Maximizing Your Money: Kids and Cash

When it comes to talking about money with young kids, what's the best strategy?

Craig Day tackled the topic with advice from experts and energetic and talkative elementary school students. Day also spoke with Radio host, financial expert, author, and Mom, Rachel Cruz who said it's never too early to start talking to kids about good money habits.

"It's a beautiful gift to give your kids as soon as possible," said Cruz.

Cruz says a good start is to teach them that money comes from work, with kids getting paid for some chores, but not for others that parents require as being a part of a family.

"I love for them to be participating when it comes to their own money, so I love the idea of the commission system," she said. "It's not allowance, but commission. You work, you get paid, you don't work, you don't get paid."

When they do make a little money, or get some birthday money from grandma?

"Teach them to give first, save second, spend third," said Cruz.