Our friends over at MintLife.com wrote an article featuring a novel idea on how to teach your kids about money: start a bank!

While we’re hardly advocating creating any undue competition for yours truly, writer Matthew Amster-Burton talks about teaching his young daughter the importance of saving by starting up his own “bank.” After he offered her five-cents interest on every dollar in her “account,” it didn’t take long for her to figure out she’d have about $24,000 by the time she was thirteen.

The article contains lots of points for teaching your kids the importance of saving, even directing you to tools such as FamZoo that can make teaching your kids about money both fun and effective.

Have you started teaching your kids about money management? What’s a financial lesson you wish you would’ve learned earlier? Have you opened an Ally Bank savings account for your child’s future?