3 Board Games that Can Help Teach Your Kids about Money

monopoly-junior-600771_1280Playing board games is a popular pastime for most kids. Even this day and age with technology and video games taking over, parents can still go to any store and purchase new and old board games to introduce to their kids during family game nights.

If you’re trying to teach your kids about money in a fun and engaging way so it doesn’t bore them, you can start with some of these popular board games that help promote financial literacy and basic money management skills.

1. Monopoly

Monopoly is a classic board-game that everyone should play at least a few times. The well-known board game was first established in the early 1930s. Now it’s available in various different versions for everyone to enjoy.

There’s even a smaller version of the game for younger kids called Junior Monopoly. You can play the game with up to six people. The main point of the game is to invest in as many properties as you can without going bankrupt. The person with the most money at the end of the game wins.

Playing monopoly can help teach kids several things like:

  • Managing money
  • Making transactions
  • Diversifying your assets
  • Investing in real estate

 

2. Life

The Game of Life is another classic board game that even has a video game version. It was originally intended to be a game about virtue and happiness but it was re-released in the 1960s with a heavy focus on personal finance and it became a hit.

At the start of the game, you choose whether you’d like to go to college or jump right into a career. Players who choose to go to college end up having student loan debt but players who choose to immediately get a job often wind up with fewer career choices and a lower paying salary.

The game allows you to travel through the next few decades of ‘life’ and encounter milestones like getting married, having kids and buying a house, all while dealing with life’s unexpected expense like taxes, accidents, expensive trips, etc.

At the end of the game, you retire and the person with the highest net worth wins.
While the game isn’t 100% accurate about everything, it can help you teach your kids a lot of important things about money like:

  • The importance of building your net worth
  • How going to college can have a significant impact on how much money you earn
  • How being insured can help you save money when unexpected events occur
  • How building wealth can take time

 

3. Cash Flow 101

Cash Flow 101 is a newer board game created by Rich Dad, Poor Dad book author, Robert T. Kiyosaki. The game is a bit pricier than traditional board games, but it’s packed with solid financial strategies and solutions to help players of all ages learn how to manage money properly and avoid or break free from the rat race.

This educational game can teach kids:

  • How to tell the difference between assets and liabilities
  • Basic investing tips and strategies
  • Basic Accounting
  • How to use money as a tool to enhance your life

When you have your next game night, try to create an educational and fun experience for your children by playing some of these board games to help your kids become financially literate and understand more about money.

Have you ever played any of these board games? How are you teaching your kids about money?

Posted in: Family

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