Make Your Kids Money Managers

When you teach children the basics of money management, they're less likely to become financial burdens when they're older. Try these exercises from Robert Kiyosaki, author of Rich Dad, Poor Dad:

Balance a Checkbook
Give children a blank checkbook register and create a stack of make-believe checks. Put a monthly total in the register and have them write you "checks" whenever they need cash. "Agree that you will audit the checkbook once a month," says Kiyosaki.

Control Debt
Many credit card companies will give a prepaid card to teens under 18 if a parent funds the card and is responsible for payments. If you give kids a card, be sure they know the amount you've deposited and that they match receipts against monthly statements before you pay the bill. "Parents whose children get into credit card trouble didn't review their bills or hold them accountable," Kiyosaki says. "Sloppiness makes you poor."

Save Three Ways
Set up three piggy banks or savings boxes -- one for long-term savings (for investing), one for short-term savings (for purchases) and one for charity, says Kiyosaki. With three pools, teens learn there are multiple ways of looking at savings.