With the onset of December begins the prep for Christmas. The entry of Santa Claus during the festivities is the most awaited event as he arrives with loads of gifts for the young ones. The elders in each home certainly ensure that Santa has exactly the gift that the young kids have been looking forward to; these gifts have a mysterious way of making themselves into Santa’s bag and being delivered to the right child at the right moment. It makes the seniors smile to see the children welcome the gifts with wide-eyed innocence and wonder.
But this year, how about planning a different gift for your children; a gift that will not only give them a lot of happiness but secure their future also? This year, educate your children about money and finances and get them ready for the future. Give them gifts that will get them started on financial planning early in life.
This is the most famous and popularly played financial game of all times. It teaches the concepts of real estate business, property buying and selling, paying rent for using others' properties, getting rent for leasing out one's own property. While doing all this, a child learns negotiation skills, banking concepts, buying and purchasing through strategic thinking. It also teaches handling financial crises and taxes.
This game is played between two to six players for ages eight and above.
The Game of Life
It has entertained and educated many generations while getting revised and updated from time to time. Players win the game through wealth accumulation by choosing options like family and career. While doing this, they also learn how these factors affect income. The game also teaches concepts like compound interest, investment and taxes. It also helps in learning how to manage loans, debts and challenging situations like unemployment and overspending.
This game is played between two to six players for ages nine and above.
Moneywise Kids is a game which lets kids handle money by planning everyday expenses, understanding bills and also saving money. Moneywise kids has two games in one. In the first game, there is a bank and a billboard from where players withdraw money, spend it and collect bills. This also helps the children learn different denominations of bills. The second game is one where players are supposed to gather 'Moneywise Markers' by paying for food, clothes, house, transport, taxes and medical expenses.
Children of age seven years and above ca try their hand at the game.
The game teaches kids the use of credit cards and how credits used judiciously can enhance the credit ratings. Better the credit ratings higher goes the credit limit. While playing this game, the kids also realize that credit always incurs interest. So while increased credit limits are good they also result in over spending. Charge Large was designed by two young entrepreneurs in 2007. It was later sold to Hasbro and got released towards the end of 2009.
This game can be played between two to four players and is suitable for ages twelve and above.
The Millionaire Maker Game
As goes its name, Millionaire Maker lets the little ones live the life of an entrepreneur and learn wealth building skills in real world on a daily basis. Designed by bestselling author, Loral Langemeir, the game advertises to create a millionaire in a period of 3 to 5 years.
It is designed for kids of age seven and above.
This game can teach the kids how to make a monthly budget and manage one’s money. Players play around a board which has a 31-day calendar. The players deal with budgeting basics, payment of loans, bills, sudden expenditure, and other financial conditions.
Played between two to four players for ages eight and above, Payday can instill money management even into grown-ups.
Parents! Do remember that teaching your child about money and imbibing good financial habits cannot happen only by giving them board games and mobile apps. It can also begin with simple activities like taking them to a store and asking them to buy groceries, delayed gratification on achievements. We can also give them a small amount as pocket money and ask them to maintain an account of it.
Kids learn every good or bad habit from their elders so maintaining a financial discipline is perhaps the best gift you can give to your little ones.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.