Money lessons and allowance plan for kids ages 6-11 and young adults ages 12-17
RELEASE: February 2003
CONTACT:
Paul Richard, RFC, ICFE Executive Director
San
Diego, CA.
Saying money doesn't grow on trees is not enough,
contends author Letia Young, who created two interactive
money books for kids and young adults, using her son and
two nieces as guinea pigs.
Letia Young created these books after she was peppered
with questions from adult couples she was teaching in a
budgeting class. They wanted to know what they could use
to teach their own children about money said Paul
Richard, a registered financial consultant (RFC) and
executive director of the nonprofit Institute of Consumer
Financial Education (ICFE), a San Diego based nonprofit
group, that is making the 3 ring binder books available.
The ICFE is helping people of all ages improve their
spending habits, increase their savings and use credit
more wisely.
The Money Book for Kids, ages 6-11, and the Money Book for
Young Adults, ages 12-17 are hands-on, interactive books
which include simple budgeting and savings concepts
presented in a personal, interactive style. The three-ring
binder books are divided into four categories: giving,
spending, short-term savings and long-term savings.
Colorful tabs, pouches for money, example cards for each
category and Keeping Track of My Money pages guide
children in setting realistic budget goals.
Children do not instinctively understand money matters.
The author's goal was to create something kids and young
adults could use with minimum assistance from their
parents. Something the youngsters could call their very
own. The author designed these books with four things in
mind: 1) they are practical; 2) they are tangible (most of
us learn by actually doing); 3) they are realistic
(frustration is no fun); and 4) kids learn something from
them (as evidenced by the budget, goals and tracking pages
in the book).
The books presume the child receives an allowance, even if
it is not linked to household chores. The amount of the
allowance is not as important as the fact that the
youngster can call it her or his own money, the author
tells parents in her budgeting classes. Kids need an
allowance to learn how to use money, she said. It's
important for them to understand that they can save for
something and earn it over a period of time.
The Money Book for Kids, ages six through eleven, and the
Money Book for Young Adults, ages 12-17 are $19.95 each
plus $3 shipping. They are available from the ICFE on its
Web site at www.icfe.info or by sending
to: ICFE, PO Box 34070, San Diego, CA. 92163.
For more information on children and money, plus some fun
financial education books and videos, please send $1 and a
self-addressed, double stamped envelope to: ICFE Resource
Center PO Box 34070 San Diego, CA
92163. OR.Visit : www.icfe.info.