Teaching your kids (or younger siblings) about money is an important part of their education. It’s essential to help them develop a good understanding of how to manage and save money, so they can make wise financial decisions in the future. With the right guidance, your kids can learn how to budget, save for their goals, and become financially independent. This article will provide some tips on how to teach your kids about money in a fun and engaging way.

Teaching your kids about money can be a fun and rewarding experience – no pun intended! With the right approach, you can help your children understand the basics of financial literacy and equip them with the knowledge to make smart decisions about their finances in the future.  Schools don’t really do this yet, so children leave school not knowing how to budget, or understand taxes.

The first thing you can share with them is selling your own things once you are done with them.  This helps teach them about how to prevent waste, and make money at the same time.  When their clothes are too small, show them how you sell them on Vinted or eBay, and let them buy new clothes with their earnings!  You can also show them how you do this too, either with clothes and homeware, or even baby milk – Sell Formula will give you money back for your unopened baby milk which would have otherwise gone to waste.

By using creative activities, such as playing board games or setting up a pretend shop, you can teach your kids how to budget, save, invest and spend their money wisely. You can also use real-life examples to show them how they can make money by doing odd jobs or selling items online. These activities will not only help your kids learn more about money but also boost their problem-solving skills and creativity. So start exploring these fun ways to teach your children about money today!

This can all be started at a young age – you don’t need to wait till you have a teenager.  Playing shops with small children is the perfect way to start showing them that everything costs money.  They could earn their pretend money by cleaning up, or making a cake – then spend the money in the shop.

Board games are also great for this – an older child would appreciate Monopoly.  You can get all sorts of versions of this game now, including a credit card version.  Again this is a great start to showing kids that everything costs.

If you want to have an even more fun way of teaching your children about money, try some online games.  This will mean they will be fully engaged as the games are fun and interactive, but they will be learning at the same time.  Check out the games at Mortgage Calculator.org – there is no need to sign up to anything, its completely free, and there are no downloads.  There are lots of different sections of games, not all money related – I love the food simulation games, where you can spend hours pretending to run a coffee shop, or the Angry Boss game in the Office Politics section – who doesn’t want to throw drawing pins at their boss sometimes?

 

However for teaching the kids about money, check out the money section, where there is so much to pick from. From simple games for younger kids where you learn to add and subtract as a cashier, to more grown up (and fun) cryptocurrency games like this Bitcoin Bubble shooter.

For the real gamers, pick some of the simulation games where you can literally build a business.  This tycoon start up game has all the instructions needed, and you really do get sucked into wanting to build the best business you possibly can.  Children (and adults) will come away from playing these games with a sense of achievement for sure, but also an understanding of how the world really works.

Let us know what you thought of the games!