It’s never too early to teach children about their finances. The earlier they’re taught, the more likely they are to want to keep their finances in check when they get older. But when it comes to instilling proper spending habits, children are quite different than an adult, or even teenagers.
Children love to play, so it’s essential to take this time to teach them the best way to manage money without it feeling like it’s a lesson. Presentation is everything, so why not make it engaging, fun, and interactive?
Read on to learn some of the best ways to teach children about money through play.
Go to The Bank
Going to the bank is exciting, mainly when someone is small. All the adults are doing “adult” things and have so much money. As adults, everyone knows that going to the bank isn’t as exciting as it seems to a young child; however, that doesn’t mean financial management can’t be taught through playing bank.
Set up a makeshift teller window at home, and using either play or real money, teach children what the teller does, what kind of accounts banks offer and how to make deposits and withdraws. Granted, if the child is younger than 10, this might go in one ear and out the other. However, children who are headed to middle school do understand the basics of banking.
Play Board Games
Ask anyone over the age of 30 what games they played when they were a kid and guaranteed, they mention Monopoly. Monopoly is still one of the most popular board games on the market.
It gives children a chance to learn the necessary addition and subtraction, how to make a purchase transaction. Payday is another excellent game that teaches children how to get out of debt, although the goal is teaching them not to ever go into it.
Role-play is another excellent option for children under the age of 10. While most kids stop wanting to play make-believe around the age of 7, it’s still possible to use role-play for learning.
For example, parents can create a pretend grocery store where children are given a specific amount of money, a list of things to buy, and have to budget their cash. Not only does this teach them necessary math skills, along with budgeting, it also shows them to be accountable.
Teaching children about the world around them is just one part of being a parent. And day-to-day finances and budgeting may bore most adults, to a child, it’s fascinating. And since they grow up so quickly, parents can use this time as a bonding experience as well. They’ll thank you for it later.