New year - New financial resolutions.
These take shape in many ways; cutting out that daily coffee spend, paying a little more off your mortgage, saving more - even investing in investment bonds.
What used to be an exercise of trawling through months of paper bank statements has now become more of a glance at an app - brutally highlighting your £20 a week Latte habit that puts a rather large dent in your bank balance.
But do you ever wonder what shape your finances would have taken had your school given you the money 101? It's fairly common knowledge that the education system is falling short of providing children with an understanding of money management in adult life. So much so, that Money Saving Expert's Martin Lewis paid £200,000 towards a financial textbook for schools this year.
With this in mind - why wait until your children are at school to teach them about saving and debt? Start them young, and instil an appreciation of money, benefitting them long after their toddler years and ensuring they grow up to be financially responsible adults.
Top tips from Parent Bloggers
Most children's financial habits are formed by the age of seven, so there are our top 10 tips with the help of some money-savvy parent bloggers;
Katy from www.katykicker.com told us 'Our daughter receives money for Christmas and her birthday from some relatives. We use half of it for fun purchases and experiences and the other half goes in her savings, which cannot be accessed until 18'
This shows that well-managed money can benefit you both now and later. Twitter; @Katykicker
Perhaps the most common method is pocket money, and doing chores to receive it. This teaches them the importance of a strong work ethic, and helps them to understand that hard work pays off.
Give your child a set amount of money in a shop - a pound store works well here - and tell them they can buy items up to that value. If they go over, they must decide which has to be put back.
Make sure it's physical money. In today's contactless society, the concept is harder to grasp when the money is invisible.
Laura, of @Fivelittledoves told us 'We teach our children the value of money by showing them just how hard we have to work to have a lovely home, a car and nice things. I never want my children to think that those things are just given out freely, they see us working hard and know we do that to afford all of life's luxuries.' www.fivelittledoves.com
SynerGIS director Ksenia gives her children comparisons on what one toy costs in relation to another. For example, a teddy costs less than a Scooter. In addition, use toys to show the relative cost of other things. Knowing a new car costs 1,000 bags of lego may help them to understand that things cost a lot of money and must be saved for.
Find a children's money app and help them to learn with pictures and targets. Some examples are iAllowance, Rooster Pocket money tracker, and GoHenry.
If you'd rather stick to the traditional piggy bank, try and find a clear one, seeing the coins build up is an easier way for them to catch on.
Founder of Mrsmummypenny.co.uk, Lynn, says 'Be open and honest with your children about the cost of things. My boys know how much we earn and what things like the mortgage, food and bills cost. This means they understand the context of the cost of that new pair of football boots or that new jumper. They know that £100 is a very high amount of money for a pair of football boots, so don't even request it' Twitter; @Mrsmummypenny
Play shops. Let your children set the prices for all the items, tell them how much money you have to spend, and (with a little help) let them explain what you can buy from them, and what you don't have enough for.
Remind them about their purchases, and review how long they lasted. For example, whilst sweets were more enjoyable at the time, they didn't last very long, but the toy they bought last month, they're still playing with.
This will help them to think through their spending, deciding whether they're happy to have short-term gains, or would rather save to buy that pricier purchase.
Teach them there is a difference between things you need, and things you want. Ask them what they need a new toy for and why? What will it stop them from doing if they don't have it, and will their other toys do the trick?
Importantly though, remember they are children and the world is new to them. They should be allowed to be as frivolous as they want to be, as long as they are made aware of the consequences and the importance of being responsible.
By teaching your children to save for that bike, save for that computer game and not splash out on too many short-term gains; you will ensure that their savings pot WILL gradually get bigger whilst teaching them an important life skill.
Provided for informational purposes only. Not designed as advice. Speak to your IFA or tax advisor for advice tailored to your individual circumstances.