In this post, we are going to discuss some homemade games that teach kids about money which will help your child to understand the finances better.
As your child is growing up it becomes one of your prime concerns that soon they will have to deal with money and you are not sure whether they understand the importance of finances or not. Children often do not take money seriously because it is a new concept for them and they have no idea about how the financial world works to make our lives easier.
The best way to teach your kid about any concept or skill is to play games related to that subject with them. Using games you can get your child to pay attention to what you are trying to teach them.
The three basic and the most important part of dealing with the finances are spending, saving and investing. You can train your child’s mind to manage money effectively by teaching them how to spend their money wisely, saving money for the future and investing in things that will make them more money. Being good in handling money matters from an early life is also very good for developing the self-esteem of your children.
You may find a lot of board games online that is based on finances and we will give you a few recommendations at the end of this post but before that, we would like to provide you with three simple games that you can use to teach the above mentioned very important aspects of wealth management.
1 – Budget Game
If you will sit down with your kid to discuss with them about the budget then they will find it very difficult to understand and also boring. But there is another good way to teach them about spending money carefully.
For this, you will have to make this a game for them by telling them that they will be rewarded with the double of their pocket money if they will only spend half of the given amount. This will not only encourage them to save money but they will also be more patient in spending their money because they will be aware that they will not get the reward if they spend too much.
2 – Piggy Bank Game
For this game, you will have to buy a fancy piggy bank that your child loves. Now, the money that your child saved last month under the budget game (Half of their pocket money) should go in this piggy bank every month.
Tell your kid that they can buy something expensive by saving their money every month, calculate the amount required for their desired item and tell them how much more they need to save every month to achieve their goal. When your child’s brain is developing, helping them to learn how to save money will stick with them forever.
When your kid has something in mind to buy in the future, they will naturally begin to spend their money in a very balanced way and many kids learn to save wealth with the help of piggy banks.
3 – Investing Game
Many parents think it is not right for them to talk about investments and bank interest with their kids because they believe that their children are not ready to know such things but giving an idea about how money can make money is very essential for your kids from a young age.
Obviously, you cannot tell them about big investments but you can help them to learn this skill by offering them an interest on their saved money if they are not willing to spend it too soon. For this, you can ask them to handle their savings to you for a limited time and give them an extra interest amount in return.
You can also tell them about how they can increase their saved wealth by depositing it in the bank. You don’t have to get into the details of investing until they are ready to understand such concepts but giving a basic information on how it works can be very useful for them in the future.
We have recently read about a post where a person who used to invest in forex trade helped his daughter to multiply her savings by investing it in buying currencies along with his own money. His daughter then started to bring all her saved pocket money to him and asked him to invest them as well.
Children love to play such games where they know that their money can be increased by investing it.
Apart from this, board games can also help you to teach your kids about money management and the financial market, here are our top 3 recommendations:-
1 – Monopoly Junior Board Game
Monopoly has always been the best board game that educates kids about how money works, using this game you can help your child to learn about trading and it also improves their math skills. You can order monopoly junior board game from Amazon.
2 – The Game of Life
This is another very interesting game that teaches kids about wealth. This game takes things to the next level so it is not suitable for kids below 8 years of age. You can get the game of life from Amazon as well.
3 – Money Bags Coin Value Game
This is another fun game for kids above 7 years of age but you can teach it to younger children with a little effort. It teaches them various important money skills like saving, counting and exchanging while they are having a lot of fun with their friends. You can check out the money bags coin value game on Amazon.
We also recommend you to check out the product named “the financial fairy tales” which helps one to teach children about money by using some very interesting stories
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