Great Gift Ideas That Teach Kids About Being Smart with Money

This Christmas instead of only buying your children toys with no educational purpose, consider buying them a gift that encourages financial literacy.

It’s never too early to begin teaching children about the fundamental concept that come when dealing with money. A lot of toy-makers have created a range of products that teach children as young as 3 years old how to manage money responsibly.

There are hundreds of toys out that were created to teach children about financial responsibility but here is a list of some of the most popular:

Monopoly is a board game that teaches children about buying, renting, and selling real estate properties, while maintaining a bank account without going bankrupt.

The Allowance Game focuses on teaching elementary school-aged children how to count and save their money. You race around the board doing chores and collecting allowance. You can then choose to spend your money on the things that you want.

Life is a classic board game where the goal is to go through the game of life by making money and avoiding bad luck. This game teaches children about the decisions that they will be faced with that lead them on their own personal life’s path like employment, schooling, spouses, and children.

Conversations To Go: Money teaches children how to speak openly with adults about money. All players will be given the opportunity to share opinions, discuss their dreams, and answer questions about wealth, thrift, and luck

Charge Large is a board game that teaches kids about credit cards and money management. Whichever player of the game is the first to have cash, a cero credit card balance, and the black credit card will win the game.

Payday is set up like a monthly calendar and the game objective is for the players to make it through the whole month to their pay day. The month is full of financial bonuses, such as winning the lottery, and financial pitfalls like making bad investments.

Wise Money is a board game that teaches families about banking, investing, budgeting, payday, credit, and overall financial responsibility. To move through the game, the players must show their financial knowledge.

These are just a few of the many games that are available and teach children about financial literacy. Make this Christmas count for something different, and by your child a game that will benefit them throughout their lives.

April Lewis-Parks has more than 15 years of experience in the financial sector, she is a certified financial counselor, and a consumer affairs advocate. As the director of education and public relations for Consolidated Credit she is dedicated to generating awareness about personal finance issues and acts as their consumer affairs advocate. As host the of MissMoneyBee.com, she promotes financial education and offers timely and informative personal finance articles to educate the public. April’s promotional efforts can be seen in past issues of the New York Times, Washington Post, Newsday, Consumer Reports, the Business Journals, Money Magazine, Glamour, Cosmopolitan, Family Circle, among others. Connect with April on Google+.