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Teaching your children all about money can be a daunting task.

Finding fun games and activities that keep your kids engaged can make it easier and more successful. Here are a few ideas of ways you can teach basic financial principles to children of all ages.

Monopoly

A family game night classic, Monopoly teaches money management including making smart investments while saving up to avoid becoming bankrupted. The game also gives a small look into the real estate industry. If you have younger children, Monopoly Jr. is a great option that teaches 5–8-year-olds basic math and budgeting.

The Game of Life

Another family staple, The Game of Life teaches players how their life choices can have a large impact on their financial status. Your children can learn that their choices in occupation, having a family or which type of home they buy will affect how their future will play out.

Jobs Around the House

To teach your child the value of money, you can give them a job that isn’t one of their normal chores. Once they complete their job, compensate them accordingly and then take them to the store so they can find something to buy with their hard-earned money. Doing this not only teaches them that you have to work for money, it also teaches them that different items have different value and sometimes, it takes a while to save for larger items.

Pretend Store or Bank

Sometimes the simplest activities are the ones kids love the most. By using fake money from a board game, or making some of your own, young children can learn how to count money, and also how to budget and spend it. Set up a fake grocery or toy store and let your child shop to decide what they can buy with their money. Then, let your child play the cashier or banker so they can learn how to count your money or even how to make change when they get older. These simple math skills will not only help them in school, but also set them up for success in their financial future.

Online Games

If your child enjoys playing on a computer or tablet, there are several educational money games they can play during their screen time. Simply search “money games for kids” and you will be able to find a long list of options with varying themes. Look into each game and find one that fits your child’s age, interest and the financial topic you want to teach them. A lot of these games look and feel like other non-educational games, so your child might not even realize they are learning.

Incorporating any of these games or activities into your child’s routine will help teach them real life skills that they will use for the rest of their lives. Opening a Youth Savings Account will also help them understand the value of savings. Our introductory savings accounts are designed with your child in mind. With no monthly maintenance fees and no minimum balance, your child can watch their money grow all while learning about interest and saving for the future. Click here to learn more.