One of the most common questions I get from clients with kids is “How can I make sure my kids don’t end up like me?” The first and best way is to be open and talk to your kids. If you’re not ready to open up just yet try these 5 games to help teach your kids about money.
- Monopoly – Investing in real estate at 7 years old? This game is great to show kids the basics of buying and renting properties. The chance and community cards are examples of what can happen in real life. Well maybe not winning the beauty contest for $10 but the general idea of unexpected bills or income is great! It is hands on (I prefer the paper cash versions) It is also great to help with budget and math skills! After all you can’t by Boardwalk and Park Place with no cash!
- Store – Usually the first and best way for kids to learn about money. Have fake money, a cash register and teach your kids to only spend what they have. So many kids rely on technology at stores if they make a mistake they don’t know how to make change! Make sure your kids aren’t like that, help them with these basic math skills.
- Cashflow for Kids – Developed by RichDad this game takes your older youngsters to the next level. Investing, acquiring assets and learning about liabilities! This game is easy to learn, fun and incredibly informative. You might even learn as much as the kids!
- Guess the Groceries – I play this game with my whole family all the time. The rules are simple, you grocery shop together and each person takes a guess at what the total will be. Closest to the total wins! It helps teach kids (and spouses) how much items cost. They learn what household expenses are like and do a bit of math on the fly.
- Count Cash – Last but certainly not least, just let the kids count cash. If you have spare change ready to roll have the kids help. Basic math skills from addition to multiplication can be practiced. In our every changing “cashless society” the more involved they can get with money the better!
The more open and honest you can be with your kids about money the more prepared they will be as adults. The “experts” say our patterns and behaviors are set by the time we are 13-15 so don’t wait!
PS – Be sure you aren’t doing these 3 things to financially damage your kids!
If you don’t feel confident to teach your kids about money or feel the need to be secretive you might want to consider money coaching. Money coaching can help you overcome fears, anxiety and stresses over money. It can help increase your communication and confidence! Learn more about money coaching in my FAQs!