Teaching kids personal finance probably sounds like a really boring lesson. Try using games to creatively teach about saving, credit card debt and more.
Lesson Guide: Teaching Kids Personal Finance
Create a Business
This is America, land of entrepreneurs and dreamers. Teaching kids personal finance can also be introduced as a business venture. Get the kids to use their imagination and think through a business idea or two. You can create a business plan, have a meeting with the “bank” (aka you), make marketing projects, videos and maybe even the actual product! There are many facets to a business that offer valuable lessons regarding money, including the importance of avoiding consumer debt.
Teaching kids personal finance can also get things done, like buying groceries for the week! There are a few different games you can play at the grocery store. One game is to split the kids up into teams. See who can get the best deals on a few specific items. Each person can guess how much the total bill will be at the end of the shopping trip. There are also plenty of opportunities for math along the way, like calculating savings from coupons or sales.
Sharing the amount of money you intend to spend on food is another important lesson for kids to hear. If they see you sticking to the budget, they will know how to shop for themselves later on. Putting a few items back or saying no to extras not on the list models how to be a responsible shopper. A grocery list and budget are also great ways to eliminate debt on a tricky spending category.
Monopoly & Teaching Kids Personal Finance
Monopoly teaches a lot of different lessons around money. Rent, unexpected jail time and that pesky income tax space, Monopoly has it all. It also provides room to be creative. Players can negotiate deals, think through purchases and strategize how to get out of debt fast.
The major personal finance concepts and terms found in Monopoly will help your children contextualize the impact spending and debt can have on your finances. Don’t be afraid to talk about how you have dealt with similar situations in your own finances, like how you have managed debt.
With these games, teaching kids personal finance won’t seem lame. And you may even get a few tasks done around the house.
For more information on teaching kids about money, visit ACCC’s Youth & Money resource page.