 I'm often asked by parents when is it a good time to start teaching your child how to save and my response to that is as soon as the child is able to wrap their hands around a dollar bill or a quarter. I encourage parents to give their child an allowance, an amount of their choice, the parent's choice, and I encourage parents to use three different piggy banks. The first piggy bank would be to teach the child how to save and that would be 10 to 20 percent of the allowance would go into that savings piggy bank. The second piggy bank would be for church, charity or community and then the third piggy bank is for the child to save and put money aside for spending in a rainy day.