KidsSave Software Helps Your Child Track Investments
KidsSave is a kid-centric application (Windows XP only, with an OS X version coming out next year) that lets your child track allowances and other types of "income" and teaches the benefits of saving.
Parents can set up interest rates or matching payments, and kids can play around with the "what if" tools to see instantly how much they stand to earn over 1, 2, or 10 years if they keep saving. It's not free ($30), but there's a 35 day trial period on the software, so you can give it a full test run. At the very least, you might feel inspired to set up your own Excel chart for your kid.
"Personal Finance: Teacher gets kids to play and save" [Sacramento Bee]
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Comments:
Help your kids save money, by spending some of your own!
Hmm, I think the idea about setting up a spreadsheet for your kids is a better idea.
Kids aren't dumb, I think they'll see what you mean without all the flashy graphics, and it would be just as mind-numbingly boring with them.
My Dad demonstrated compound interest when I was 10. No software needed, just a calculator and hit = multiple times.
One of the best ways to teach your kid about finances is to include them in your decision making process. I've learned about mutual funds, life insurance, re-financing, interest rates, etc from my dad.
Decent idea, but too expensive at $30.
I should get this for myself...