Whether you have toddlers or teenagers, teaching your kids about the importance of saving money can begin at any age. Your little ones might not see finances as an appealing conversation topic, but there are lots of ways you can incorporate money lessons into play time. These five games and activities are fun and educational at the same time!
Pretend Bank
The options with this game are endless, making it a great activity for kids with big imaginations. Create fake money by cutting up paper and writing how much it’s worth on the paper. Your kid can be either the customer or the banker – either way they’ll learn how to count, deposit, withdrawal, spend and save money. You can expand the game and get multiple kids involved by creating a grocery store with play food or a toy store. They’ll have to decide what to spend their money on and whether or not they should save it.
Financial Football
Visa and the NFL teamed up to create an online game called “Financial Football,” which engages kids while teaching them money management skills. There’s an option to play with multiple players as well as various difficulty levels. This is a great way to keep your sports-loving kids entertained and financially educated.
Monopoly
There are so many versions of Monopoly out there, such as Monopoly Junior, Pokémon Monopoly, Disney Monopoly and more. Using whatever type of Monopoly interests your kids the most, play this game with the whole family and everyone will learn some valuable lessons. This game teaches you how to save, invest and make smart purchasing decisions.
Saving and Spending Jars
If you decide to give your children an allowance, creating saving and spending jars is a great way to help them learn about money management. You can leave the decision up to them on how much they want to save vs spend, otherwise you can set rules where they have to save a certain amount every week or month. Add some fun to the mix by making it a saving competition between the siblings with a small prize for the winner.
The Game of Life
Another fun family board game that teaches great financial lessons is The Game of Life. Each purchasing decision the player makes will affect the outcome of their role in the game. This causes your kids to make decisions carefully and think through their purchases. Plus, it goes through all stages of life including college, buying your first home, having kids, retirement and more.
It’s never too early to start teaching your kids financial lessons that will last a lifetime! Once they reach the age where they want to open their own checking or savings account, we’re here to guide them through the process. Visit our website or contact us to learn more!
