How monopoly teaches kids about money

A lot of the things we did over the holiday break was to play board games. I know unheard of with teens and preteens. Trust me I had to confiscate their electronics for a couple of days and threatened them to play a game that didn’t involve computers, TVs, or tablets. Hardest thing ever! I had forgotten how to play monopoly myself since we don’t get to sit down with board games often so it was a treat to teach my kids how I’m always winning at a game I rarely play. Here are some tips on how monopoly teaches kids about money. Pull out your board game and let’s play!

How monopoly teaches kids about money

I don’t buy all the properties that I see. Sometimes greed will make you broke. I tell my kids to think before they buy. Also, buy things that will yield big returns. My kids thought I was crazy for buying all of the airports but if I buy all and you land on one that’s money that you gotta pay me. I also study what the return on investment is on any property before I buy. How much will you have to pay me if you land on it and is it worth me spending my money on.

Take your time when you spend your money. I didn’t buy all the properties as soon as I landed. I waited awhile and played the game for a few before I made moves. My kids bought up all the property as soon as they landed and were out of money quickly while I still had cash to spend and buy some of the bigger properties.

You have to make the most out of the money that you have. In monopoly, we all start off with the same amount of cash. What you do with your cash can make or break you. My kids wondered why I had all the good properties and had a lot of money and how it wasn’t fair but honestly, it was very fair. We all had the same amount of money I just knew what to do with mine. It’s one of the things I’m teaching my kids. You have a better start in life than what I had so if you fuck up then that’s on you.

My kids need 3 types of accounts. A checking account for everyday things, a savings account for things they want to purchase or save towards purchasing, and an emergency fund. See life will throw some cards at you ( chance card) and you have to be able to pay them. Taxes, hot water heater going out, air conditioner going out, loss of job, etc. In life you gotta always be ready with money and having these 3 accounts will help you. As I always say if you stay ready you never have to get ready.

Budgeting. This is a huge lesson that Monopoly can teach you. Plan your purchases out as you move around the board. I am getting ready to do my kitchen. I have a budget. I can’t go over that and I’ve been planning and plotting various ways on how to save money during this remodel. You can’t buy everything you see just because you have some money.

Take a time out and reevaluate some things. When I had to sit in jail for a few go-rounds I realize that one of my kids didn’t buy a property that they seemed to keep landing on. So when I got out of jail I bought it up when I landed on it. Sitting out can help you see the board and think about things. Always take some time to think about purchases or what you’ve spent your money on. Do you need it or did you just want it?

I teach my kids about the value of money all the time. I don’t want them ever having to be broke like their father and I were when we were teens or young adults. My son loves Jordans I told him to invest in the brand instead because that will yield more money in the future. In 2021 while you are getting your finances in order teach your kids some things along the way so that they can understand how money works.

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Do you have any money tips to add to the list?