Teaching your children how to look after their money is really important. It is not always easy to know how to make this fun though and also how to keep getting the message across in new ways. There are some games that you can play with them that will help with this as hopefully they will find them fun and will want to play them over and over again. .
Monopoly can teach a lot about canny investing. The winner of the game tends to be the person that has the best return on their investment and does not waste money. While playing the game discuss strategies and why it is wise to make certain purchases to help children know how to win. You can then discuss how these skills can relate to real life.
This is a game that can be played for free online as well as being available in a board game version. As well as buying houses, like in monopoly, you can also buy stocks, shares and invest in businesses. It takes things a step further and explains how buying luxuries waste valuable money that could be spent on investments that could give you a passive income to allow you to quit your job. The aim of the game is to be able to have enough passive income to be able to leave your job.
Game of Life
Although this is not so financial, it is still a game where money is important. It gets younger children used to the idea that adults need a lot of money! It can also demonstrate luck and chance by the spin of the wheel determining your next move. Although most people have more control over their lives there is always an element of the unknown which it is wise to plan for.
This is a great game to demonstrate the luck in casinos and how casinos win. You can demonstrate the same by showing them lottery tickets or other casino games. It can get them to understand how luck does not exist and everything is down to chance and also that although gambling can be worth paying for if you have fun with it, you should not rely on it for income. Make sure that you explain that it is possible to play these games online for free, so that they can have the fun without the expense.
These can also demonstrate how difficult it is to beat the casino. Games such as blackjack can be used to show how easily you can lose money and why it is not wise to gamble on this sort of game. Although there is more skill and less luck in poker, it is still a game of chance and you can lose a lot of money playing, so it can be good to show this as well. They can also be used to help maths skills in younger children which are essential to being able to manage finances.