We all want to teach our kids about money and its value. But sitting your kids down to talk about things like savings account rates just isn’t very effective? So how should we help our kids understand how to manage their money? Kids learn about money much like they learn about anything else: through play.
Fortunately, there have been scads of games over the years which can be used to teach money management on some level. And no, we’re not talking about Texas Hold ‘Em poker. We’re talking about good, wholesome board games which contain some element of money management. And here are some of the best:
- Monopoly: with the possible exception of checkers or chess, this is the world’s best known board game. The game was designed during the Great Depression as a diversion from the nation’s terrible economy. The game teaches entrepreneurship and money management, as well as calculated risk. Best of all, there are a gazillion versions to choose from, ranging form the classic game to Disney versions to versions which feature most of the nations leading universities.
- The Game of Life: one of the most entertaining money-oriented games ever, this game is a lot of fun, and teaches such things as the value of insurance and a college education. The one downside is that (other than the choices to buy insurance and go to college at the start of the game) there really aren’t many decisions to be made.
- Dungeons & Dragons: This one might surprise you. While it isn’t a board game, per se, it does involve a lot of resource allocation. The “money” involves gold and silver pieces rather than paper money, but players still have to decide how to allocate their resources, deciding how much to spend and how much to save for larger purchases later.
- CASHFLOW: designed by the author and speaker behind the Rich Dad, Poor Dad phenomenon, this game is designed to teach people to go beyond savings account rates to look at how you can get ahead financially. Designed for adults, it can still be a lot of fun for older kids.
- Trump,The Game: another property purchasing game, this one has some unique twists that teach the value of taking risks and managing money effectively. It can also be used to help build kids’ communication and negotiation skills.
