(NC) — It's never too early to teach your kids the ABCs of saving, spending and budgeting. With patience and a little creativity, even the busiest parents can find teachable moments every day to help their children grow up to be financially savvy adults. Raymond Chun, a senior vice president at TD Canada Trust, offers his top three tips to teach your kids the ABCs of money: • Allowance – Money doesn't grow on trees and children should learn this from an early age. Consider tying allowance to age-appropriate chores, like cleaning their room or raking the lawn. Start by giving your children an allowance based on their age, for example, a seven-year-old gets $7 a week and a nine-year-old gets $9. • Bank account – Unlike a piggy bank, paying allowance directly into a bank account is a great way to separate saving from impulse spending. Help them set a savings goal for a new toy, and go online regularly with them so they can see for themselves how their balance is growing. • Communicate – Talk regularly and honestly about money, and encourage your kids to ask questions about their allowance and bank account. Be open about how much things like groceries, toys and vacations cost. Look for moments in your day-to-day life to teach your kids financial literacy, such as explaining why you bought the milk on sale or getting them to help save for your next family vacation.