It’s hard to teach kids about money. When kids are young, they don’t think at all about money, and for good reason. They would not yet understand the concept behind how money works and how it is earned. So, they just assume things show up when you need them.
As those kids get older, however, it becomes important to teach them about the monetary system. Everything has a price, and when kids learn that lesson they’ll be far better prepared for the ‘real world’.
If you have kids who are approaching an age where you can start to speak with them about money, the following four games could make the learning process fun as well as informative.
Guess the Price
If you regularly go grocery shopping with your kids, have them try to guess the cost of some of the items you frequently purchase. You don’t need to keep track of the results or anything like that. Instead, just make it a fun little game that you can play while moving through the store.
Even though they won’t be thinking about it at the time, you’ll gradually be teaching them the important lesson that nothing comes free. Everything in the store has a price. They will soon come to understand that they need to have the right amount of money if they want to purchase something specific.
When you child sets his or her sights on a specific toy or other items, ask them to work on saving enough money to purchase it at a later date.
You can decide on a reward structure where your child receives a small amount of money for completing certain chores. You should also set up somewhere they can accumulate their earnings.
Along the way, they will learn about the work required to earn money. Plus, they’ll learn the importance of saving up for a specific purpose.
This one steps out of the real world and into the world of board games. However, valuable lessons can still be had. By playing the classic board game Monopoly as a family, you can work on learning financial lessons while having fun together.
Simply teaching your kids how to count money properly is a good step while playing this game. They will also be forced to strategize how they are going to allocate their money in an attempt to win the game.
Explain the Bills
It might be a stretch to include this in the category of ‘games’. But, it is extremely important in terms of a young person understanding how money works in the real world. With an older child, take an opportunity to speak with them about the bills that come and go from your household each month.
The mortgage, insurance premiums, utilities, groceries, and on and on. Talking about it is essential to earn enough money each month to pay all of those bills, along with having enough left over for both fun and savings.
Kids often don’t see the big picture of what it takes to run a household budget, so explaining it clearly is a valuable lesson.
How have you taught your kids about money? Did you play any money games with them?
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