The last time you tried to teach your kids something, was your attempt met with a groan? After all, kids know everything, right? And after spending all day at school studying, the last thing your little ones want to do is spend the evening learning, too.
Teaching your kids about personal finance is easy, though, through a fun-filled family game night. Enlist one of these classic board games as your teach tooling and get ready to give you children the building blocks of personal finance.
Monopoly – There are so many different lessons to be learned in a good game of Monopoly that I almost think it should be played in school. First, kids learn to physically handle money as they earn money and pay bills throughout the game. They learn the importance of having cash put away to protect them from unexpected expenses like landing on a house-infested property. Players even get a sense of finance charges when they choose to “mortgage” their properties.
As kids get older, however, there are economics lessons to be learned, too. The laws of supply and demand are no more apparent than they are as players barter over the price of properties that they want to purchase from each other.
Life – The greatest lesson the Game of Life can teach your kids is the importance of the choices they will make. For instance, players who choose to “go to college” will have to start the game in debt with their student loans. However, those who make the choice to “go to college” have the opportunity to choose careers that garner a higher salary. The sacrifice may pay off in the long run if the player hits enough Pay Day spaces.
Over the course of game play players must face events like getting married, having children, and even paying taxes. In short, players live a mini-lifetime in a few hours. Be sure to point out how these types of events happen in real life, too.
Payday – If you’re looking for a game to teach your kids about budgeting and managing expenses, Payday is the game you want. After accumulating bills during the “month” players must pay all of their bills once they are paid. Some players will hoard cash during play to prepare for the end of the month. Others will make deals or start businesses to try to make their fortune before their bills come due. Whatever choices the players make will ultimately determine their success in the game.
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