Tag: Teach Money to Children

Board Games that Teach Money Skills to Kids

6 Great Board Games That Teach Money Skills

Great board games are fun, engaging and can be wonderful learning tools! Here we share 6 of the top rated board games that teach money skills to young children.

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1) Cashflow for Kids

Cashflow for Kids. Click the photo to see the price on Amazon.

We start our list of board games that teach money skills to kids with Cashflow for Kids. This game was developed by Robert Kiyosaki, author of the #1 selling personal finance book of all time, Rich Dad Poor Dad. He considers the game the realization of his vision for an interactive tool for financial education for children.

This highly engaging board game simulates real life situations and financial strategies in ways that both children and adults love. Through this game, your kids/students will gain insight into how money and investing work.

2-6 Players, Suggested for Ages 6+. Check the Price of Cashflow for Kids on Amazon HERE

2) The Allowance Game

The Allowance Game. Click the photo to see the price on Amazon.

The Allowance Game is an involving, skill-building game where players race around the board while doing “chores” to earn their “allowance”. After earning money, they can then spend it on things they want or save it.

This game is wonderful for teaching kids how to to identify money values. As children play, they learn to make change, handle money and more.

 

 

2-4 Players, Suggested for Ages 5-11. Learn More About The Allowance Game on Amazon HERE

3) Money Bags – A Crazy Coin Counting Game

Money Bags. Click the photo to see the price on Amazon.

As the name suggests, Money Bags – A Crazy Coin Counting Game offers a fun way to teach children money-counting and combining skills.

The object of this game is to earn money while winding along a cartoon path. Money is earned by landing on “chore” square, labeled with a practical task, such as setting the table or an entrepreneurial endeavor such as opening a lemonade stand.

To collect money, the spinner determines which coins can or cannot be used, an excellent element to the game that encourages problem-solving and critical thinking.

 

For 2-4 Players, Suggested for Ages 7+. Learn More About Money Bags on Amazon HERE

4) Exact Change

Exact Change. Click the photo to see the price on Amazon.

Exact Change is similar to UNO in that the goal of the game is to play all of your cards first. You can discard cards by matching the color of the last card, its value, ($1.00 on $1.00, etc.), or by making EXACT CHANGE.

For example, if the last card played was a quarter, and you had two dime cards and a nickel card, you would be able to combine and discard all three of them at once!

This game is among the best board games that teach money skills to young kids.

 

2-6 Players, Suggested for Ages 6+. Learn More About Exact Change

5) Pay Day

Pay Day. Click the photo to see the price on Amazon.

Pay Day is a simple but fun game. Kids will learn how to get from payday to the end of the month. The object of the game is simple: have the most money at the end of the game!

Each square on the board has an event such as receiving mail (insurance offers, bills, etc.) or buying a deal (property). Players will learn how to save and may only start or add to their savings on pay day.

This classic game is great for social interaction. It can also be very quick as games can last as little as 15 minutes.

 

2-4 Players, Suggested for Ages 8+. Learn More About Pay Day

6) ThriveTime for Teens

ThriveTime for Teens. Click the photo to see the price on Amazon.
Board Games that Teach Money Skills - ThriveTime for Teens

Our final game in our list of the best board games that teach money skills is ThriveTime for Teens, which can give teens a real look at finances.

During the course of the game, players have to navigate major life decisions such as paying for college, deciding whether to utilize credit cards, starting a business, investing and more. This game even gives teens the option to give back financially to the community.

 

2-6 Players, Suggested for Ages 13+. Learn More About ThriveTime for Teens

Other Great Board Games to Teach Money Skills?

I hope you will try some of these games with your children and/or students!

Have you downloaded our huge list of 112 teacher freebies yet? Among the freebies are some great games you can download and print for free! If you know of any other great board games that teach money skills to children or would like to comment on the games above, please leave your comments below!


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Money Books for Kids - 5 Top Children's Books on Money

Money Books for Kids – 5 Top Children’s Books That Teach Money!

Unfortunately there is generally a lack of financial education in most schools today. That said, it usually falls on us as teachers and parents to instill money skills. Money books for kids can be a great way to start young kids on the path to a solid financial foundation. To help you and the important kids in your life, here are 5 of the top children’s books that teach money skills!

What are the Best Money Books for Kids?

Here are Our Top 5 Children’s Books That Teach Money:

  1. How to Turn $100 into $1,000,000: Earn! Save! Invest!
  2. Growing Money: A Complete Investing Guide for Children
  3. The Kids’ Money Book: Earning, Saving, Spending, Investing, Donating
  4. Go! Stock! Go!: A Stock Market Guide for Enterprising Children and their Curious Parents
  5. Finance 101 for Kids: Money Lessons Children Cannot Afford to Miss

1) How to Turn $100 into $1,000,000: Earn! Save! Invest!

Could this be the best money book for children? Many kids and parents think so! We start our list with a children’s book on money that comes highly recommended, How to Turn $100 into $1,000,000: Earn! Save! Invest!. This book is billed as being for any parent who wants to raise unspoiled and financial savvy children.

This humorously-written book is packed with lively illustrations and seeks to make difficult concepts easy to understand. Young readers will learn the basics of earning, saving, investing and spending their money.

2) Growing Money: A Complete Investing Guide for Children

Growing Money: A Complete Investing Guide for Children is a fun, informative and engaging money book for kids.

As the title suggests, this money book for kids is focused on helping children grow their money. Topics covered include saving, stocks, bonds and mutual funds.

3) The Kids’ Money Book: Earning, Saving, Spending, Investing, Donating


Next on our list of top money books for kids is The Kids’ Money Book: Earning, Saving, Spending, Investing, Donating.

This book teaches children how to make the big bucks, invest, create a budget, invest and donate to charity! Importantly, part of the focus of this book is to help kids understand the difference between needs and wants. Entrepreneurship is also covered.

4) Go! Stock! Go!: A Stock Market Guide for Enterprising Children and their Curious Parents


Fourth on our list of the best money books for kids is the Go! Stock! Go!: A Stock Market Guide for Enterprising Children and their Curious Parent.

This book utilizes a cartoon-like style to help kids understand the stock market. Children will have fun learning the fundamentals of investing, stocks and bonds with this 5-star rated story.

5) Finance 101 for Kids: Money Lessons Children Cannot Afford to Miss


Our final featured money book for kids is Finance 101 for Kids: Money Lessons Children Cannot Afford to Miss .

Next in our list of money books for kids is an informative and entertaining book that covers many important topics. It seeks to help kids on their path to making savvy financial decisions. Topics covered include the history of money, earning, saving, investing, giving, credit, the stock market and more!

Money Books for Kids – What’s Your Favorite?

I hope you will read some of these fantastic children’s money books with the special kids in your life. If you have your own favorite money book for kids, please share it in the comments below! You may also be interested in our list of games that teach money skillst to children

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7 Money Myths Kids Believe & How to Correct Them

7 Money Myths Kids Believe & How to Correct Them

In modern society, cash is no longer king.

With debit cards in every wallet, companies paying with direct deposit, and people taking advantage of online banking, it’s no wonder kids today don’t have a clear understanding of money.

With our current digital economy, many people no longer carry cash, opting to use debit or credit cards instead. That means the current generation of children see less and less physical cash, making money seem like an almost abstract concept. And with most parents not sharing much about finances with their kids to protect them from money woes, children are learning less and less of the information they need to prepare for life as a responsible and productive adult.

Here are seven common money myths kids believe and what teachers can do to correct them.

Myth #1: Money Is Only Used to Buy Stuff

Ask a child what money is used for, and he’ll tell you it’s for buying stuff. While that’s true, most children see people spending money only on things like food, gas, and clothing. When it comes to things like electricity, water, heat, internet, and phone service, a surprising amount of children think these things are free. And if a kid has never seen his parents going through the process of buying a house or car, he may not realize the extent of money these things cost.

 Teacher Fix: When teaching money lessons in primary school, do more than just teach kids to count and buy trucks and dolls. Give examples of other things money is used for and how much things like utilities cost. Have older students detail what it costs to get an apartment to help them understand the bills they’ll someday have.

Myth #2: There Is No Budget

Many kids don’t know that money has to be budgeted. Families on television don’t have to wait until payday to buy new shoes or worry about how to pay the fuel bill, but those in real life do. Because of this omission from what kids perceive, there’s a lack of understanding that each person only has a limited amount of funds that must be used to cover all his or her expenses.

 Teacher Fix: Kids off all ages should be exposed to budgets and how to use them in the classroom. For young children, pretend grocery shopping gives teachers the opportunity to teach how to make decisions on what to buy, while those in high school are old enough to understand full household budgets.

Myth #3: Plastic Money Is Endless

To kids, debit and credit cards must seem like magic. It’s a small piece of plastic that’s used to buy things and this same card can be put in an ATM to get money. And that’s all they see. Children don’t know that mom or dad’s paycheck gets deposited and that the card is attached to a bank account. They only know that the card can seemingly be used whenever to get whatever they want, so it’s easy to understand how kids gain this misperception.

 Teacher Fix: Give lessons on debit cards, checkbook balancing, FICO scores, and good credit management. Explain how to build positive credit, the consequences of making bad credit choices, and how credit scores impact buying decisions. 

Myth #4: There’s No Reason to Save for Retirement

Many children don’t understand that it’s an individual’s responsibility to save for retirement. Many children think things are just taken care of and that once a home is paid for and someone has what they need, there’s no longer a need to have money, especially when the person in question is older.

 Teacher Fix: Introduce school-aged children to different types of retirement savings such as pensions, IRAs, and 401(k)s. With high school students, discuss social security and how it works, as well as how much money is needed for retirement and the best ways to save.

Myth #5: Taxes Must Be Paid

When a child sees a toy that costs $29.95, they assume they only need $29.95 to buy it. Taxes are a hard concept for children of all ages to understand, from the seven-year old wanting to buy a new game to the teenager who gets her first paycheck and realizes there’s an employment tax.

 Teacher Fix: To help kids gain a better understanding of taxes, teachers should incorporate lessons on different types of taxes and what this money is used for. With high schoolers, teachers can have mock tax forms that need to be completed every April to teach students how they’re done. 

Myth #6: Things Are Affordable

When it comes to how much things cost, most kids are clueless. Children in primary school may think a gallon of milk costs $20 and that a house only costs $100. Even as they age and the concept of money grows, many kids don’t fully understand the cost of the things from their Xbox 360 to a trip to Disney.

 Teacher Fix: Get a class piggy bank and have children save for a specific goal, like a class party. Saving their own money and determining the cost of what the class purchases gives kids a more realistic view and appreciation of what is affordable and what’s not. 

Myth #7: Money Can Buy Happiness

For children who’ve witnessed their parents struggle financially, and for many of those who haven’t, it’s easy to believe that money solves problems and buys happiness. Kids think that if only they could buy whatever they wanted, everything would be perfect. While research shows that money can make a difference in happiness, it only works to a certain extent. Once a person makes enough money that there are no issues paying bills, the amount of money she makes no longer has an impact on happiness. For most people, that magic number is around $75,000 a year.

 Teacher Fix: Instead of focusing happiness and self-worth around things, show kids how to find happiness in other areas of their lives. Teach how things like mindfulness and volunteering time to help others increases these feelings more so than any dollar bill ever will. 

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