Once kids start asking for things they see in the store or on TV, it’s not long before most parents hammer home their first personal finance lesson: Money doesn’t grow on trees. From there, how can we teach them other basic money concepts?

Children as young as 3 can be introduced to money, and by age 10, they can even manage a simple savings account and budget, says Ann Freel, director of Family Education and Governance Services for Northern Trust.

Consider these eight ideas to teach your younger kids to save money, spend it wisely and watch it grow – just not on trees.

1. Use money to teach kids about math, and vice versa. Introduce your youngest kids to money as they learn to count. Once they can subtract, kids can make change. When they learn percentages, they can figure out an appropriate tip for a restaurant server. “This is also a great opportunity to share a bit of wisdom about financial etiquette and being gracious to those who provide service,” Freel says.

2. Help kids understand the difference between needs and wants. Be mindful of how you talk about purchasing decisions and your own wants and needs. As children get older, Freel suggests explaining the choices you make, including tradeoffs, from grocery staples to vacation destinations. This helps share your family’s priorities and values regarding money.

3. Don’t stop at just one piggy bank. As soon as kids start acquiring money from grandparents, the Tooth Fairy and other sources, they can learn to make allocation decisions instead of throwing it into one pot. “One way is to give them three separate banks for their money: one for saving, one for spending and one for charitable giving, if that’s a family priority,” Freel says. “Tell them what each bank is for, using specific examples that gently and positively reinforce family expectations.”

Around ages 8-10, some parents ask their children to contribute part of their savings for a special item they want. Others incentivize saving or giving by matching the amounts their children put aside for these purposes.

4. Give kids earning opportunities. However you feel about allowance, children should have opportunities to make money so they can learn how it relates to time and effort. Make a list of age-appropriate tasks – separate from normal household responsibilities – with corresponding dollar amounts children can earn. Offer a variety of jobs and amounts. Gathering laundry could earn some quick cash for the ice cream truck, while a larger job, such as weeding the flower beds, could help kids earn spending money and pad their savings. “One error families may make is creating all big earning tasks,” Freel says. “This age group has a short attention span. Keep the tasks relatively simple so kids find the experience of earning money a positive and achievable one.”

5. Address income discrepancies. At a young age, children start to notice the differences between their home and belongings, and others’ possessions. As they begin to associate effort with money, they might draw the conclusion that the less wealthy don’t work as hard. “Explain to them that some people take jobs that pay less for a lot of different reasons,” Freel says.

Explore some of the simpler ones, such as passions and preferences, with younger children. Trickier reasons like educational disadvantages can be addressed at an older age. “During these conversations, parents should also share their thoughts about what is more important than money in their family – for example, liking friends for who they are rather than what they have,” she says.

6. Open a savings account in your child’s name. This can be an excellent way to teach kids from 8-10 what interest is and how it works. Demonstrate the interest they will earn on their savings account – for example, 1% monthly interest – using a dollar bill and a penny. “Additionally, children should understand how important it is to save their money in a safe place like a bank,” Freel says. Explain that bank-related paperwork contains sensitive information that needs to be kept secure.

If kids want to occasionally withdraw a portion of their savings to buy something, discuss it but don’t forbid it. For kids under 10, making their account seem like a black hole might discourage them from depositing.

7. Introduce the concept of credit. When you swipe plastic, there’s no visible exchange of money for goods. Early on, explain to kids that the credit card substitutes for money you already have in the bank and that there’s only so much of it. Later, explain credit card payments as borrowed money you have to pay back with interest and fees if you don’t do so on time.

8. Involve kids in household finances. Kids as young as 9 or 10 can develop a sense of stewardship by managing, or at least keeping an eye on, parts of the family budget – particularly parts that are personal and relatable to them. For example, ask a child to help create a realistic budget for one of their sports or hobbies that the family can track together. Share the prior year’s costs, such as weekly lessons, uniforms and travel. Then have the kids factor in incidentals and optional expenses like concession stand treats, team photos and equipment upgrades.

In short, help children learn about financial matters from an early age by looking for teachable “money moments” in your family’s day-to-day life. Give children plenty of financial practice when they’re young, rather than waiting until they’re older.

“Young kids are fascinated by how the adult world works, so parents can leverage this natural interest by starting financial education and financial conversations at a young age,” Freel says. “Children who have early, positive experiences building their own ‘nest egg,’ and then making choices about how to use it, tend to be more responsible with money as they grow older.”