4 Answers

I taught my kids fractions using a glass of chocolate milk.

Cool Math 4 Kids Fraction Lessons and Games

How To Do Fractions | KidsMathBlog

For sure there are great educational books and toys to help you teach your kids fractions.  You can find plenty of stuff around the house, though, without spending a dime.  Use your measuring cups (1/4, 1/3, 1/2, 3/4, 1).  Use a wall clock, buy a pizza, use blocks, beans. Get out the crayons, draw some squares and rectangles.  Gather pennies, nickels, dimes, and quarters. The possibilities are endless! 
HOW? Make sure they understand the DENOMINATOR represents how many pieces are in the whole (as in  a pizza  cut in 8 pieces.   8 is the denominator).  The NUMERATOR tells you how many pieces of the whole thing you have.  "Dad ate 3 pieces of the pizza.  He ate three of the eight pieces of pizza. He ate 3/8 of the pizza."   When this concept is clear, you can move on. 
Keep it simple! 

Are you a parent? Are these kidds already learning about fractions in school?