Two goals in one! money parenting through fun

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Do you believe that even through fun there are always things to learn? Are you keen to teach your child about anything and everything about the world as best as you can? You might be a Go-getter parent! (Find out for sure here by take our persona 2-min quiz).

Go-getters strive to be the “best” parent they can by giving their child every possible advantage. They are driven, and strive to be knowledgeable about all things, including finance, and they are always keen to learn more and pass on what they know to their child.

And since one of the most effective ways children learn is through play¹, Go-getters are well-versed in using board games as well as apps to teach their children about money. If you are a Go-getter and haven’t started on this yet, no worries; you’ll soon see why this approach is best for you and your child.

Before we bring out the games and begin our teaching, we have to remember what we’re trying to achieve with these games — we are Go-getters and goal-getters after all. Everything should have a purpose.

We want to build our child’s financial knowledge and teach the value of money, and most importantly, have fun while doing this. Used in tandem with other techniques, like experiential learning or more formal money lessons, games are a good tool to help children build a solid foundation for their future.

In order to achieve the above, we have to keep in mind the following:

Teach in an age-appropriate manner

Games that involve a fair bit of reading and understanding of the concept of money, like Daytrader, a financial board game, would probably not be the best game to start your 4-year-old off with. At your child’s age, probably something with less reading and thinking would be more fun. Similarly, simple games meant for children under 5 would probably not engage your pre-teen.

Games should be age-appropriate, challenging your child’s abilities so there’s always
something new to learn.

Learning about money is an ongoing process

I’m sure as Go-getters, we’re always looking for opportunities to teach our children about money, whenever we can, as much as can. Why not make game sessions a weekly or monthly affair for the whole family to enjoy?

Put the lessons into practice

Of course, like everything we are teaching our children, what they know in theory should be put into practice to translate into true learning. Use teachable moments in real life to show how what they’ve learned in games is connected to their lives. Match games with hands-on experience.

And now, let the games begin!

The classics

With board games, everyone’s a winner. Not only will your child learn about money with these games, you’ll be able to spend precious hours with the whole family and make memories that will last a lifetime.

1. Monopoly

Do you play financial literacy board games like Monopoly with your kids? According to the Asia Money Parenting Survey commissioned by Eastspring Investments, 31% of Go-Getter parents do (versus the 19% average for all parents in the survey).

You can’t go wrong with Monopoly. Your children will get to practice their arithmetic, learn when to spend, and how to make money into more money.

2. The Game of Life

In modern times, The Game of Life (sometimes called just Life), has been adapted into an app, but nothing beats the original board game. Simulating the ups and downs of life, the game introduces important financial ideas like banking and insurance. There are even promissory notes and stocks to teach your child about! Your child could get a headstart in life.

3. Pay Day

Another classic from the 70s, Pay Day simulates the life of your average employee. One trip around the board equates to one month where you incur expenses and pay bills. It’s a great way to teach your child about the business of life. Your child could be budget-savvy in no time.

Apps are easy learning tools of the modern world, and there are a ton of them that are games about money. As a Go-getter, you’re already ahead of the curve — Go-getters are twice as likely to use apps and online games to teach their kids about money.

If you’re interested in teaching your child about money through apps, here are a few of our picks:

1. Bankaroo

In Bankaroo, your child will learn to save money in a “virtual bank”. They’ll be able to track their allowance and the money they receive from grandparents, as well as their expenses. But it’s all done in a fun and motivating way.

2. Stock Market Game

Designed for teens and pre-teens, the Stock Market Game is a great way for your child to dip their toes into the stock market without fear of losing the shirt on their backs. There’s even an aspect of competition; you get to play online with other people and rank up when you make money. For a Go-getter like you, there’s nothing more satisfying than good competition for you and your child.

You’re not just limited to board games and apps. Why not go beyond what’s out there and invent your own game for your child so you can make it a part of your child’s life? There’s always room for fun and learning in life.

1. Play with money

Money is a great toy for young children. Familiarise them with coins for example and challenge your child to make the tallest stack, or group specific denominations together faster than you. The possibilities are endless.

For older children, let them pay for a bill themselves (with your wallet and money of course) — and see if they can count out the cash properly.

2. Open up chores for business

Wish your child would help with some household chores? Make it a game. Put a monetary value on these chores. And when they’re done, add up their earnings together and pay them in cool cash. In all of this, they learn that money has to be earned.

3. Grocery game

During your next visit to the grocery, engage your kids by turning grocery shopping into a game. Have them hunt for the best bargains. Or you can give them a small budget and challenge them to make the most of their money.

There’s a good reason why Go-Getter parents turn to games to teach their children about money. Play comes naturally to children and it’s how they make sense of our world. Games are a useful tool to take advantage of the power of play. Harnessing this natural ability could be the start of building a secure and prosperous future for your child. No matter what the age of your child, you can start teaching money lessons through games today!