Tools For Teaching Kids About Money
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I found some nifty tools on a financial education website made by the Australian Government today. You can take a Financial Health Quiz (I scored 86 out of 100 on my first try, but the cute part is you get to do it over until you get all the answers right if you want to - great for kids!) or use a range of calculators for Savings with compound interest and Loans with reducible interest. There is also a nice little Financial Basics handbook you can download in .pdf form.
These are all neat tools that you can use with your kids to start them thinking and talking about money ideas.
Remember, though, that thinking and talking are only a small part of the puzzle - you need to make sure they follow through by taking ACTION.
Are your kids earning their own money?
Are they saving at least half of it - divided equally between short-term savings (for the iPod or Playstation game) and long-term savings (to invest)?
Do they understand compound interest? A couple of weeks ago I shared an easy exercise you can do with you kids over the period of one week to completely cement for them the notion of compound interest. Check out my post titled How To Teach Your Kids About Compound Interest. (I know this is a big topic of interest for parents, because that post has had a stream of search engine traffic ever since I wrote it!)
Of course, if you are one of our Cash-Smart Kids members, you already know all this, don’t you? 
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