2 Fun Board Games that Will Teach Teens About Money Management
Money board games are the perfect way for teens to work on this important life skill.
It takes a lot of practice to master money. To work on different concepts without resorting to constant repetition, we play fun board games for teenagers like these.
I love that they’re an exciting, yet non-threatening way to learn the basics of personal finance. So set aside that money lecture and play a game instead.
Here are two of our favorites that focus on money management.
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Using Money Board Games to Teach Teens About Money
Playing these financial board games will give your kids the opportunity to put what they’ve learned about money into action.
I have to say, this is one of my favorites. In fact, the actual game that we own and play is mine from when I was a teen! They’ve made some changes to the game over the years and I have to say that I prefer the older version. The newer version has more lottery/sweepstakes spaces, which I don’t love. But overall, your teen can get some good practice with budgeting, saving money, and making money by playing this classic game.
There are two main goals to Pay Day. First is to make it from the beginning of the month to the end of the month with money left over, successfully making it through one pay day. The second (and overall) objective is to arrive at the end of the game with the most money in order to win.
First, players decide how many months they’re going to play. Knowing how long you have to save, borrow and make deals is a big part of the game’s strategy.
The board is set up like a calendar page, with individual squares for each date. Within each square is something the player needs to do, like receive mail (bills, postcards, advertisements, insurance offers, etc.), buy a deal, find a buyer for the deal, as well as a number of things to spend money on, like participating in a charity walk and buying groceries.
Everyone receives a set amount of money at the beginning of each month – pay day. Then it’s time to roll the dice, move through the month, and follow the instructions on the spaces.
On each and every pay day, players can add to or withdraw from their savings accounts. On the last day of each month, players receive 10% interest on their savings account balance. They can also take out a loan when they land on payday. They will need to pay 20% interest on the loan’s balance on the 31st of every month until it is paid in full.
Concepts Learned While Playing Pay Day:
- As players get bills in the mail, they will need to set aside money to pay for them, to avoid accidentally using that cash for something else (like investing in a deal or playing the lottery), which would leave them without enough money at the end of the month to pay their bills.
- Because players receive 10% interest on savings account balances, they are encouraged to save as much of their income and money from investments (deals) that they can. It’s a great way for them to see how quickly that money adds up and the difference it makes to their monthly budget.
- As you saw above, the interest on loans is quite high. This definitely teaches teens that borrowing money comes with real costs, so they’ll need to do it wisely.
- When players land on a deal space, they have the opportunity to get into various investments. These deals teach teens how to weigh the upfront cost against the projected return.
This game is a fun way for teens to work on their budgeting, smart spending, and overall money management skills. As you know, creating and sticking to a budget takes a lot of practice. This game allows teens to expand their knowledge and comfort level with this important finance tool.
The player with the highest net worth at the end of the game wins Budget.
Each player receives $2,500 at the beginning of the game. Everyone designs a personal budget to cover the expenses they will encounter throughout the first round of play and that money is set aside. The funds that are left make up the player’s bank account.
At the start of each “month” players can purchase an option card, using money from their bank account. Options include car insurance, fire insurance, medical & dental insurance, home purchase, savings bond, stock certificate, and a 5-space pass. Additional options can be purchased when players land on an options space or at the beginning of each new round of play.
As the game begins, players spin and move around the board, following the instructions found on each space they land on. They’ll have to do things like buy clothes, pay for medical expenses (unless they purchased insurance), pay a utility bill, and collect a tax refund. All expenses are paid for out of the budget money that was set aside at the beginning of the game.
When players get to pay day, they collect their earnings and receive a budget bonus if there is money left in their budget. Before moving forward again on the board, players design a new budget, set the money aside again, decide whether to purchase another option card, and then resume moving around the board for another month.
The game ends when a player reaches $6,000 in net worth. Net worth is determined by adding together cash on hand, stocks, home down payment, and savings bonds.
Concepts Learned While Playing Budget:
- Multiple times throughout the course of the game, players create a budget and need to use it to successfully move around the board. If they calculated correctly, they receive a bonus at the end of the month. If not, they’ll see their bank account dwindle, affecting their net worth.
- The game is won by the highest net worth, so players will learn that buying stocks and savings bonds can quickly increase their net worth.
- Money Management
- Players weigh the pros and cons of homeownership, calculate the probability of car accidents against the cost of insurance, consider the value of medical insurance, and encounter a wide variety of everyday purchases throughout the game. These are all standard money management decisions teens will face in real life.
As you can see, there are a lot of money management concepts built into these two games. By playing often, teens will gain a better understanding of personal finance and will discover how to apply what they’re learning to real life.
Important Personal Finance Fundamentals Teens Need to Know
My husband and I have put together some other things that we are doing in our family to make sure our girls become financially literate – personal finance fundamentals. We hope you’ll read along and share your experiences with us as we give you a glimpse into our lives.
Additional Fun Money Resources
- Cashflow Board Game
- CASHFLOW Board Game Review by Heidi
- Lakeshore Allowance Board Game
I loved PayDay! I never thought of it as teaching me life skills, but I guess it did in a weird way. I know in Life game I learned that having twins was a pain. Ha ha!
That’s so funny Jimmie!! Yeah, I always ended up with way too many kids when playing Life. Payday has always been one of my favorites even though I almost always ended up with both the $500 and $800 bills. But how I loved making those deals!!!
I am Ashley Wright Thanks, for sharing such a wonderful blog!!
You have made me walk through my childhood once again. I used to play Money Management a lot with my siblings and similarly, my children play the game.
It does help children in managing the money in future.
Hi Ashley! I’m so glad you found me. We love games and I’m always looking for some that have educational value. I love that your kids are playing the same games that you did – I thought our family was the only one that did that!
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