Games that Teach Kids About Money

I’ve been writing a series of blog posts over the past few months about teaching kids about money, saving, spending, budgeting etc. But when it comes to the nitty gritty and teaching kids about money, it can be a little tricky. A lot of concepts based around money are hard for young kids to grasp and can be quite boring. But one way to teach them and help them understand is to make it fun.

Playing games is a great way to educate children about money. I’ve found some games for children of all ages that teaches them the different aspects and basics of money.

Probably the first step is to get your kids familiar with the different coins and their values. There are three games to introduce all the different coins to your child.

–       Sorting and stacking. Empty your child’s money box or your wallet or purse. Ask your child to sort the coins into separate piles or use containers. Explain the different sizes and values of each coin. If your child is a little older you can ask him or her to stack into piles to make certain values up. Eg, stack 10 x 10 cent pieces to make $1. Or 5 x 20 cent pieces to make a $1 and so on.

–       Coin memory game. This is based on any memory game except uses coins instead of pictures. Glue or tape coins onto the back of cards then place face down. This will teach your child to identify the differences between coins, shape and look.

–       Money magnets. Gather some assorted coins and stick on a small self-adhesive magnet (you should be able to pick up from Spotlight). Use two coins of the same value so you have the front and back of each coin. When your child asks you for something such as a biscuit or apple ask him or her to “pay” you with the correct money.

For older kids here are some other fun games to play which are based on role-playing:

–       Pretend store. Set up a pretend store in your home. You can use food out of the kitchen cupboards, or anything else around the house such as toys, books, toiletries etc. stick on price tags and ask then play shop. Your child will need to “purchase” items which you add up and they give you the correct change. You can then swap roles and you can do the shopping!

–       Go Fishing – cut out some fish shapes from coloured construction paper. Attach price tags to each fish tail with a paper clip. Make some mini fishing rods with a magnet on the end to ‘hook’ the fish. Place the fish in a bowl or bucket and ‘go fishing’. Each child has to pay the correct amount depending on the value of the fish they catch.

–       Bank Teller – Set up a pretend bank in your home with a toy computer/laptop and some money. Practice depositing money, withdrawing money and making change.

Then of course, there are board games that will teach your kids about money management such as Monopoly, Game of Life and Payday. Learning about money can be part of a family fun night!

Once your kids become a bit more familiar with money, adding up and working out change get them to participate in real life situations such as paying at the supermarket checkout, at the market or restaurant. By playing games with your kids and letting them participate in real life situations, you are helping to teach them the value of money and the important role it plays in our everyday world.

Don’t forget for your kids real money and savings sign them up to a Scoot Super saver account with bcu as recommended by Coffs for Kids!