Kiplinger's Money-Smart Kids (And Parents, Too!)

Kiplinger's

Money-Smart Kids
(And Parents, Too!)

By Janet Bodnar

author of "Ask Dr. Tightwad,"
The New York Times Syndicate Column

Kiplinger Books, $12.95
ISBN 0-8129-2660-9

PARENTS: CLICK HERE TO TEST YOUR MONEY-SMARTS

"But Mom, EVERYBODY has one! I'll just DIE if I don't get one, too!"

If you're a parent, you're bound to hear this plea more than once. How will you answer it? Probably not as effectively as you would like. And that's just the tip of the iceberg when it comes to teaching your kids about money.

Somehow you'll have to convince your kids that money doesn't just pop out of bank machines -- that it must be earned, saved, and invested. More than ever, kids are awash in a culture of money, material goods and out-of-sight expectations. Teaching them about finances may not be a task you relish, but if you don't guide your children, their peers and television will.

If every trip to the grocery store with the kids is a test of wills, if their Christmas lists read like the Pentagon budget and if your college freshman has racked up credit card bills even you can't pay, "Dr. Tightwad" (a.k.a. Janet Bodnar) can help.

Bodnar, a mother of three and senior editor of Kiplinger's Personal Finance Magazine, shows you how to turn your kids -- whatever their age -- into super savers, savvy shoppers and cautious users of credit. Whether you have a toddler with a bad case of the "gimmies," an adolescent who wants an afterschool job, or a "boomeranger" -- a son or daughter who's just returned home indefinitely -- you can learn to help your children:

Understand how money works
Distinguish wants from needs
See through advertising hype
Use an allowance -- or income -- wisely
Experience the joys of earning, saving, and giving
Invest and collect for benefit -- and fun
Live within their means
Create their own opportunities for work and income
Live independently when the time comes
Balance their priorities -- school, work, fun and family

Kiplinger's Money-Smart Kids (And Parents, Too!) also addresses financial issues strictly for parents. Bodnar shows how to identify your "money style," set limits, and reaffirm values you want to share with your children. She tackles pressing issues like saving for college, buying the right amounts and types of insurance, and providing for your children if you're not there.

ABOUT THE AUTHOR

Ever practical and often humorous, Janet Bodnar is author of "Ask Dr. Tightwad," the nationally distributed New York Times Syndicate column, senior editor of Kiplinger's Personal Finance Magazine and a mother of three. She appears regularly on the syndicated television program "Kiplinger's Personal Finance Report," and on CNBC's "Money Talk."