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Requiring children to save part of their allowances can also open the door to future saving and investing. Many banks offer services to help children and teenagers learn about personal finance. A saving account is an excellent way to learn about the power of compound  interest . Compounding works by paying interest on interest . So ,for example ,one dollar invested at 2 percent interest for 2 years will earn 2 cents in the first year.  The second year ,the money will earn 2 percent of 1 dollar and 2 cents,and so on. That may not seem like a lot ,but over time, it adds up.