Recently, I was in a grocery store for the third time that day, engaged in a game of “Never Ending Shopping List” courtesy of my significant other, when I encountered a common scenario in the toy aisle. A young tyke of about four was planted firmly, going back and forth with an older lady as he clutched the plastic case of an action figure. From the furrowed brow of the youngster, it was clear that things weren’t going his way. As I neared, I overheard a bit of the exchange.
“But grandma, why not!?!”
“Because, I said not today.”
“But I want it! I have my own money!”
“You don’t have enough — remember when you spent some last weekend?”
The child scowled for a moment, then threw the final Hail Mary. “Can’t you let me borrow some?”
As I scooted past the standoff, my mind wandered back to my own childhood, the idea of money, and how we first learn to interact with it.
Understanding the ins and outs of finances can be tough for everyone at one time or another, especially for our little ones. Mastering money is a tricky prospect for many kids because of the amount of mental math and reasoning that is typically involved. Children first have to understand the price, then remember the value of given coins and bills (an extra step beyond a simple, regular addition or subtraction problem), then arrive at a final understanding. While it becomes second nature, it can initially be a lot for younger children to comprehend. Additionally, the increasing use of less tangible methods of payment — debit cards, for instance — can make learning the foundations of currency even more challenging.
Whether your child is just beginning to learn about money, or you’re helping your older kids learn how to budget, here are a few games and tricks you can use to help them understand the true value of a dollar.
COMMON BOARD GAMES
Buy It Right (Ages 5-9+)
This game is popular among teachers and homeschoolers alike and is a great all-purpose game to learn and reinforce fundamental math and decimal skills. The game focuses on basics like bill and coin denomination and recognition, equivalency, and calculation. The object of the game is for players to attempt to be the first to obtain different items in their cart based on color, cost, and their current budget. The game includes a kid-friendly calculator and is a terrific precursor to some of the more advanced currency games on the market.
Money Bags (Ages 7+)
Perfect for helping your child who struggles with coin counting, Money Bags uses spinners and dice to help kids “earn” and calculate money with each turn. The object of the game is simple: the player with the most money at the end of the game wins, hopefully avoiding various money-sucking pitfalls along the way. Bills and coins are exceptionally realistic, which makes this game great for reinforcing interactions involving real money.
Monopoly (Ages 8+)
Yeah, you saw this one coming a mile away. And for good reason. Since it’s inception by Parker Brothers in 1935, Monopoly has given kids and adults alike entertaining practice in the basics of saving, purchasing, and investing with a dose of fortune thrown in for good measure. With multiple editions based on age, theme, and other characteristics, this old standard should be on everyone’s shelf.
The Stock Exchange Game (Ages 11+)
For older kids who want to learn the power of investing early, this game is a great option. Similar to Monopoly in some respects, the game involves multiple laps around the board with each cycle representing a year in the player’s life. Players experiment with different strategies to increase their net wealth through various forms of investment, such as stock options. The game focuses on management strategies versus heavy math, and therefore has a less “educational” feel. There are multiple options for play depending on age, and the player with the most money at the end of the game wins.
ADDITIONAL APPROACHES
In education, the concept of compartmentalization is commonly present in some form when a child struggles with material, whether mathematical or otherwise. Simply put, kids can understand or perform a skill in a strict context — such as accurately solving addition problems on a worksheet — but fail to reproduce the same results elsewhere, such as in a real-world situation. For example, a child might be able to tell you which character in a game has more money, but be stumped when asked if they can afford a toy a few days later during a trip to the mall. Simply put, they can’t consistently apply what they have learned.
There are several ways to address this issue, but they all center on explicitly pointing out connections between what a child already knows and what they are trying to do. It sounds simple, but can be tricky in practice. A good way to start is through casual exposure outside a formal teaching environment. Try some of the following approaches to help reinforce what they have learned through games and other avenues.
- Keep A Change Bin. This is a great way to regularly expose younger kids to coins and their denominations. At the end of each week, shopping trip, etc. empty all coins into a central location or container, such as a glass jar. Have your child help you count the value of the coins as you put them into the container, and remind them that the coins are the same as they have seen in the board games you play together.
- Try Using a Household Money System. Give your child the change to earn and spend household money based on daily chores, allowances, etc. This will help with motivation and reinforce the concepts of spending and budgeting.
- Involve Them in Planning. Decide on a set overall cost, and let your child choose a weekly meal that requires individual ingredients. Then, figure out the cost of ingredients together.
- Give It Time. Remember that kids develop at different rates, and understanding money is the same as countless other topics — sometimes things need a bit of time to sink in to a child’s consciousness.
Originally from New England, Matt Desenberg is a writer living in Monterey.