A Penny Saved: Using Money to Teach Your Child the Way the World Works

Neale S. Godfrey, Author, Tad Richards, With
Neale S. Godfrey, Author, Tad Richards, With Simon & Schuster $18.45 (240p) ISBN 978-0-684-80397-5
Reviewed on: 05/01/1995
Release date: 05/01/1995
Analog Audio Cassette - 978-0-671-52897-3
Paperback - 240 pages - 978-0-684-82480-2
Paperback - 240 pages - 978-0-7881-5548-2
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Godfrey, former president of the First Women's Bank, founder of the First Children's Bank and author of Money Doesn't Grow on Trees, stresses that ``What children don't know about money can hurt them.'' Through a variety of money games, as projected here, children can learn coin denominations, the value of common store items, how to make change (with the aid of a simple calculator) and, ultimately, the concept of ``deferred gratification'' and saving. Godfrey, writing with freelancer Richards, recommends family conferences on money matters, with chores viewed either as ``family citizen'' responsibilities or work-for-pay. The authors suggest ``family banking'' to fund family projects, a job-chart schedule for schoolchildren (weeding flower beds, emptying the cat litter) and parental strategies for wielding ``management authority.'' Parents and their kids alike should have fun with this program and develop money sense into the bargain. (May)
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