Usually when I am teaching a Christian based finance class, this is one I start with because it affects all aspects of our lives, especially finances. Being disciplined by our parents is tough; disciplining ourselves can be even tougher. To properly manage finances, we have to learn discipline and though very painful, it promises great reward and peace (read: financial peace) for those who succumb to it.
This verse is applicable to children and parents alike. To truly teach our children, we also have to practice what we preach which is a primary purpose of the portion of this site called Proper Propagating. It's very difficult to change a lifetime of practiced monetary habits. However, this will be a great help for your entire family if you get on the discipline bandwagon.
For children, they too often have developed strong financial habits and perceptions much earlier than one would think. Whether it's demanding or expecting something from the store, spending every dime they have or if you are lucky, perhaps they are a frugal fellow that saves every penny. However, if you are going to change or further develop habits that will last a lifetime, you will have to teach discipline. I do mean discipline regarding money, not brushing their teeth, but it's amazing how every single aspect of their lives affects their ability to be disciplined with money.
Discipline in life will affect their food choices, exercise habits, overall cleanliness, work ethic, and of course financial responsibility. The list could really rattle on for a while, but the idea is that if they lack discipline in something even like picking up after themselves, you will most likely see it in money matters later. Discuss this verse with your children and create a plan to implement discipline for everyone. Perhaps everyone (yes Mom and Dad too) can make one change?