A great way to teach kids about money is through play because it is fun and they generally love doing fun stuff WITH YOU!
Games help kids learn to think and work out the best way to manage money. They will have to complete tasks to 'earn' money and they will need to plan whether to spend or save. Children are also encouraged to ask questions and hopefully probe further.
A couple of great board games for teaching kids about money are Monopoly and The Game of Life is another. If you have a look I'm sure you would find other good games out there as well, but these were 2 of my family's favourites. Particularly Monopoly as it appeals to young and old.
There are also many online games that your kids can play and learn from. Just make sure you check them out thoroughly before you pass them over to your children so as to be sure you are setting them up with appropriate material.
Some of the best games though are of the Homemade variety. You can role play, pretending to be a bank, a grocer, or even a mortgage broker (or was that just our kids?!?!) Use your imagination, make some paper money and start playing!
Have Fun!
The Gadsden Finance team.
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