Teach Kids About Money with Board Games (2024)

Teaching kids about finances might not sound like the most exciting subject, but it's an important one that kids need to learn about. One thing my dad taught me from a young age was to only purchase what you can afford. Time and time again, I've witnessed how important this advice is and it has saved me a ton of times from getting over my head in debt.

My daughter is getting older and is starting to learn the value of money. By doing chores and other helpful actions, she is earning an allowance and has earned enough to open her own savings account. To reinforce these teachable moments, we've started to incorporate board games that involve money to help her better understand how money works in the real world.

Monopoly is a board game that most of us grew up playing. It's a competitive game of buying and selling properties, building houses or hotels, and collecting rent. Monopoly is a great game to help kids learn how to count money and make decisions. It's also a fun way to introduce to the concept of investments and long-term payoffs - especially since the game can potentially last for hours!

This version of the Monopoly game welcomes the Rubber Ducky, Tyrannosaurus Rex, and Penguin into its family of tokens (replacing the classic boot, thimble and wheelbarrow tokens). You can also choose from the Scottish Terrier, Cat, Top Hat, Racecar, and Battleship!

Along with making money, Monopoly also has expenses such as rent on properties and utilities that have to be paid throughout the game. This is a great way to start adiscussion with your child about your household budget and how we might take things for granted. Your utility bills may be considered small when compared to other costs, but they still cost money. You may even be able to encourage changessimple habits, like remembering to turn the lights off when they leave a room!

In the beginning of the game, everyone starts with the same amount of money. Remind your child throughout the game that they should only purchase what they can afford. For example, it is perfectly fine to choose not to buy the property they have just landed on if it is too expensive or if it would make them risk bankruptcy. Talk about how sometimes quality is better than quantity when it comes to Monopoly properties.

While you're managing financial and investment choices, the game throws in a twist with the use of Community Chest and Chance cards. This is a good life lesson in that things can change quickly and always be prepared for the unexpected.

Every round of Monopoly is full of excitement in the highs as well as frustration when properties are lost or you find yourself at risk of going bankrupt. While the game is helpful in teaching finances and math skills, Monopoly is also hours of fun and is a great way to spend quality time together.

In Pay Day, kids learn to have a job andPay Day comes at the end of the month. To make it there without going broke, players will have to manage their money wisely. Earn cash, find bargains, sell items for a profit, and be the player with the most cash in the end to win the game!

While making money is the name of the game, you'll also run into unexpected expenses. The board is set up like 31 day calendar. As you move through the month, players may encounter bills for outstanding loans, emergencies, and sudden cash windfalls. With all of this, you might need some extra cash and need to take out a loan, which has to be paid back. This opens the discussion to talk to your children about the importance of setting money aside for the "unexpected" before spending it all on the "fun" items.

After playing the games and talking about money, kids can print out this Free Printable Savings Worksheet to make their own savings plan to buy something they want. At the top, write in the savings goal - what do you want, and how much does it cost? Then, figure out a few ways that you can raise that money. Yard work? Chores? Once you start saving money, keep track of it all in the form until you reach your goal!

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What's your favorite board game to teach money management?