Using Games to Teach Your Kids About Money
Kids learn through play and games. Most of my homeschool strategy for my littles is built around games. It helps them retain the skills they learn, and it’s not a fight every day.
So what should you teach kids about money with games?
I am dividing this into two sections: Practical Knowledge: which includes counting money and how to complete a transaction, and Financial Literacy: which includes things like budgets, savings, investments, and creating cash flow.
Kids love to play cashier! Take advantage by taking turns being the buyer or seller.
Start by exchanging quarters, pennies, nickels, and dimes.
Focus on teaching preschoolers the names of each coin. Kindergarteners need to practice recognizing the value of each coin and simple addition/subtraction of money.
As your kids get older, your calculations can get more intricate, and before you know it they can buy their own goods at the store!
You can pick up play money at most stores that sell toys. Ordering from a teacher or educational supply store is another option that may help ensure the money looks very close to the real thing.
There are board games available at most retailers that aim to teach counting of money and making change--most can be modified to keep up with your child as they grow!
The same is true for video games online. I usually just google “counting money games free online” + grade level to find them.
Kids need to know how to budget, how to save, how to create cash flow, and how to invest. These things are the basis for financial literacy.
There are tons of board games that teach these skills to older kids (usually 7 or 9 and older). Several reputable financial institutions have budget simulators. This lets your kids get in there and allocate money to see how far a dollar really stretches.
There are stock market simulators, too. I did this in middle school and have several fond memories of the experience!
Do you have any favorite financial games you like to play? Comment below.