Recently, my 3-year old son has been asking a lot about money and paying whenever he goes out with us. Several times, he even asked us for money so he could pay for our next purchase. The other day, he went to my husband and seriously asked if he could have one thousand dollars. hehe.

It's still way too early to start teaching him about the value of money through hands-on money management skills. I do not think a 3 year old would know how to handle having an allowance and I am sure most of you would agree with me.

For now, we have just tried giving him money to keep in his bag. In addition, we have also started letting him pay for what he eats whenever we take him with us to Starbucks. To date, he already knows how much he needs for sugared donuts.

Of course, we have plans to further teach him about money -- apart from setting a good example and letting him pay for what we have purchased for home -- but we would have to wait.

Should your own child be old enough to learn about money matters -- earning, spending, saving, borrowing -- you might want to check out the following sites for advice:

Money Instructor has the basic guideline, based on your child's age.

Money101 Lesson from CNN tells you the top things to know.

Family Education shares with us 15 Ways to Teach Kids About Money.