In this column, I will hopefully be passing on vital information to you about teaching your children good money management skills. In the process, of course, you too will hopefully learn better ways to manage your money. Before we delve into the nitty gritty of how to pass this knowledge on to your kids, let's first look at some of the reasons it is important to do so.

1. Money matters. Whether you take the approach that "money can't buy you happiness" approach or that "if you say money can't buy you happiness, you just don't know where to shop," it cannot be denied that money permeates nearly every aspect of our lives. How we handle money -- how we spend it, earn it and save it -- has an impact on nearly every other decision we make in life, from where we live, to how much and where we work, to whom we choose to marry. Money can bring us freedom, or it can make us feel stuck in a lifestyle, job or relationship we hate. Learning to handle money so it works for us instead of becoming slaves to a master is a crucial life skill that our children must learn.

2. It ain't gonna happen at school. If you trust that your children will learn this or any other life skill at school, you are going to be in for quite a surprise. Yes, many schools have good life skills programs that include a section on money management. However, learning to deal with money is not something that can be learned in a few hours over several weeks. It takes discipline, perseverance and consistency from both parents and children. High school, where I had my first class in money management, is too late to introduce the topic to students. It didn't help that our home ec teacher, who probably had a lot of good information to share, just wasn't speaking our language: she told her 15 year old, primarily female class, a group of fashion conscious status seekers if there ever was one, not to buy designer label jeans. This from a woman wearing orange polyester pants? I don't think so.