Games for Teaching Kids to Save Money

Ed's Bank

• With the "Ed's Bank" game from Practical Money Skills, kids will learn that the more money they save now, the more fun they can have at the store later. The object of the game is to help Ed save money in his piggy bank. As coins move across the top of the screen, kids can drag and drop them into the piggy bank to save money. Periodically (about every 30 seconds), they'll have to decide whether to keep saving or go to the store and spend some or all of their money. They can go to the store at the first opportunity, but the longer they save money, they more they'll have to spend when they decide to go. This game is very much like real life in the sense that kids can get money and save it, continuing to add to their stash as they get more money, or they can spend it as soon as they get enough to spend.

Mad Money

• Kids often have a hard time understanding there are less expensive ways to get the things they want. In the "Mad Money" game from PBS Kids, children will learn to make some wise choices in their spending, so they can save the money to buy "big ticket" items they want. Kids receive a shopping list upfront of things they must purchase within 30 "days." The purchases themselves are not optional, but they will be able to choose between the exact item on their list and a similar item that is either more or less expensive. If they choose the more expensive version, it'll take longer to save for what they want. In addition, there are instances where kids must spend money unexpectedly along the way. At the end of 30 "days," they'll see how they scored. They can see how many of the required items they managed to get on their earnings as well as whether or not they have the money to purchase the "big ticket" item for which they were saving.

Board Games

• Monopoly has been around for many years and most parents are familiar with the game. However, they may have never considered that the game is a great way to teach kids about spending and saving, as well as investing money. Through Monopoly, players often have several opportunities to invest their money and watch it grow, but of course they'll have to part with their savings to do so. On the other hand, they can save money indefinitely, but they'll still need to pay other players eventually (when they land on other players' property).

  Life is another favorite past time that also has learning opportunities. In this game, players are faced with several opportunities to choose whether or not to spend their money. They may choose to spend it on, say, a family vacation, but when it comes time to pay the mortgage or doctor bills, they may be cutting it close. The object of the game is for players to make wise choices in their spending so they don't end up broke during retirement. This game is a great way to teach children that today's financial choices affect their lives for years to come.