This post may contain affiliate links.
Teaching Money to Kids with the The Money Game
I have recently been reading a book called Make Your Kid a Money Genius (Even If You’re Not) by Beth Kobliner. It has these amazing tips for teaching money to kids. I am excited to be working on a sponsored campaign for this book!
I know this is important to start teaching at a young age. I have always tried, but I am not the best at money management myself, so this title really caught my eye! I used this great book to create a Money Game for kids to use to teach kids personal finance. Let’s make those dreaded money talks a little more fun!
The author of Make Your Kids a Money Genius (Even If You’re Not), Beth Kobliner isan authority on personal finance. She also wrote the bestselling book Get a Financial Life: Personal Finance in Your Twenties and Thirties. She used to write for Money Magazine, has contributed to New York Times and the Wall Street Journal and done some other great stuff like serving on President Obama’s Advisory Council on Financial Capability for Young Americans. I trust her advice.
About the Book- Make Your Kid a Money Genius (Even If You’re Not)
It is a step-by-step guide to help parents teach their kids from ages three to twenty-three about money. This book has 10 chapters to help parents withteaching money to kids. Chapter 1starts out with 14 rules for talking to your kids about money. These rules include: Starting Young, Keeping it Age Appropriate, Using Stories, Don’t Lie About Money, Don’t Try to Keep up with The Joneses, and more…
Chapter 2: Save More
Chapter 3: Hard Work Pays
Chapter 4: Drop Debt
Chapter 5: Smarter Spending
Chapter 6: Get Insured
Chapter 7: The Plain Truth About Investing
Chapter 8: Give Back
Chapter 9: Your Kid’s Most Important Financial Decision: College
Chapter 10: Financial Advice for You, the Parent
Within each of these important chapters, the author breaks it down by age group. I love how she does this. There is definitely not going to be the same solution for a 5-year-old as there would be for a 15-year-old! She uses the following age categories for discussing each topic: Preschool, Elementary School, Middle School, High School, College, Young Adulthood.
The beauty of this book is that it is full of “teachable moments” that allow parents to learn how to teach their kids character traits that are important in all aspects of life: a strong work ethic, the ability to exert self-control and to weigh our choices carefully, the perseverance to work toward distant goals, and a giving spirit.
What I Liked About the Book
Chapters 2, 3, and 5 were my favorites. I feel like they are some of the important basics for me to use to start out! I loved the tip about not letting your kids skip in line. She gave an example of waiting in line at an airport bathroom and she overheard a mom say to her child, “This is part of life. Sometimes you just have to wait!” This applies to money and many other areas of life! If you want to buy something, often you will have to save up for it and wait a little while to get it. It’s a great analogy!
If you are looking for a good book to help you along with teaching your kids about money and finances, this definitely a good one to look into reading. It is sold at Amazon and Barnes & Noble.
Teaching Money to Kids with The Money Game
Since I am always looking for creative ways to teach, I though it wold be appropriate to create a printable money game to go along with this book. This game is a great way to help kids realize how much life costs and how hard it can be to spend, yet also how important it is!
The goal of this game is the to be the first one to save $1000. It seems easy, however as you go around the board you land on save or spend spaces. The save cards give you money and the spend cards take away your money. I made it tailored to kids with things they would spend their money on and their income opportunities are also things that kids would do to earn money.
It includes a game board, printable money and game cards to go along with it. My kids and I had so much fun playing it together!
Interested in Downloading The Money Game?
See Also:Writing a Check Worksheet for Kids
This is a sponsored post written by me on behalf ofMake Your Kid A Money Genius (Even If You’re Not).
FAQs
The goal of this game is the to be the first one to save $1000. It seems easy, however as you go around the board you land on save or spend spaces. The save cards give you money and the spend cards take away your money. It includes a game board, printable money and game cards to go along with it.
How to teach children the concept of money? ›
7 Handy Tips on Teaching Your Children about Money
- Start Talking About Money. ...
- Imbue Good Saving Habits. ...
- Make The Savings 'Visible' ...
- Match Their Savings. ...
- Introduce Saving, Spending and Sharing. ...
- Know The Difference Between Needs And Wants. ...
- Show Your Child How To Spend Wisely.
Monopoly is one of the most reputable board games of all time. It's not only known for its methods of teaching money management, but also for how ruthless it can also be.
What are the 3 concepts of money? ›
To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange.
How do you teach money to beginners? ›
Start early by showing them where money comes from, how to budget, spend wisely and set savings goals.
- Talk to your kids about money. You don't need to be an expert to teach kids about money. ...
- Show your kids where money goes. ...
- Get kids involved in money decisions.
Synopsis. As the South Korean government fears that the 1997 Asian financial crisis is about to repeat itself, three people working at the Financial Services Commission and the Ministry of Economy and Finance try their best to avoid the coming crisis.
What is the money game about? ›
The Money Game is a series of stories on the games people play with money and markets. Told by Adam Smith (aka George Goodman), the stories uncover the emotion, error, myth, and irrationality that surrounds it all.
How do you play the money envelope game? ›
One of the contestants is getting an envelope with twice as much money as the other. After each of them sees how much money he got (in private), he can ask the other person to exchange envelopes (without knowing how much money the other person got). If both contestants agree, the exchange occurs.
What is money magic game? ›
Players take on the role of road manager for Enzo the Magician and must allocate funds towards advertising, trick maintenance, Enzo's needs, and buying new tricks all while saving money for his big performance in Vegas. The game can be surprising challenging; even for adults! Think you can succeed?
Are there games you can play for money? ›
Mistplay is one of the most popular app to play games for money, and this Android app is definitely taking over this category. The concept behind Mistplay is simple: earn points for playing games and leveling up your Mistplay account and redeem points for a variety of free gift cards.
Monopoly (ideal for 8 years to adult)
Players have to balance cash flow by earning income and saving, deal with financial blows such as taxes and emergencies, and learn about financial negotiation as they do deals to acquire cash for private mortgages when funds get low.
How do you play cash crash? ›
How to play Cash or Crash:
- Place your bet by clicking on one of the chips to add it to your wager.
- Wait for a ball to be chosen: If it's red, the game is automatically over, and you start at step one again. ...
- If the game ends, you can choose to wait until the next betting round and place another bet.
Gameplay is like standard Monopoly, buy properties and collect rent. The main difference is this board has cash machine spaces. Land on this space and the machine shoots out cash and chance cards. When someone runs out of money, or the cash machine runs out, the game is over and the player with the most money wins.
How do you play double your money? ›
If a player's piece lands on the same colour square as his colour, he is asked a question. If he is right, he places his marker to the side of his triangle in the first prize money of 1 pound. Next time he gets a question right, he will double his money i.e. a progression of 1, 2, 4, 8, 16, 32, etc.
At what age do kids understand the concept of money? ›
Age 7: How to understand the value of money
Louise Hill says, “It may feel very early to be starting serious conversations about money, but our research shows that by age seven, many money habits will be set. This is the perfect age to introduce the value of money.
At what age do children understand the concept of money? ›
Kids between the ages of 6 and 8 may start to understand how money works. "As soon as your child is receiving an allowance, he'll need a place to put his money," says Pearl.
How do you explain the concept of money? ›
money, a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth.
Do children understand the concept of money? ›
By pre-school age, many children are beginning to understand the concept of money. They tend to be curious about the world and keen to learn. This makes it a great time to introduce them to the idea of saving, spending and the value of money.
