Hi Dr. Laura:
I've listened to your show for years, and I have three grown daughters. When they each turned five years old, my husband and I took them to the bank to open a savings account. We made them put half of all the money they got as gifts or earned working at summer jobs (when they got older) in the savings account.
When they graduated high school and went off to college, they had saved enough money to buy a used car and have spending money, so they did not have to work while they attended college. To this day, all three of them are good savers and don't live paycheck to paycheck. They understand the value of money because my husband and I went out of our way to teach them.