Finances for My Kids

At what age do you start teaching your kids about financial management? I am still on the process of researching on this. I hope it is not too late because I have three kids ages 10, 8 and 5. It is still a learning process for me. I want to know how to do it because the concept would benefit my kids in the long run.
I have never been taught how to manage finances. It has been a trial and error method for me, and also for my husband.
I have read long ago that one cannot teach his or her child about money matters when one does not give his or her child the opportunity to handle money. Sounds practical to me; so I did this. I give them daily or sometime weekly allowance so they can budget their money. Sometimes they have extras and other times it is barely enough. On most days, my kids really spend their allowance in the days that it should be spent. So in other words, they spend what they are allowed to spend. This is a good sign knowing that it should be a paradigm that one has to live beneath his or her means, right?
I think for now I am achieving my short-term goal of teaching them about finances. However, I still have to look for ways to teach them how to be effective with finances in the long term.
As long as they see my example of not spending in gargantuan proportions, it is safe. But my friend, who is also learning how to manage with finances, has to resort to Faxless Payday Loans to make ends meet. It is good there are available Faxless Payday Loans, or less she will go bonkers!