board games

Scrabble Fanatics Rewarded with 5000 New Words

August 4, 2014 By Emma Harrison Clark Leave a Comment

Scrabble board politics are set to become a whole lot juicier with the introduction of 5000 new words to the fifth addition of Merriam-Webster’s The Official Scrabble Players Dictionary. The book, which is widely considered the Scrabble bible, has been around for 35 years and issued its last edition in 2005, 11 years ago. But with the speed of modern language growth they’ve decided it’s about time for an update.

So from August the 11th, words like Selfie, Chillax, Frenemy, Schmutz, texter, buzzkill and funplex will now be allowed on the board. Their inclusion reflecting the fluidity of the English language and the influence the internet has on our culture. It’s most likely that linguistic purists will turn up their noses at many of the 5000 new words, most of which originated in digital popular culture and seeped their way unsuspectingly into common communications. But Peter Sokolowski, who’s one of the editors of the dictionary, shares that, “These word have become part of the culture, part of the language, and if people say them, they rightly deserve a position in the dictionary.”

Even better news for Scrabble fans is the addition of more two-letter words like “te.” When a game gets into its advanced stages, every square counts. So being able to use two letter-linking words is vital in the tense race to clear your tile board.

Ultimately the new word additions will create a more complex game. There will be more word options to use, more ways to use them and livelier discussion around each play. Scrabble old-timers say the last update, which included words like “qi” and “za,” entirely changed the face of the game.

Stefan Fatsis, a scrabble expert said, “Each subsequent edition of the book, it makes the game richer.” He’s the author of Word Freak: Heartbreak, Triumph, Genius, and Obsession in the World of Competitive Scrabble Players and knows all to well the dynamics involved when the rules change in a 76 year-old game.

Conflict and criticism aside, it’s important to remember that Scrabble remains a game for all ages. It’s one of the few games that every generation in the family can enjoy together. New additions are inevitable and should be welcomed by amateurs and professionals alike. There are a lot of benefits to these types of games and they can even help teach you about money.

New words mean new opportunities to score and more paths to Scrabble glory. So we’ve got a few little words for all the Scrabble purists out there. Just chillax! There’s no need to buzzkill, it’s just a game people. Everything’s going to be quite alright.

(Photo courtesy of Chriſtopher Chen)

10 Great Financial Gifts For Kids

July 26, 2012 By Danielle Warchol 3 Comments

Whether it is for a birthday, Christmas or any other gift giving event, there are a lot of great money management and personal finance educational gifts that you can purchase. Everyone knows that kids love money, but often they don’t learn how money management and personal finance works. By giving a gift that can help teach then more about money, you give them the opportunity to better their finances in the future. Here are a few great financial gifts for kids that are worth considering:

Piggy Bank

A piggy bank might seem like an obvious financial gift for a kid, but it’s an incredibly practical and timeless gift. However, you don’t need to give your child any old piggy bank. There are so many different options out there, ranging from TV or movie characters to educational piggy banks. The gift of a piggy bank can help teach kids about finance and money management in addition to being another unique decoration or knick-knack in their room.

Toy Cash Register

How about giving a toy cash register for your next gift? It’ll be an interesting toy for a young kid, especially as they push buttons and play with fake money. Plus, a toy cash register has the bonus perk of teaching kids about money. Additionally, an alternate to this would be a toy ATM, which is a more up-to-date financial tool they might be more receptive to.

Book About Money Management

This doesn’t mean you should go out and buy a boring book, of course. After all, how many kids are going to be happy about receiving a money management book? Luckily, there are plenty of fun and engaging children’s books based around finance and money management. Search Amazon or the children’s section of any bookstore to see one that you think will interest your kid.

Math Video or Computer Games

So many kids enjoy video games or computer games, so why not give them one that’s all about money? There are video or computer games for kids of all ages that range from simple math skills to financial skills. Finance based games are a great gift to give a kid since they’re both fun and educational. Many of the games are designed so that they don’t appear to be about math, which is definitely as plus since your kid will probably be more likely to use it.

Board Games

In this digital age, sometimes it’s hard to introduce kids to board games. But the old standbys such as Monopoly, Life, or The Allowance Game are great gifts and provide important money lessons as well as many other benefits. You can make a game night with your kids and instead of just playing the game, you can help explain the importance of money. These are other fun and educational financial gifts for kids.

Savings Bonds

Not many kids will appreciate receiving a savings bond as a gift, but they’ll appreciate it once they’re older. A savings bond is a practical gift that will provide them with money down the road. While it takes awhile to double the money from a savings bond, and while interest rates might not always be high, a savings bond is still a timeless, smart gift. They can also learn about interest rates with I-bonds as well as inflation and how it works. You never know what financial problems might arise once they’re adults, so it’s good to have some bonds saved away for an emergency.

529 Savings Plan

So many people are worried about paying for college that starting a college savings plan is always a great gift idea. The money is tax-free and easily available for withdrawal once your child goes to college. If you’re looking to give a gift to a child of a friend or extended family member, check to see if they already have a plan in place. Anyone who’s wary of buying a savings bond, giving cash, or buying an investment in a child’s name should consider putting money into a 529 savings plan instead.

Family 401(k)

Another great financial gift to give your child is their very own 401(k). Again, this is not the most exciting gift, but it’s definitely one that will help them build a secure future. Take the money they make from chores or from any job they have and match either a portion or the entire amount of their paycheck. You can even set a cap if you’re worried about your own finances. This is a great gift because it’s not only teaching them the importance of saving money and having a 401(k), but it’s providing them with a steady savings account.

Stocks

Stocks are another way to teach your kids about investments and money management. To make this gift really interesting, try to let them choose a reasonably priced stock to purchase. If you buy them a stock in something they’re interested in or a popular stock certificate, they’ll be more open to the idea. Like many other financial gifts, stocks are a great opportunity to teach kids about money while also providing the beginnings of a strong financial future.

Cash

In the end, the best financial gift for a child of any age is cash. Children won’t learn about money unless they experience using it firsthand. Fake money from toys or games only goes so far. Actual money will let them experience the ups and downs that come with having money. Plus, most kids will never turn down a gift of money.

(Photo courtesy of MJ/TR (´･ω･))

Money Lessons Learned from Board Games

March 13, 2012 By Jennifer Derrick 3 Comments

If you’ve been reading my work for SavingAdvice for any length of time, it’s no secret that I’m a big fan of board games. I love them for the time they let me spend with my family and for the value they give me for my money. Plus, they’re just plain fun. Over the years, I’ve realized that playing games teaches many lessons that can be applied to personal finance. There are many games such as LIFE, Monopoly, PayDay, Acquire, and Careers where work and money are the main features of the games. But even games that aren’t about money often teach lessons that can be applied to personal finance. Here are some of the lessons my board game collection has taught me.

Luck Sometimes Plays a Component

In board games, very often the roll of the dice or the draw of a card determines your fate. One roll or draw can make the difference between winning and losing. Sometimes the luck will go in your favor, and sometimes it won’t.

The Lesson: It’s sometimes that way with life and money, too. Getting into an accident that wasn’t your fault, having a tornado hit your house but not your neighbors’, or falling into a great job because you just happened to overhear someone in the coffee shop talking about an opening are all pretty random events. Call it luck, karma, fate, whatever, these random events can have a big impact on your finances.

But You Can Often Mitigate or Make Your Own Luck

Most board games have a way to mitigate the damage that luck plays in the game. You get dealt a horrible card, but if you play that card well you can overcome the bad draw. Or, sometimes a bad dice roll can be overcome with careful play in other areas of the game. Sometimes you can make your own luck by playing the game in such a way as to be able to take advantage of other players’ misfortunes.

The Lesson: While luck plays a role in your financial picture, you can also put plans in place to deal with those seemingly “random” events. If you carry adequate insurance, that accident or tornado isn’t nearly the wipeout that it would otherwise be. If you keep your ears open and are always on the lookout for better job prospects, that seemingly random encounter in a coffee shop isn’t so random after all. If you keep a strong emergency fund, the bad luck of a job loss doesn’t have to become a disaster. You may get dealt some “bad luck” in your life, but if you plan and play well, you can overcome much of it and even make some good luck of your own.

Cooperate to Get Ahead

There is a genre of games called “cooperative” games where players play together to beat the game, rather than each other. You win or lose as a group and there is no single winner at the end. Players must negotiate amongst themselves to determine the moves made. These are fun because they take the sting out of losing and give you a sense of group accomplishment if you win.

The Lesson: In money matters, cooperation and negotiation can often take you further than outright competition. If you cooperate with your partner’s long-term financial goals, you’ll both get further than if you try to go your separate ways. If you negotiate with your boss for that raise, you’ll likely have more success than if you charged in and demanded a raise. Work together to get the best outcome.

Bargaining and Trading Can Help You Win

Many games offer players the chance to bargain for resources amongst each other, or trade items such as cards or resources for more or better resources. This can often be a better path to victory than simply trying to get what you need through a blind draw or other means of acquiring what you need.

The Lesson: Bargaining, bartering, and trading can be effective tools in personal finance, too. They enable you to get more for your money, accomplish things you couldn’t otherwise, and build social capital within your community. It’s more efficient and money-saving to pool resources and talents than to hoard everything to yourself and try to get by alone.

Cheating Is Usually Caught

When you were a kid, maybe you tried to take extra money from the bank, slide an extra space ahead, or some other means of cheating. You were usually caught, weren’t you? The other players probably got mad and maybe even threw you out of the game.

The Lesson: Cheating in finances is no different. You may try to fudge your tax return, take something that isn’t yours, or lie to get ahead. If you do, chances are you’ll be caught and punished. Jail in real life is a lot different than Jail in Monopoly.

Having Cash on Hand Usually Wins

Many games reward players for having cash on hand. Having cash enables you to take advantage of opportunities, buy the resources you need, and, in some games, the person with the most cash at the end wins.

The Lesson: Having cash on hand is a good thing. In your financial life, having cash means that you can weather emergencies, take advantage of great deals and opportunities that fall into your lap, and give to others in need. If you have cash at the end of your life, you can create a legacy by giving to others. If you’re leveraged to the hilt, you find yourself wishing you could do many of these things. Cash may not be all there is to life, but it can certainly make life easier.

Sometimes You Have to Take a Risk (but make it a well-calculated one)

Sometimes, to win a game, you have to make a risky move. Maybe you have to try to go after the bonus, even though it means leaving something else unprotected. Maybe you have to try to accomplish more things than you really think you can do before the game ends. Maybe you have to ally with another player, even though it puts you both at risk. It’s uncomfortable, but you weigh the pros and cons and decide that the risk might pay off.

The Lesson: Sometimes in personal finance you have to take a risk to get ahead. Maybe you take a new job in a new city. Maybe you begin investing, even though you’re scared of losing your shirt. Maybe you and Uncle Morris get together and buy a rental property together, even though you’re not sure you can work with Uncle Morris. Sometimes risks can be worth it. Just don’t jump in without doing your research and knowing the pros and the cons. Take calculated risks that you feel certain have a good chance of paying off. And don’t risk more than you can afford to lose. In a board game, losing isn’t a big deal. In real life, risk only what you can lose.

Save or Spend?

The decisions aren’t easy. In board games you’re often faced with a choice to buy land or resources now, or wait and hope you’ll be able to buy better things in the future. The risk in waiting is that your opponents may grab the good stuff before you do, or that you’ll lose all your money before you can grab anything. The risk in buying now is that you may only get a fraction of what you could have had you waited.

The Lesson: Most people are confronted with some form of this dilemma every day. Do you buy that shirt you love, or do you save the money for your vacation? Do you save for retirement now, or do what you want while you’re young? The choices aren’t easy and each carries the risk that you’ll have to give something up. Think it through and decide which is more important: Gaining something now, or potentially gaining something more in the future by giving up what you want now.

Have an Alternate Plan

After you’ve played a game one or twice, you generally approach it with a strategy in mind. You know what you want to do to win the game. Unfortunately, your opponents can royally mess up your plans by taking things you needed, or blocking routes you needed to claim. This is when you have to have a plan B. If something isn’t working, or a path is closed to you what else can you do to win?

The Lesson: In finance, you need to have a plan B. What do you do if the market tanks? What do you do if you get laid off? Things don’t always go smoothly or the way you think they will, so you need an alternate strategy to keep you moving forward.

The Winner is Usually the Person Who Most Successfully Manages Their Assets

Almost all games have you managing some sort of asset. It may be cash, buildings, people, routes/corridors, goods or services or a combination of all of these. The winner is usually the person who successfully manages all of his assets. While you might be able to win by focusing on just one or two and running those better than anyone else, it’s better to manage everything well.

The Lesson: You’ll garner the most success in your financial life if you manage all of your assets well. You can’t simply focus on accumulating cash while ignoring the value of your home or failing to invest wisely. You can’t just throw money into the market without also managing your cash flow well. To win in finance, you need to manage all of your assets well and keep them growing as best you can.

You Can Push Your Luck Too Far

Some games are called “push your luck” games. They usually involve dice or cards and you keep rolling or drawing until you voluntarily quit or you go one time too many and you bust. These are fun because you always think, “I’ll just go one more time.” It may work or you may bust.

The Lesson: In finance, it is also possible to push your luck too far. You can hold an investment too long and end up losing money. You can put off doing needed repairs or maintenance thinking you’re saving money, but then the item breaks and you have to pay more to replace it. You’ve pushed your luck too far and it has cost you. You have to know when to stop, take what you’ve earned, and get out of the game.

Winning Isn’t Everything

Win or lose, the point of playing games is to have fun. Winning is great, but the point is to play and be with people you like.

The Lesson: While you want to “win” with money, it isn’t everything. You need to manage your money well, but you don’t have to beat yourself (or your family/friends) up if you mess up or things don’t go your way. Remember that there are things more important than money. Focus also on your relationships and enjoying your life.

Screwing Others Comes Back to Bite You

In some games you have to screw your opponents over to win. When it’s an accepted part of the gameplay, it’s easier for everyone to take. However, when you screw someone over just because you can, you can expect payback. Either they will do something equally horrible to you later in the game or the next one, or they’ll take it out on you somewhere else. People don’t like it when you screw them over for no reason.

The Lesson: If you screw someone over financially by not paying back a debt, cheating them out of money, or not offering a fair deal or trade, it will come back to bite you. You can forget ever having financial relations with that person or company again and if the relationship is personal, you may destroy that, as well. Try to keep things friendly and professional. You don’t have to hurt others in order to win.

There are many games that teach even more specific lessons. LIFE teaches the value of insurance and eduction. Monopoly teaches the advantages and disadvantages of debt. PayDay teaches you how to manage money on a monthly, budgeted basis. In general, though, any board game can teach general lessons that can be applied to personal finance.

(Photo courtesy of HarshLight)

Cheap Sources for Board Games

May 3, 2011 By Jennifer Derrick 5 Comments

Board games are a great source of entertainment. Unlike movies or other types of entertainment that are one shot deals, games can be played over and over again. New games, however, are often not cheap. They may cost $20 or more. Some games are as high as $50. While a great game may be a good value at full price if you love it, these prices do not help if you want to amass a large library of games inexpensively. There are places, though, where you can find used or even new games at much lower prices.

Thrift stores: Thrift stores can be hit or miss for games. It just depends on what people have donated. Sometimes you can score games that have been used only once or twice (or never even opened) for rock bottom prices. You can try Goodwill, Salvation Army stores, stores run by Veterans Groups or any other thrift store in your area. Good stores make certain that the games they sell have all the pieces, but you may want to double check if you can before buying.

Yard sales: Like thrift stores, yard sales can be hit or miss. As kids outgrow games or people get tired of playing a certain game, they may toss it in their yard sale. If you’re in the market for games and you see a sale, it couldn’t hurt to take a look.

Clearance sales: After Christmas and Easter sales tend to have a lot of games. These are big toy giving holidays and when they’re over, stores want to clear out the excess. If you’re patient, you can sometimes get games for 90% off. You can find games at most big box stores, as well as bookstores, toy stores, and even department stores.

Shopping websites: There are many websites devoted to selling used board games. Some sites that sell predominantly new games (such as AreYouGame.com) have a used or rare section that may have some items at low prices. eBay and other auction sites are also good places to find used or cheap games.

Amazon.com: Amazon is a great place to look for games because you can find both new and used in one place. They frequently offer cheap games on their Gold Box deals (particularly during the holidays). They also have a third-party seller program where you might find someone willing to undercut Amazon’s price or someone selling used games.

Conventions/Hobby gatherings: Many cities have gaming conventions that often have space set aside for the sale or trade of games. You might also score at a specific convention that attracts gamers, such as a science fiction convention or a comics convention.

Craigslist/Freecycle: Many people list their old games for sale or give away on these sites. Take a look at the sites for your local area and see if anyone is offering what you want.

Game stores/Geek stores: Some larger cities have a shop dedicated to board games or toys. These places may sell used games or offer good sales. There are also places that I affectionately call “Geek Stores.” These are the stores where you can find science project materials, crafts, hobby supplies, comic books, and games like Dungeons and Dragons. These stores may sell used games or clearance out their old stock.

Flea markets: Like yard sales and thrift stores these can be hit or miss. Sometimes you can find a vendor who sells nothing but games and others will have games tossed in with their other merchandise. Either way, the games are likely to be cheap unless they are rare.

Use coupons: Around the holidays coupons for games often pop up. They may be in the Sunday fliers or printables from manufacturers websites. You can also find coupons good toward your next purchase on or in games. If you can combine a coupon with a clearance sale, you can get some games practically free.

Hand me downs: If you have friends or family who have a lot of games, you might want to ask if you can have or buy any of their cast offs. Should these people ever decide to unload a game, they can call you rather than having a yard sale.

Clearance stores Stores that buy overstocks, overruns, and discontinued items sometimes stock toys and games at bargain prices. Two of the big names in this business are Big Lots and Ollie’s.

Miscellaneous places: None of these are great, consistent sources for games, but I have found a few in these ways: Dumpster diving, library book sales, sales where lost and founds are sold, estate sales, school sales, and pawn shops.

You can acquire a large library of board games without spending a lot of money. You may have to be patient if you’re looking for a specific game because it may take it a while to turn up as used or on clearance. You also have to keep your eyes open because games, particularly clearance items, may not always be on the front row in the store. They may be on an end cap or a special clearance rack. The bottom line is that you don’t have to pay full retail for every game you buy.

The Benefits of Board Games

January 24, 2011 By Jennifer Derrick 2 Comments

I am a board game nut. I get excited when Christmas rolls around and all the new games show up in the stores. I also love the classics. So why, in a world of electronic entertainment, do I love board games? Well, the benefits of board games are many.

I’ve learned over the years that board games offer a variety of benefits for people of all ages. Some are directly finance-related, such as learning about money, and others benefit your bottom-line indirectly with lower health costs and inexpensive entertainment. Here are some of the benefits to having a house full of board games (and actually playing them) that might want to make you get them out and play them more often.

Learn about money

One of the benefits of board games is a finance component. Life, Monopoly, Pay Day are three of the most popular. Money-based games encourage kids to learn about handling money and gives them a fun and safe way to learn how money works and to test out money ideas. There are now money games that use a “credit card” rather than cash, and those can have a place in financial development, too. Use game time as a time to teach a little bit about how money and credit works.

Keep the old brain engaged

For the older set, playing games is an inexpensive way to keep your brain active and healthy and, hopefully, stave off dementia or age related memory loss. When you play games, you have to think and make decisions. Some games make you memorize or spell. The act of learning the rules of a new game also gives your brain a boost. Play with your old favorites and introduce new games, as well.

Helps kids develop

Depending on the game, kids learn about rules, how to win and lose gracefully, taking turns, pattern matching, counting, vocabulary, memorization or strategizing. Different games support different skills, so playing a variety of games will encourage the development of more skills. Playing games with your kids is much cheaper than hiring a special tutor or enrolling in special programs.

Inexpensive quality time

A new game typically averages around $20 (less for kid’s games). That is less than the cost of taking the group to the movies and you benefit from re-playability, whereas something like a movie is a one shot deal. Unlike other forms of entertainment that are passive like movies, games give you a chance to talk while you play and to interact with each other. Some games also let you learn about other people by asking them questions about their preferences or placing them in, “What if” situations. It’s inexpensive quality time for both families and groups of friends.

Stress relief

Another of the benefits of board games is a good way to get away from the problems of the real world. Some games are just plain silly and make you laugh and others, like chess, require intense concentration on something other than your problems. Games are a good way to escape for awhile and relax. It’s much less expensive (and fun) to play games than to end up on blood pressure medication or in therapy.

Physical activity

No, you’re never going to get a six pack from just playing board games. However, some games do require you to get up and move around. Twister is a fine example. Other games like Cranium or Dicecapades have tasks that require you to get up and act something out, or complete a challenge like balancing on one foot while holding something in your hand. It’s a simple way to get a little more activity into your day, which can keep you healthier than just plopping in front of the TV.

Board games can be played almost anywhere and in any weather. They’re great for sunny picnics and winter snow days. There are games for every age and interest, too. It’s an inexpensive and versatile pastime that yields some surprising health and financial benefits.

Summer Finance Fun for Kids

June 27, 2008 By Jennifer Derrick 2 Comments

School is out and the kids are home. If it hasn’t happened already, chances are it won’t be long before you hear those famous words: “I’m bored.” Now would be a good time to use that boredom to teach kids a little something about finance in ways that are fun. The more kids learn about finance, the better (hopefully) they will be at managing money as adults. Teaching opportunities start early, and the long days of summer are a good time to begin or continue that instruction.

With that in mind, I’ve put together a list of ideas and activities for kids that are designed to teach them a bit about personal finance without seeming like “work.”

1. Play finance related board games. My favorites are Monopoly, The Game of Life, Pay Day, Acquire, Trump (as in Donald) The Game, Stock Market Tycoon, and Settlers of Catan. There are also games for younger children such as Monopoly Junior. Each one teaches different financial lessons including managing money in daily life, mergers and acquisitions, and managing the fortunes of an entire civilization. I prefer the original versions of some of these games that use actual money as opposed to the newer versions that use credit cards simply because I think that handling and counting money are important skills that can’t be taught by the newer credit card games. Plus, I’m not certain that teaching kids to use credit cards is a good thing.

2. Play the stock market. If your kids are old enough to understand the basics of investing, have them play the stock market at home. Have them pick a few stocks that interest them (i.e., companies that they know like Disney, Apple, Sony, Gap, etc.) and let them buy and sell the stocks on paper for the summer. You can track stock performance online, in the daily paper, or via television networks like CNBC. At the end of the summer, see how much they made or lost. You can choose to do this with real money (maybe you gift them a certain amount to play with) or you can just do it on paper. If you have multiple kids close to the same age, you can have a summer-long contest with a prize to the highest earner at the end of the summer. Either way, it gets them thinking about investing and understanding how the market works.

3. Open the classic lemonade stand. If you have budding entrepreneurs, let them open a lemonade stand or other business (dog walking, babysitting, lawn care, etc.) to earn a little pocket money. They’ll learn about responsibility and keeping customers happy, as well as what it feels like to earn money and then decide whether to spend it or save it.

4. Watch finance related movies or television shows. Television and movies make great starting points for discussions about financial matters. There are a lot to choose from here and your choices will depend upon the age of the child and how much they already know about finance. Some places to start for television: Little House on the Prairie had several episodes related to debt and money problems and Schoolhouse Rock (available on DVD) had several financial episodes. Some movie titles include: EZ Money, the Money Mammals, The Money Pit, Arthur’s Money Matters, and For Richer or Poorer. Unfortunately, some of the best financial movies such as Wall Street, Other People’s Money, and Trading Places are rated R, so you’ll have to decide if your kids should watch these. There are also several educational DVD’s about the basics of finance available, such as the Standard Deviants series. Older kids can benefit from documentaries such as “Maxed Out,” “What Would Jesus Buy,” or “In Debt We Trust.” Search under “finance,” “money,” and “kids” at Amazon.com or Netflix/Blockbuster for more title ideas.

5. Play free online games. A great source of free financial related games is the Financial Literacy page at the Utah Education Network. Here you’ll find a collection of links to easy online games and learning tools. These are primarily for the younger set, although older kids who are just learning about finance may find them fun, as well.

6. Play finance related video games. If you have a PC, there are several games available that incorporate money management and business skills. One good example is The Sims. As part of managing your Sims’ lives, you have to find them jobs, get them to work every day and then spend their money wisely so they can upgrade their lives and afford some fun things. The Open For Business Expansion pack takes this even further by having your Sims open and run their own businesses while dealing with the attendant problems of start up costs, cash flow, and customer satisfaction. Other choices include Roller Coaster Tycoon, in which you open your own theme park and manage its daily operations, others in the Tycoon series such as Zoo Tycoon, Cruise Ship Tycoon, etc., and Sim City where you manage the daily operations and problems of your own city. You can also play versions of Monopoly and The Game of Life on your PC.

7. Include your kids in your finances. OK, this one isn’t as fun as some of the others, but you can make it into an enjoyable evening. Now that the kids aren’t rushing off after dinner to do homework, take the opportunity to sit them down and explain to them how you pay bills, where the money comes from, how you’ve set up your budget, and what your money choices are. You don’t have to show them every penny, but kids need a sense that money isn’t unlimited and that there are choices that have to be made. You can do this by piling up Monopoly money on the table in the amount of one months’ expenses and then showing kids the bills and the money that goes with them. By then end of the exercise, the kids will be able to see where the money has gone and that any leftover is then allocated to savings, fun or other goals. Make a favorite meal, do this exercise, and then play a game or watch a movie to create an evening of financial literacy.

8. Visit your local bank. Some banks offer resources for kids such as educational coloring or activity books, special accounts for kids, or other activities. Some banks even offer summer savings programs for kids that match interest earnings or offer prizes for goals reached. Ask at your local branch about activities they offer. Even if your bank doesn’t specifically offer things for kids, open a savings account for your kids and let them put money into it to learn how interest works. Let them put their chore money, allowances, gifts, or other earnings into the account (take them with you so they can see how the transactions work) and show them their statements each month so they can track their money’s growth. Maybe you can throw in an extra incentive like matching their earned interest at the end of the summer or a prize of some type.

There are other fun options as well including reading money-related fiction and non-fiction, playing counting and money identification games with younger kids, combining travel to foreign places with currency conversion lessons, or visiting places like Fort Knox or the U.S. Mint as part of your summer travels. Your choices are limited only by your creativity.

So many kids only understand the spending aspect of money because that’s all they see. Take some time this summer to teach them about investing, saving, and money management. If you combine play with learning, the lessons don’t have to be hard or feel like school. If you’re lucky, your kids won’t even realize they’re learning anything.

Image courtesy of Conlawprof