Games can make learning about finances fun and build important skills, too. They can even be a sneaky way to help your children practice their math skills.
If you’re looking for a way to teach kids about money, try these fun board games, online games and DIY games.
This classic board game teaches kids to make decisions about money. Children need to decide whether to purchase properties with the potential of earning money when other players land on that property, as well as plan for paying when they land on other properties. This helps them learn the importance of putting money aside, as well as counting money in large bills.
Monopoly is a great game for kids ages eight and up, depending on the version. There is also a Monopoly Junior version specifically created for kids.
This board game teaches the basics of money management and cash flow. There’s a version of this board game designed for children as young as six. The bright, colorful colors in this game and the fun rat character make it more visually appealing, while the spirit of competitiveness encourages children to keep trying to master their finances.
The Game of Life
This classic board game teaches children to prepare for life events such as going to college, making financial choices and choosing a career path. Players are encouraged to plan financially and prepare for the unexpected.
The Game of Life is appropriate for kids ages eight and up.
This game is easy to set up with things you already own, and it teaches money fundamentals as well as entrepreneurial skills. Younger kids especially love to play store!
To play the game, have your child set up a “store.” Then, have your child decide what they will sell. This can include items they create, or items you have around the house. They can even name their store and price their items. Finally, visit the “store” (or invite siblings or friends) to buy their items. Your child will practice customer service and counting skills.
You can even have your child create their own “money” by coloring slips of paper so they can learn about currency, too.
Another great way to get your kids interested and excited about finances is to collect money. Have your child sort through change to find older coins. They may enjoy finding state quarters or coins from the date of their birth, too. Set them aside in a box to collect. Look at websites and read books to find out how much older coins are worth. You can also create a cardboard map of the United States of America to match up your state quarters.
When traveling to different countries, collect foreign coins and currencies. Encourage your children to research how much currency from other countries may be worth and how much that value changes over time.
The National Credit Union Association has online games for children. These educational games help your child learn about finances. Hit the Road, for example, asks players to plan for a road trip. World of Cents is designed for children ages five and older, and helps teach them about counting and saving money. Both games can be downloaded for free on your iOS smartphone or tablet.
Of course, one of the best ways to learn about money is to actually use it! If your child is below the age of 21, you can use a PSECU Custodial account to create an irrevocable monetary gift for your child. You’ll enjoy many benefits with this account, including easy deposits for the custodian, lifetime PSECU membership for your child, and more. Once your child reaches the age of 21, the account must be turned over to them. If your child is above the age of 12, you can open a regular, non-custodial account to help them learn about money management.
And don’t forget to take a look at WalletWorks, PSECU’s financial literacy website. Here, you’ll find videos and other resources to help you and your child learn more about finances.