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

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)