'Make Your Kid a Money Genius': Teaching children about spending, saving

CHICAGO (WLS) -- Money is a topic that can often make adults feel uncomfortable. So how can parents educate their kids about spending and saving?

Author Beth Kobliner teamed up with Saturday Night Live's Kate McKinnon to bring some humor to the topic.

Kobliner has traveled the country, talking to parents about teaching kids money lessons. Her book, "Make Your Kid a Money Genius (Even If You're Not)", is a New York Times best seller.

She says kids as young as three years old should start learning the value of a penny. Here are six simple lessons to teach children about money in life's everyday moments:

1. You need money to buy things.

2. You get money by working.

3. You have to wait and save up for something you want.

4. Buy what you need before what you want.

5. The bank is safest place to keep money.

6. Only buy what you can afford.

Kobliner is in Chicago to help kick off Money Smart Week, which is coordinated by the Federal Reserve Bank of Chicago. The event features thousands of free classes on saving for college, buying a house, using credit wisely, managing student debt and financing retirement.

To learn more, visit www.moneysmartweek.org.