Do you dream of your children becoming strong and independent adults? Do you imagine them as secure and financially stable?

Most parents do. Fortunately, you have the power to help them. With a few strategic lessons, you can teach them to be financially savvy.

Help them learn that patience is a virtue.

In a society focused on immediate gratification, it can be hard for children to understand the power of waiting. As a young tot, getting an ice cream cone or doll right away might not seem like a huge deal. Unfortunately, down the line this same mentality can lead your adult child to want (and buy) a new pair of shoes, fancy hat or luxury vacation right now.

Buying without being prepared for the expense often leads to debt. However, if you teach your child the virtue of patience, they’ll learn to take joy in having saved for their extras.

Consider giving a monthly allowance for “special purchases.” Once your daughter has saved enough for her new doll or your son his new baseball glove, they will each value that item much more.

Loan money with interest.

When your children leave the coop, borrowing money won’t be free. Loans will come with an interest payment. Teach them the principle now. If you loan them money – charge them interest.

Explain to them that the money they’ll spend in interest is like a rent payment. For example, if they borrow $10 at 10 percent interest, they’ll need to pay you back $11.00. The extra $1 is the cost of renting the $10.

Let them earn some dough. 

Nothing teaches children the value of money more quickly than having to earn it. Predetermine how much each chore around the house is worth. Maybe it’s $10 to mow the yard, $15 to clean the bathroom, and $12 to wash the car.

They’ll suddenly discover a new appreciation for going to the movies on Friday night.