor Dan Ament with Morgan Stanley visited KARE11 Sunrise to explain how parents can get started.

By the age of 5, children should know that you need money to buy things and that you earn money by working. It is also important to learn wants vs. needs.

Children in the age group between 6 and 10 need to make choices about how to spend money. They should know it is important to shop around. It is also recommended they open a savings account.

Pre-teens should be taught to save at least a dime from every dollar. Now is also the time to learn using a credit card is like taking out a loan.

When your child reaches their teen years they should start calculating how much money they will need for college. Your kids should also consider a Roth IRA to save for the future. An important lesson to learn is to avoid using credit cards to buy things if they can't afford to for them with cash,

After the age of 18, children should start building an emergency fund of three months of expenses. A monthly budget detailing monthly spending versus actual spending should also be created.

Source and excerpts from:

Money as you grow

Morgan Stanley – 10 rules for talking to kids about money – Money lessons at every age