Personal finance is a skill that needs to be learned and takes practice to avoid failure and financial struggles. Engage your kids this summer through different games about personal finance to give them practice using money, learn how to manage debt and how to balance wants and needs.
3 Games Teaching Kids About Money
What better way to keep your kids learning this summer than through playing games?! Games about personal finance are great tools that provide financial principles as well as an application for those principles. It’s one thing to talk about bills and expenses; it’s another to experience balancing cash flow.
Personal Finance Lessons in Monopoly
Monopoly teaches a lot of different lessons around personal finance. From income to rent to unexpected jail time, Monopoly has it all. And don’t forget about that pesky income tax space. It also provides room to be creative. Players can negotiate deals, think through purchases and strategize for the win or how to get out of debt fast.
The major personal finance concepts and terms found in Monopoly will help your children contextualize what they mean and the impact they 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 managed debt and what other debt relief options look like.
The Game of Life
The Game of Life is another tried and true personal finance game. This game is great at illustrating how choices will impact your future. Right away, you must choose between college or going straight into a career. While college brings higher income opportunities, it also brings debt. Players will learn the impact of consumer debt, the costs of raising children and the importance of saving for retirement. The many types of insurance needed throughout life is also a tough lesson learned in this board game.
Create Your Own Game About Money
When I was growing up, we made up a game about money and called it “Store.” Each kid would develop a business, and the others would patronize it. We had play money and even some checks. In this game, we were able to be creative entrepreneurs, learning where money came from, where it goes and everything in between. “Store” provided a positive environment to experience financial choices.
So this summer, encourage or facilitate games around personal finance. Concepts that seem second nature to you will be fresh to your children. A positive and engaging experience will help them later in life when preparing real budgets, managing real debt and real money.
To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.