jump-start on what to expect.
12.Â Â Â Â Understanding credit is critical. Help your child by loaning her money to purchase something she wants but can’t afford. Before buying the item, have her come up with a repayment plan, and make sure she sticks to it. Also consider giving her a credit card linked to your account in case of emergency–early responsibility may help her avoid future pitfalls.
13.Â Â Â Â Calculating the tip at restaurants will help your child improve her math skills. Let her practice computing the tip at the end of dinner without using a calculator. As a challenge have her try to calculate a 10% tip, a 15% tip and a 20% tip.
Raising Financial Whiz Kids: Information and Games
Gazillionaire.com: Provides a simulation game that gives kids the chance to build a business
RichKidSmartKid.com: The home of Cashflow for Kids, a computer game that helps kids learn about money and finance in an interactive way
VSE.MarketWatch.com: The Virtual Stock Exchange is a free online trading game that offers access to the resources of MarketWatch.com
YoungInvestor.com: Supplies a plethora of information and games about the stock market
Ages 3 to 8: Pretend & Play Calculator Cash Register, www.learningresources.com; $39.95
Ages 8 and up: YOUniverse Deluxe ATM Machine comes with a personal ATM card and PIN number. By Summit Products, available at www.amazon.com; $39.98
Entire family: Conversations to Go: The Game that Questions Money, includes 100 questions about money to help spark conversation with your kids. www.moonjar.com; $13.65
Pigs Will Be Pigs: Fun with Math and Money, by Amy Axelrod (Aladdin; $6.99)
Raising Money Smart Kids: What They Need to Know About Money and How to Tell Them, by Janet Bodnar (Kaplan Business; $17.95)
Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money–That the Poor and Middle Class Do Not!, by Robert Kiyosaki with Sharon Lechter (Business