As our kids grow older, it’s important to begin conversations about finances and the responsibility that comes with saving. Many discussions may consist of "this is boring" or the overconfidence of your children thinking they "know how to save", but it’s crucial to implement strategies for their financial success.
Luckily, board games are a fun and easy way to help your children get a grasp of basic finances. Below are a few games that can encourage family time, as well as a few tips and tricks of early finance strategies.
Monopoly. A classic game that has been around for years, Monopoly is a game that is very financially accurate; you can only win if you invest right, spend money, and think smart. It also encourages the importance of proper planning before spending. Demonstrating through trial and error, Monopoly shows that you can spend all your money faster than you ever anticipated! This game is a “must have” for any growing family.
Life. A game of experience, Life is a strategic game designed to teach the everyday ups and downs to children. At every turn, players are forced to make serious decisions that can impact their financial status and their developed "family" the game generates for them. Going to college, someone getting married, and retirement are all real life scenarios that we need to be prepared for. Luckily, a family encouraged game can give parents a transition from the scenario to a teaching moment about life itself. Finances, saving, and preparing for an emergency are everyday situations that everyone should ultimately be prepared for.
Payday. This game serves as a great way to teach your kids the importance of budgeting and monthly expenses. The strategic game is set up in calendar format to show kids the everyday payments of credit cards, loans, cash withdrawals, as well as unexpected expenses. For day-to-day financial knowledge, it’s easy for Payday to help parents demonstrate the importance of saving and budgeting.
Teaching finance isn’t something that kids need to fully understand at a young age. There are many ins and outs of a successful financial plan that are quite complex, but it’s never too early to begin demonstrating the basics. If easy money strategies can be explained with an emphasis on fun and family time, parents should take full advantage of these easy, group encouraged board games!