One of the most valuable lessons a child can receive is how to manage their finances. Teach your children the value of money and introduce financial literacy concepts at a young age to build a solid foundation for success. Learning how to handle their finances, not just for today but for decades to come, will benefit them greatly.
Let’s start today! A simple and fun game is a great first step in the right direction. Here’s how it works.
Set up a “store” that sells a few of your children’s favorite things. The store can sell items or activities such as snacks, TV time, video game or game time. You choose! Assign prices for each item.
Create a second list with activities such as chores, exercising or reading that can be completed in exchange for “money.” Assign amounts they can earn for each activity.
They must use their “money” to make a purchase. Use some sort of token to represent money, such as Monopoly money, and allow them to manage it themselves.
This simple game will teach them the value of money, how to decide to save or spend and accountability for their finances.