How to Teach Your Kids the Value of Money Through Games

young kids playing an educational board game

One of your responsibilities as a parent is to teach your children about the value of money. You probably wonder how old your child needs to be to start learning and how to teach them about finances. The good news is your young school-age children can start playing games that teach them about money, budgets, and saving for an emergency. Here's a look at some games you can play to teach your kids the value of money.

Board Games

Why not go old school to teach your kids the value of money. The two most popular board games that teach the value of money are Monopoly and the Game of Life. With Monopoly, your child learns how to use their money to buy properties and later build on those properties. They learn about paying bills and also about borrowing money from the bank. After putting a property up to borrow money, your child must pay interest to get the use of the property back. A game of Monopoly covers a variety of topics.

The Game of Life teaches your child about everyday expenses from the cost of going to college to wages earned based on jobs. They buy houses and learn about the expenses of raising a family. Some other board games that teach your child about money include Money Bags, Easy Money, and Exact Change.

Computer Games

Your child probably already uses the household computer to play educational games. There are several good online games and apps that can help your child learn about money. Most of the online games teach children about counting money and giving a customer change back. A few of the most popular online games include Piggy Bank, Money Word Games, and Counting Coins. These are games that your child can play by themselves when you're busy.

Role-Playing Games

As your kid moves into their teen years, they'll show an interest in different types of games. The most popular role-playing game is Dungeon and Dragons. This game helps your teen learn about the value of money or currency. It also teaches them about bargaining and trade. These games also teach the value of money, since a thief in the game might steal your child's money, or a conqueror might take your kid's money as a prize.

Your child must make choices about the way to spend their money. They can buy a new shield, but not have money for arrows later in the game. Your teen will probably join a group to play a role-playing game or go online. It's a good idea to encourage your child to play these games, but you should also teach them to use caution when playing online with strangers.

Simulation Games

One of the most fun and creative ways to teach your kids the value of money is through simulation games. Does your child love to play games where they get to bake cakes or run a doggy daycare? These games are simulation games, and another good way to learn about money. Many of these games require that players earn a certain amount of money before they can go on to the next level.

In some cases, the players can use the money earned in each round to buy upgrades. These upgrades allow the player to make more money or complete a task more quickly. Your child has to balance out the need for speed with the need to accomplish monetary goals.

The great part about using games to teach your kids the value of money is that most of the time, they're just having fun. They don't view it as learning. You can start playing these games with your kids almost as soon as they start school and teach them skills for handling money that'll last a lifetime.