Board games are a great go-to when families are looking for a rainy day activity. But they can do much more than provide your family with a night of entertainment. In fact, while your kids are having fun, they could be learning important financial lessons without even realizing it. Looking for a game that’ll show your child money doesn’t grow on trees? These are the top 3 games designed to teach your kids about money management and the value of a dollar, pound or euro.
The ultimate Monopoly goal is to accumulate properties and become the richest player. How do you get to that point? Similar to real life, you can only win if you invest right, budget and spend smart.
The Simple Dollar writes that it teaches kids about investments, emphasizing investments earn income. In order to win, players must spend money on a property. As the game progresses, they witness that property generating income, allowing them to continue purchasing more properties. It also forces them to plan. They can’t spend all of their money on properties, because they can easily land on a spot that requires they pay taxes or some other expense. It’s a great way to start instilling in your kids the importance of an emergency fund.
2. The Allowance Game
Wash the car and earn $1.30, but forget your homework and lose a turn! In this fast-paced game, players race around the colorful board doing chores and collecting an allowance, then spend their earnings on the things they want. For 2-4 players; game board measures 18″.
Teaches kids the basics of counting, earning, and spending money, according to Answers.com. It’s designed for kids between the ages of 5 and 10. As the kids play, they’re able to earn money when they land on spaces that say “mow the lawn” or “walk the dog.”
It then teaches responsibility with scenarios such as “I forgot to do my homework,” which causes the player to lose a turn. It also teaches kids just how quickly their hard-earned money can go when they’re forced to spend some of it buying a gift or paying for an overdue library book
In Payday, kids learn to have a job, lend money, pay bills and interest, and deal with unexpected expenses. The board is set up like 31-one-day calendar; as they move through the month, players may encounter bills for outstanding loans, encounter sudden cash windfalls, or find themselves confronting unexpected expenses. All of these are, of course, a part of real life–which opens up the possibility of fruitful discussions about “what if” scenarios.
Made for kids aged 8 and older, this game can be played for as many “months” as you’d like. The player with the highest net worth wins. While playing, kids begin to understand the importance of evaluating cash flow, totaling expenses, making payments, budgeting, and the importance of establishing an emergency fund. Who knows? Maybe after a round or two, you’ll see them budgeting out their weekly allowance.