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5 Games That Will Help Your Kids Learn About Savings

Teaching your kids about saving money can be quite the undertaking. Luckily, there are games and fun ways to help your children engage with this learning process. Check out these 5 games that will help your kids learn more about saving. 

1. Monopoly 

Not only is Monopoly a fun family game, but it’s also a great game to teach kids about money. The game can get lengthy, but it teaches some valuable lessons. Not only do you learn how to save your money, but you also learn about making good purchasing decisions and investing. There are other fun versions of Monopoly that can cater to your child’s interests, such as Star Wars Monopoly, Pokémon Monopoly, Disney Monopoly and many more. 

2. Online Games 

There are countless online games made for the purpose of teaching kids about money. Simply search “money games for kids” in a Google search and you’ll find a bunch of options. You can find a game that fits your child’s age, interests and the topic that you want to teach them. Two examples of popular online money games include Change Maker, where the user practices counting money, and Financial Football for those big sports fans. 

3. MySims 

MySims is a popular video game where you become a character who is placed in a real world setting. Players have many roles in this game, like building new places and attracting residents to their town, but they also use a form of currency called Simoleons. As the player, you’re responsible for managing your Simoleons well and spending them wisely. This game teaches young kids the importance of saving and the consequences of impulse buying. 

4. The Game of Life 

Another very popular and common board game is The Game of Life. Players go through important stages of life, deciding things like if they want to go to college, what career path to take, when to buy a home and much more. Along with these decisions, players start with a certain amount of paper money and make purchasing decisions that affect the outcome of their role in the game.  

5. Pretend Bank 

Sometimes the simplest at-home games are the most fun for kids. Try creating fake money by cutting up paper or using money from board games you already have at home. Your kids can pretend to be the banker or the customer, either having to count and collect money or make decisions on how to spend it. There are lots of additions that can be made to this simple game, like making a fake grocery store of play food or a fake toy store. With these, kids are able to decide how much to buy, how often to buy it and decide if they really need it or not. 

There are limitless options when it comes to games involving money. Teaching your kids these money saving skills while they’re young prepares them for the lifelong money choices they’ll make in the future! Open a savings account for your child when you feel they are ready for real money decisions.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Teaching Kids About Holiday Spending

teaching kids money

Between the gift wrap and the endless treats and the presents stuffed under the tree, the holiday season can create more fear than cheer when it comes to your budget. If you have little ones at home, this fear can multiply as you seek to offer them the happiest of holidays. Use this month as the perfect opportunity to teach them about tracking, spending, saving, and giving money with these pointers from Peoples Bank & Trust.

  • Create a budget: Squeeze the most magic out of the holidays by creating a battle plan. Explain the concept of budgets to your kids. Once they comprehend how the basics of a budget work, mentor them to create one of their own, allotting a dollar amount on gifts for each person on their holiday list. Help them track their spending through the season and find a fun reward when they manage to stay on track!
  • Get crafty with gifts: If you haven’t been accumulating gifts as they’re on sale throughout the year, your wallet may take a serious hit when prices spike during the holidays. Try your hand at a homemade gift, ranging from thoughtful cards to favorite family recipes. Many of these heartwarming DIY’s can be created with supplies lying around the home or purchased for cheap. Your kids benefit when they unleash their creativity and see the thoughtful effort of a gift crafted by hand.
  • Shop smarter: Don’t leave your kids in the dark with the money you plan to spend. When you head to the store, be upfront about how much you plan to spend on what purchases and why. With that knowledge in mind, they can help you spot sales as your cruise the aisles. Turn your shopping adventure into a game by challenging them to find the best deal or most creative alternative. Add an extra level and pay with cash to give them practice counting money and deducting coupons.
  • Give, give, give: It’s better to give than to receive, and the holidays are the perfect opportunity to show your kids this principle in action. Explain that other families may or may not be in the same financial boat as you. Enjoy the season with other community members by volunteering or donating to organizations like Toys for Tots, your local food pantry, or Operation Christmas Child to help children and families in need.

The most wonderful time of year can still be a frugal affair with a little planning. Peoples Bank and Trust is always here to help your family make the most of your financials to start strong in the New Year!

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC