You need to start teaching your kids financial lessons. A great way is to start with the bank account. For some a simple way to save are products like Chase Liquid. Check it out: https://www.chase.com/online/prepaid-card/document/m_features.html . You can see how easy is to use these tools and save money with this service from Chase. Check out the video at : https://www.chase.com/debit-reloadable-cards/liquid-prepaid-card/tax?jp_... .
Forbes also suggests teaching kids about creating a ROTH IRA. You can see their tips at : http://www.forbes.com/sites/baldwin/2011/04/18/make-your-kid-rich-with-a.... This is an option for your kids savings for their future. You must know ROTH rules for kids. Like your kids need to get the money from a part-time job. They have to earn the money.You can use the ROTH IRA to teach your teens about investing and about saving for their future. You can use this other source to inspire you : http://www.mydollarplan.com/roth-ira-for-teens/ .
Take the time to look at the bank accounts you have and see how you can save a dollar and teach your kids about the value of the dollar.
You might want to consider life insurance plans and learn about them as a way to fund your babies college days. You can look into these programs .One video to learn about this can be found at Gerber : https://www.youtube.com/watch?feature=player_embedded&v=ie0mdcah5Q4 .
So learn about Financial Tools with your kids and family to get your financial life in order. You might even look into Trusts and explain to them the importance of a trust. You can check it out at : http://www.everydayfamily.com/setting-up-a-trust-for-your-newborn/ .