Reid Binion, CNN - Talking to kids about money and finances can be hard and awkward, but experts say it's vital to pass on financial wisdom to them.

To make sure kids have a chance at financially healthy lives, experts recommend getting creative when having conversations about these critical concepts.

Saving Money

"If they can experience what saving money looks and feels like, they'll never forget it," says financial coach Alok Deshpande.

Deshpande says parents should encourage children to appreciate deals and challenge them to make their dollar go further. 

"if we go to Barnes and Noble, and my son likes a book, we're also going to look it up on amazon while we're in the store," says Deshpande. "Because I want to see if I'm actually gonna save or not."

Making Money

One way to teach children how to generate cash independently, is to get their help selling stuff online. 

"let them take the pictures, let them put it up online. Let them do the research to set the price. And then give them 30%."

Compound Interest

Experts recommend you help kids experience it by giving them $50 dollars and then paying them interest. 

"And just say look if you save it, every week i'm going to give you 5% interest," Deshpande continued. "Well, that $50 after 6 months is close to $180."

Lastly, he says to talk to older teens about paying for college, student loans and credit cards. 

that is a really great time when the kids are listening. They're engaged, they're intuned beause it's about their life. It's not about a parent nagging.