Teaching our kids the value of a dollar is one of the best life lessons we can ever impart. Credit card companies and banks are circling like vultures out there in the big wide world and it’s essential we give our children the tools they need to make their way and achieve their goals. So here are six games that help kids learn about finances.
6. Community Games
This is a great way for your young one to learn how to handle money and associate with others. Look for notices advertising money games at your local community center or at the library. If you have an inventive mind, perhaps you can organize some yourself if no one has beaten you to the punch.
5. Moneywise Kids
This is a great game where kids must account for food, clothing and housing in a game that focuses on money management. There is also a second game included with this that teaches kids to make change. The two together will help provide valuable skills kids will need in the real world.
4. Virtual Entrepreneur Sites
Learning to manage money has entered the 21st Century with the various games one can find online. Roll playing games like Lemonade Stand (coolmath-games.com/lemonade/) as well as Ice Cream Parlor can provide firsthand business experience for kids (santorographics.com/tutticuti/icecreamgame/). There are many other such games kids can play online and they help prepare children for the work force as players have to contend with weather, impatient customers and deadbeats who don’t pay. Plus players can track their profits and losses while purchasing more supplies, etc.
Another essential, and fun, teaching tool, Payday is a great way for kids to learn hold down a job, take out a loan, while paying bills and expenses. But keep some aside for a rainy day. Unexpected expenses do crop up and the game teaches kids how to plan for them.
2. Game Of Life
This game helps kids learn how to make and spend money. Players have to make decisions about their careers and other life choices. And you learn how these decisions affect your income and how you spend it. The name of the game is Life and that’s just what you experience.
The old stand by is still the game of choice for learning about money matters. From simply acquiring property to paying/collecting rent, this game can still teach while it entertains. And when you pass go you get $200. Ah, if only it was that easy…
So as you can see, there are a wealth of tools out there to help your kids learn about money and money management. And they are not hard to find. The games are fun, interactive learning experiences that will help prepare your child for the real world. Whether they be board games, interactive community experiences or online virtual stores, you child will have a blast learning what the grown up world is all about.
This article was contributed by Andrew Salmon. He writes for Life Insurance Canada and a number of other blogs on financial topics.