With the way the economy is today, this is a great time to begin teaching your children the importance of savings.  It is always wise to open them a savings account when they are born and as they grow old enough to understand they can begin to learn to save their own money.  Many banks today work with all school grades and help teach kids about money.  They cover numerous things from teaching the little ones how much different coins are worth, how to fill out a deposit slip, and the older children how to balance their account.  Most children really enjoy these programs and it helps trigger their interest to begin saving.