(This guest post was contributed by ValueChampion Singapore, a consumer research and personal finance comparison firm that prides itself in distilling data into actionable, unbiased insights.)

Most parents want their kids to grow up as respectful neighbours, diligent students and caring members of the family. But one role that many parents under-emphasize is that of the responsible money manager. 

While the topic of personal finance may seem too complex for children, there are some simple lessons that can help them establish a healthy perspective on money.

The first step a child takes in learning how to deal with money also applies to managing priorities in general. While it usually takes time, it's possible to help children distinguish between things that are simply fun - "wants" - and those that are necessary for another purpose - "needs". 

When you have free time together, ask your toddler to name