The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Board games are not all fun and — well, games. It turns out this popular pastime can help teach valuable financial lessons. From dice and play money to credit cards and ledgers, board games can educate both kids and adults on basic personal finance in an easy and fun way. While many of the best money management board games have been popular for decades, continual revisions keep them relevant to prepare players for today’s financial world. From Monopoly, Life and Payday to the less obviously practical, check out what skills you can learn, develop and master at this week’s game night.
Even calculating scores and adding up fake bills can be a good way to keep your brain fresh when it comes to math. Several games require payouts, splits and even life-inspired purchases like whether it makes sense to go to college, purchase a car or a buy home. The mathematical and practical benefits of money management board games can pay off big time in the long run. This can be especially helpful during the summer to keep kids learning and sharp even when outside of school.
Landing on a property early or claiming a tile many people will build on can be the difference between winning and losing in many classic board games like Monopoly. This lesson of planting a seed and watching it grow into money or points can help teach why making investments are a good option to supplement other income.
One of the fundamentals of most board games is strategic decision making. Just as you may wait to play a certain card or jump to acquire a certain item, with finances it’s important to strategize, plan and then execute. If you use your money to buy a hotel on one space, you forgo building it on another. Being smart about budgeting and taking calculated risk can teach lifelong financial lessons.
Ever save cards or skip a play you know you can make in case you’re in trouble later? This strategy is just like building an emergency fund — one of the most important aspects of a fiscally savvy individual. Your emergency fund can be like a “get out of jail free” card.
Using all your cards at once, spending on every road you encounter and even suffering from taxes and rule exceptions can help players realize how important it is to plan ahead and spend wisely. Going into debt early on in a game can mean opportunity costs down the road, just like in real life. If you want to see how your debt is affecting your credit (and possibly costing you real-life opportunities), you can get two of your credit scores for free on Credit.com.
It’s a good idea to pick up or dust off some board games this summer with or without the kids to update your financial knowledge and introduce fiscal responsibility to the newcomers.
Image: iStock
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance