How To Teach Your Kids About Money Through Games
Are you wondering how to raise a money-smart child? Here are some fun games that will help him learn important money management skills.
By Jasmine Kaur • 7 min read
Today, managing money is a little more complicated than it used to be. There is virtual money, cryptocurrency and, of course, paper money. But, more often than not, parents of young children often feel that their kids are too little to be concerned with money matters. However, it is important to talk to your child about money from a young age. The earlier your child develops a healthy attitude towards money and skills to go along with it, the better it is for them.
Simply giving your child lectures on the importance of money may not be the best way to get your message across. Fortunately, there are a number of games available which will equip your child with these important skills in a fun manner.
Board games are a classic way to spend time with family and friends. Since they are a group activity, it is a good idea to introduce your child to money skills through board games. This way you can closely observe her progress and understanding. You can even step in with snippets of advice to guide her in the right direction in such games, if needed.
Monopoly is probably the most popular board game in this category, but you might want to start off with a game that’s less complex and has better guidance, for example Dave Ramsey's ‘Act Your Wage!’.This board game is specifically designed by the famous finance guru to nurture the money skills of young ones. Players are asked to use their money managing skills by saving money for emergencies, using a budget and paying off debt. With such prudent goals, this game is sure to teach your child some valuable money skills.
Children love playing games online. So why not help them use this time productively by introducing them to some games that will teach them about money? Most of these games will usually have great visuals and audio to keep your child engaged. You can find online games that teach him how to calculate change, or complex games that teach him about savings, investing, profits, etc.
One such game is 'Rich Kid Smart Kid'. This game covers many concepts, from debt to capital and profit. Moreover, it’s divided into multiple levels based on age. So, a child in high school can work with more complex concepts than one in primary school.
Role-playing games (RPGs) have become really popular in the gaming world. In these games, players assume different characters and immerse themselves in role-playing. While these games may not directly be about money, they include their own economies which players use as they play.
In RPGs, your child will be allocated with a finite amount of resources. She will face challenges on how to use available resources in the best way possible while simultaneously attempting to accumulate more. Fundamentally, the real world functions in a similar way. Figuring out how to use resources wisely within the game will have an impact on how she views money in the real world.
Dungeons and dragons is one of the most popular RPGs. It is a game set in a fantasy world, full of quests and adventures. It requires someone to play the role of a ‘Dungeon master’, who cannot take part in the game himself, but must serve as the conductor and referee of the game. The other players move forward turn by turn through rolls of the dice. This is a very immersive game and a great one to teach your child about money.
You don’t have to depend solely on online games to teach your child money management skills. Get creative and invent simple money games yourself. For example, you can create your own role-plays where you could ask your child to act as a cashier, while you pretend to be the patient customer waiting for his change. You can also set about creating a mock-budget with your child to teach him how to plan finances.
Having money skills is important for being successful in life, but learning them doesn’t have to be a dull process. These games can help learning turn into a fun activity for your child. Moreover, your child's attitude toward money is also influenced by people around them. So, be sure to model the skills and attitude you want your child to have when it comes to money. Through these games and observing you as a role model, your child is sure to become a money-smart kid.
About the author:
Written by Jasmine Kaur on 2 November 2018.
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