Finance can be taught to your kids not only through conversations but also through interactive games which teach them about managing skills related to money from a very young age. Board games always stand in the front row teaching kids about different financial aspects like budgeting, savings, investing etc.,
Here are the few games that teach financial education to your kids
Monopoly
Monopoly is an evergreen game that helps kids know about different financial aspects. It mainly includes the players taking roles buyers and sellers where people buy the properties that are not bought yet, sell the properties when not needed or when the money is not in hand, pay rent on the properties that are already bought by others.
Playing this game helps in developing systematic thinking among kids about what to buy when to sell and when to save before buying a property.
Monopoly can be played by kids of age and above and it includes game board, tokens, dice, chest cards etc.,
Game of life
Another classic game that can be played with your kid to teach him about finances. The interesting part of “ Game of Life” is that this includes different phases that we all go through in our life like career, business investments, retirement etc.,
At every turn, kids need to take major decisions of life regarding their finance, be it choosing a career or any other thing relating to finance. This helps the kids to make a choice and to stick to that choice independently. Also, kids can learn how to weigh the pros and cons of making a decision.
2 to 4 players can be included in this game and kids of ages 8 and above can play this game. tokens, spinners, game board, spin to win tokens, pegs etc.,
Farkle
Farkle is a simple game that is played in terms of gaining scores by each player involved in the game and then getting scores accumulated to a higher score of 10000. Farkle helps kids to learn about saving, managing their credit in the form of points.
This game can include 2 or more players of age above 8. Farkle consists of a pair of dice and a game board
Cash Flow
Cash Flow is one of the most useful games to teach your kids about the basics of accounting and investments. Kids also learn to know the difference between assets and liabilities by playing this game.
Cash Flow also helps in knowing the concepts of investing through real estate, selling stocks and other investment strategies. The players involving in this game can get a better understanding to take charge of their finances and about how to utilize the money they have in their hands. Different versions of this game are available. One version can be played by kids whose age is between 6-12, another version can be played by kids whose ages are above 14, etc., the Game theme is same but the versions change depending upon the ages of the players who are playing the game.
PayDay
PayDay is also one of the best games that inculcate financial education in your kid’s brain. This game mainly focuses on budgeting, monthly expenses and how the players deal with those monthly expenses that come up every month.
The players playing this game will deal with the monthly expenses, loans, bill payments, cash overflows, unexpected expenses, financial issues that may come their way at any given month or situation while going through the calendar provided on the game board of this game.
By playing this game, kids can know how to manage their monthly expenses by having a budget, how to save money and also the importance of emergency fund. Kids of age 8 years and above can play this game and the game consists of a game board, mover tokens, red die, cards, savings, and loan pad etc.,
Financial knowledge plays an important role in kids life as they grow old and playing the games related to that not only brings awareness to them but also helps them in managing their finances well in their future.