4 Games To Easily Teach Your Child Money Management

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Teaching kids money management is important. And yet most people have never been taught about money at a young age.

It can be hard to teach kids about money. Especially if your child doesn’t care about money management or thinks it boring.

That’s where games come in, they are a fun and easy way to teach kids about money.

They also don’t require any commitments other than enough time to play the game. Even if you aren’t the parent and are just babysitting you can use games to teach children about money.

Games are also an enjoyable way to learn things. And just by using money in a game children learn things. The game doesn’t even have to be about money to teach them things.

Below are some of the games that I played as a kid that taught me how to manage my money. Something I want to mention is not every game taught me the right thing. Some of them taught me what not to do rather then what you should be doing.

The Game of Life

The first game up today is The Game of Life. It taught me about money even if most of the lessons I learnt weren’t positive.

Some of the things it taught me to include you have no control over your life or your money. And if you want to succeed financially in life you needed to go to college.

In real life, you have something resembling control of your life. You have choices when it comes to big things like careers. And you don’t have to go to college to get a good job.

There was also some truth in the lessons I learnt above. You can’t control large portions of your life. Sometimes the best you can to make good choices at the moment and hope you are prepared for what comes.

In the game, you were also sometimes hit with random disasters. And you are forced to pay out large sums of money for something you weren’t expecting. And unfortunately, this can easily happen in real life. Bad things happen when you are least prepared for them.

If you want to see more of The Game of Life click here.

Monopoly

Monopoly the games that divide a family. I always like this game but I was usually winning. And winning helps you to enjoy the game.

The most crucial part of Monopoly was to manage your money well during the beginning of the game. In the beginning, you need to buy buy buy. But it hard to do that when you don’t have much money coming in and yet you need to buy everything.

That seems to happen a lot in life as well. Right now I’m not earning that much money. And yet it feels like there so many things I should be doing with my money. Save for retirement, a house or maybe a wedding.

What I try to keep in mind as I go through this season in life is it just that a season. It won’t last forever. Things are going to change hopefully for the better.

Once you been playing Monopoly for a while the focus switches from buying to developing. At that point, most of the properties have probably been bought. And if you want to make more money you need to add hotels to your properties.

If you don’t have the properties at this point you are in a bad place.

In real life, this is the time you can start to reap the rewards of all the work you put in. Whether that a high paying career or a thriving business this is when your hard work starts to pay off.

The nice thing about real life is it gives you a lot of chances to reinvent yourself. If everyone around is starting to earn money hand over fist and you are still struggling to get by that doesn’t mean you can still succeed.

And unlike Monopoly, there isn’t a limit on how many people can succeed in the real world. There no limit in life that says if you don’t succeed by this time you can never succeed.

No matter your age or experience you can still reinvent yourself.

If you want to buy Monopoly click here.

I also learnt how to manage my money by playing business games. I like business games better as they required more strategy. And if you won it was because of your brain, not dumb luck.

The Construction Game

The Construction Game was one of the most intense games I ever played.

For those that don’t know The Construction Game that well you ran a construction company. So as you went around the board you could bid on jobs and make money.

To make a lot of money in this game you need to have a large amount of equipment. The equipment range from cheap to pricey with jobs that paid according. And there was this one card you could draw that would give you give you all you the equipment off at half price.

This game would also let you go into debt. There were limits on how much debt you could take on but we ignore those rules.

So when I got that half-price card I would go crazy buying all the equipment I possibly could. This meant I would go into the crazy amount of debts. I’m talking millions and millions of dollars. If I had to pay regular interest on it I probably would never be able to get out.

In the game, you didn’t have to pay interest on a regular basis just whenever you land on the interest spot. And whenever that happened I would have to go into even more debt to pay that interest.

Being in that much debt was extremely stressful even when I knew it was fake and only a game. It made me realize just how much debt sucks. Here I was making good money but never got to keep it as I had to pay off my debt.

And when you’re in that much debt it hard to care about other things. Sure I might lose a couple of thousand of dollars if this job didn’t pan out but I was already millions in debt. So what if I lost money, it was peanuts compared to the debt I was already in.

What I’m trying to say is debt sucks. Try to avoid debt if you can. And if you have to go into debt make it good debt.

If you want to buy the Construction Game click here.

Life on The Farm

Life on the farm was one of my favourite games to play. It was also one of the few games I didn’t try to bend the rules on.

In this game, you would go around the board buying cows and would get paid for “milking” your cows. Of course there the usual mix of bad stuff that can happen to you causing you to lose money or cows.

This game was great because it was pretty chill. Sure it requires some strategy but the main thing was to buy more cows. The more cows you had the more money you would make.

I don’t have any direct lessons to draw from this game other than it taught me how to manage money. Like keeping track of how much money you have. Figuring out if you could afford something and trying to decide it would be worth buying.

If you want to buy Life on The Farm click here.

Games are fun and if you can sneak some learning into the experience all the better. They give you a chance to experiment and take risks you normally wouldn’t in real life.

So get the kids in your life to play games involving money. They will learn something even if its just math.

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4 Games to Teach Your Child Money Management