Passing down your financial know-how to your kids is an important job for parents and grandparents, but that can be easier said than done. 

Just as you work hard to secure your own financial future and legacy, it’s also important to ensure that your loved ones can find their own financial independence.

Here are two bite-sized lessons you can use to teach your children financial independence.

Emphasize the long-term goals

It's not easy for young children — and, to be honest, teenagers — to understand that delayed gratification can make them happier. Helping them recognize that disciplined saving can allow them to acquire a toy, vehicle, or lifestyle they really want can reinforce the benefits of acting responsibly.

Teaching them to save young can also set them up for success later. By showing them the value of putting money aside for later, you are laying the groundwork to teach them about investing when they're older. Teaching them to put money into a 401k or IRA account is easier if they've already grown use to setting money aside from an early age.

To help educate them, consider creating a vision board of goals for your children. This will create a concrete reminder for them that reinforces why they are saving the money, and also helps them understand that saving money now allows for greater rewards later.

Use those "Teachable Moments"

We all make mistakes, but when we see our loved ones falter, it's only natural to want to fix things. However, it's better for all involved if they understand that actions have consequences.

Be sure to discuss the situation clearly and calmly with your child. Explain to them the mistake they made and how they could have handled it differently, but don't bail them out. If they see the consequences that follow after blowing an allowance or what they had in savings, they'll likely think long and hard before doing it again. 

Allowing them to fail while young allows them to avoid the mistakes when they're older, and therefore would have more severe consequences. Failing is a part of growing up, and allowing them to make mistakes with an allowance when they're young will give them the knowledge they need to create a financially secure future.