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Money education is an important and sometimes overlooked lesson that parents forget to share with their kids. It is important for kids to learn how to budget the money they have available to them and how to balance a checkbook. When kids see mom and dad pull out credit or debit cards, they may not realize that there is more to managing money and a checking account than just swiping a card. Any money management lesson also gives you a chance to spend time with your kids, and to gauge their basic math skills.

Experts say that individuals should have a year’s worth of living expenses stuffed into their savings account in case of an emergency. It’s hard to imagine saving just a few months’ worth of pay–much less an entire year’s worth. However, there are some easy methods you can use to build a savings account that will continually draw interest and will be there in case of an emergency.