Three Board Games That Can Teach Kids About Their Personal Finance

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The holidays will soon be upon us, and and kids will be expecting gifts galore.

This year, because of the pandemic, why not opt for things that will keep children busy at home, and board games are ideal.

It’s a good idea to teach children about managing money once they’re old enough. But kids sometimes lose patience. That’s the beauty of turning those lessons into a game. They can not only learn a little something about finances but also enjoy hemselves in the process. Board games aren’t only about entertainment — they can teach some important money lessons too.

Here are three boardgames to consider:

1. The Game of Life

Though the Game of Life requires quite a bit of luck, it also teaches children about important milestones they might encounter in adulthood — things like career choices, marriage, and retirement. Players aim to accumulate wealth while navigating hiccups along the way — sounds like being a grownup, right?

2. Monopoly

Monopoly is a solid introduction to real estate investing, and then some. Though the game is part luck, it’s also part strategy. Players need to learn to strike a balance between spending on property, houses, and hotels and saving enough to cover the rent when they land on other people’s squares. It’s also a good introduction to the concept of return on investment.

3. Payday

There’s perhaps no better mock money management experience out there than Payday. Players navigate ongoing bills, emergency expenses, windfalls, and other financial situations, all while putting their money to good use while they wait for their next pretend paycheck. It’s a great opportunity to teach children about the importance of budgeting and having savings.

Who Says Financial Education Can’t Be Fun?

All these board games are a great way to impart some wisdom to your kids, but really, they’re just a starting point. In addition to playing these games, consider opening a savings account for each of your children. You could also show them a copy of your household budget so they can see what a real one looks like in practice.

The more you talk about money and personal finance at home, the better equipped your children will be. It will enable them to manage their earnings responsibly once they’re out of the house and busy with careers of their own. And if you start off those lessons in board-game form, you’ll gift your children fond memories of sitting around the living room and duking it out for victory.

 

Source: The Motley Fool

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