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The board game Monopoly provides several teachable opportunities for money management. Each player maintains an account register to record each payment for rent or fines paid, properties purchased, as well as deposits of rent or cash received. Players also learn about borrowing when they elect mortgaged properties. The player with the most cash in the bank, properties owned and highest net worth wins the game. Monopoly is not only a fun way to learn about money management, but it is also a great game to learn about real estate investing.
The Financial Football puts the players’ financial knowledge to the test in an online simulation game by combining the rules and plays of football with financial education questions of varying difficulty. Created by Visa, in collaboration with the National Football League (NFL), this fast-paced, interactive game engages players in the game of football while teaching them money management skills. Simply select the teams and then compete by answering financial questions to earn yardage and score touchdowns.
Involve the whole family in saving money while shopping with the Savings Scavenger Hunt game. List the shopping items, like your grocery items, school clothes items, etc. Each player searches for the items at the lowest price using the Internet or local ads. The player who finds all the items with the lowest prices at the same store wins. The winner gets a special prize determined by the family. Savings Scavenger Hunt teaches players the technique and importance of bargain shopping in a fun way.
Grocery shopping on a budget can be a challenge and expensive when trying to purchase everyone’s favorite foods. Those favorite foods can cost more than the family realizes. The Grocery Budget game is a unique and fun way to teach players the art of grocery shopping on a budget. Each player gets a scenario that defines the family size and the amount of money available for grocery shopping. The players visit a local grocery store and write down the items they want to buy and the prices. The players switch scenarios and play again. The player that gets all the items within the allotted budget wins the game. Players learn the art of adjusting their spending and watching for sales.
“Buy Low! Sell High!” What does it all mean? The Stock Market Game turns this complicated subject into an easy, interactive and fun way to learn about buying and selling stock. Each player browses through the Wall Street Journal newspaper or wsj.com to find the company they like and reads the company news and research trends of each stock. Each player gets a certain amount of virtual money to “buy” as many shares as they can in as many companies as they can afford. They follow the stock market reports daily or weekly. If the stock goes up for the company the player invested in, they get more money, but if it goes down, the player loses money they invested in the stock. Set a deadline of at least a month. At the deadline, the player with the most money in shares wins the game.
Using games like these, make learning about finances fun and exciting for all ages. Try one or all of these games to teach children about budgeting and money management.
A special thank you to our guest contributor, Tarra Jackson.