Financial freedom is not something everyone automatically catches upon. Likewise, proper money management skills don’t always come with age. And as a parent, you might have made some or know someone who made some financial mistakes that you never want your kids to make.
It could also be that you just want your kids to be money smart. But you don’t know how best to teach them. You have not even decided yet if they are ready for important life lessons like this.
You don’t know if their minds can comprehend whatever you have to teach them. Here’s a piece of splendid news for you if you find yourself in any of these categories; you can teach your child about money through games.
Think about it. Kids love to play. They may not have the mental capacity to have an in-depth understanding of the gravity of some important life lessons, but they sure can understand simple games as long as they’re having fun. What better way is there to teach your kids money smart than with games?
Here are some of the best fun games to help your kids become more money savvy, a skill they would need for the rest of their lives.
1. Game of Life
This game is a complete simulation that teaches your kids how to manage money at every stage of their lives.
The game can serve as a perfect introduction to the things kids see adults do, such as taxing, insurance payment, budgeting, and others.
In the classic version of the game, there are a lot of scenarios that present opportunities for financial decisions. However, the newer versions have less of these opportunities, so, stick with the classic if you can find it.
The winner of Game of Life is the player who has the most money at the end of their game life. Kids from the age of eight and above would learn important money lessons from the game.
2. The Stock Exchange Game
The stocks have always been a confusing ground to those who aren’t interested in it. Even adults rarely know what goes on in the stock exchange world.
To them, the stock market is nothing more than a chart, green arrows up, and red arrows down. But money is not always about cash in hand. Sometimes, it is about stocks in portfolios. This stock exchange game is here to set things right.
The game introduces important concepts like mergers and acquisitions to your kids. It also takes them on a rollercoaster ride of the stock exchange world where there are hostile takeovers, profitable and non-profitable partnerships, and advanced deal-making.
Players don’t need prior knowledge of anything relating to stocks to play the game. They will learn everything they need to know about the game while playing it.
Kids from the age of ten and up will enjoy playing this game. It also makes a good family game. The player who is the richest at retirement wins.
3. Charge Large
The use of credit cards is not something everyone can successfully avoid. In fact, some important financial decisions can hinge on your credit card limit and how much you are in debt.
So, if credit cards are so important, why not look for a way to teach kids the basic concepts of using it before they even get theirs? Charge Large is the game for that.
The ultimate aim of this Charge Large game is for players to learn how to manage their credit card debts until they can finally live without credit cards.
At the end of the game, the winner should have upgraded to a black card, have no debt, and have $2500 in cash. Charge Large is suitable for kids from the age of eight and up.
4. Thrive Time For Teens
Being a teenager can be difficult. Having teenage kids is not child play either. Now, teaching finances to teenagers is another ball game entirely.
But Thrive Time For Teens makes it all easy. The game starts with players being students, which most teenagers can relate with. Then they get to make a gradual financial decision-filled transition into adulthood.
In this game, players have to manage being students and to hold a part-time job, then grow into adults with investments and personal businesses. Players will learn important concepts like minimizing debts and managing money.
Another lesson to learn in this game is the importance of passive income. The game also has a balance sheet to help players record their expenses and incomes.
5. Cash Flow For Kids
This game is from the author of a bestselling book on finances, Rich Dad, Poor Dad. The author, Robert Kiyosaki designed two versions of this game, one for kids and the other for teenagers and adults.
In this game, players will learn how to accumulate more assets while keeping their liabilities low. Your kids will also learn simple investing and accounting concepts that will be useful to them as they grow.
Another thing Cash Flow For Kids does well is teaching your kids about passive income and giving to the needy. As soon as your kids outgrow the kids’ version of this game, you can introduce them to the more challenging adult version.
Monopoly is another classic board game that helps its players to learn about handling money. It doesn’t matter if the players are adults or kids.
While monopoly may not teach you some necessary budgeting skills as other games do, it offers a thorough introduction into knowing when to and when not to spend. Also, kids will learn what to spend their money on and what not to.
This game doesn’t end there. It digs deeper by teaching kids the ideas of real estate, taxing, and handling a lot of money.
Although this game is usually long and seemingly unending, the lessons in it, and the fun from playing it with friends and family, make it worthwhile.
7. Pay Day
Pay Day is another classic board game that teaches about finances. This game has been around since 1975, and it has remained relevant in our modern-day age. I suppose some financial lessons never get old.
Pay Day takes an average of 15minutes to play, and it drives players through earning paychecks, making real estate deals, and paying bills. The lessons your kids learn in this game will be of immense help to them as they grow.
8. Open For Business
It isn’t all about board games. There are other ways you could teach your kids about money with your home as the game world. Open for business is one of them.
You can start by paying your kids to do chores with monopoly money or something similar. You may even tip them if they impress you. Do this for about a week.
At the end of the game, allow them to spend their hard-earned money at the snacks store you’ve made up for them. They can even “pay” for trips to places they would love to go with the money they’ve earned.
This game is important for teaching kids about responsibility and independence. They will know that they don’t have to turn to illegal ways to make money.
Don’t leave your kids without this basic knowledge of money. Help them understand the importance of responsibility, saving, investing, and giving with these games. The good thing is that these games also fit as family games. Up to four or six players can play them.
So while you are looking to have some bonding time with your kids, have some fun and teach them some important life lessons all at once.