3 Fun Activities to Help Kids Understand Money

Instilling good money habits in kids is something every parent must do at some point. Teach your child important financial lessons with these fun educational games and activities.

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Money” by Brendan Riley, licensed under CC BY SA 2.0

Shopping
Your regular grocery shopping trip is a great opportunity to teach your child the value of money. The average family spends about one-third of its income on household and grocery items. For most kids, going to the grocery store is their first experience in spending and shopping. This is the time to teach them how to save money on groceries by using coupons, comparing and taking advantage of sales can help save thousands of dollars each year. Parents can also demonstrate how to plan economical meals, use leftovers and avoid wasting food. When you visit other kinds of stores, show them how to plan purchases in advance, compare unit prices and check for quality, warranty, value, repairability and other savvy consumer tips. Show your child that well-planned spending, apart from giving you value for money, can help you save up to 20-30% of your hard-earned money. It can also be a lot more fun than buying on impulse.

Educational games
Most parents think online educational games can only be used for “tough” subjects like math and science but there are plenty of websites that also offer free and fun games that help kids master counting, earning, spending and saving, taking charge of their personal finances, understanding how the stock market works and mastering the intricacies of investment. So the next time your child asks for some screen time you know what to do! If you want to get the entire family involved, board games are a slightly old-fashioned option but loads of fun nevertheless. A good game of Cashflow 101, Monopoly, Life or Payday can mold kids’ ideas about earning, saving, investing, profit and loss.

Become an entrepreneur
Encourage your child to earn a little money – this is not only a fun educational game, it is also immensely empowering for kids. Babysitting, mowing lawns, washing cars, baking and selling cookies are great choices for young entrepreneurs who want to start working on their first million. In fact, if your child is the go-getter type, he’s likely to enjoy running a lemonade stand and raking in the moolah. This is a great activity for siblings to do together. Older kids can handle the money, while younger ones can hand out the cups to customers. Other money-making activities for kids include hosting family yard sales, helping around the house, selling outgrown clothes and toys, etc.
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brionnasimpson

Author:brionnasimpson
I am an assistant teacher and my aim is to curate unique learning tips and techniques customized towards kids.

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