Playing a board game can help your children manage money.
While playing Monopoly, I saw a great opportunity to further my children’s instruction on money management.
As a Financial Advisor for young families, I am happy to realize playing Monopoly, Jr would also be a lesson in Behavioral Finance!
In the times of social distancing and quarantine, I, like all of you, have been using a wide variety of activities to keep our minds and hands busy. With 9 and 6-year-old girls in my house, keeping them busy avoids fights, tears and TV binging. Family game nights/days/15 minutes have been a constant in our house and Monopoly Jr. is our go-to.
How I Help Kids with Money While Playing Monopoly
Now that I can clearly see my kids’ money behavior, I am going to use Monopoly Jr to further teach them money lessons.
I am going to encourage my eldest to keep good tabs on her pile and to continue being selective with how she spends her money, but part of the game (and life) is to take chances.
As long as she has a pile of money that she is comfortable with, it is OK to spend and to reward yourself every once in a while, (go ahead, buy Boardwalk… Park Place too!).
My younger child’s lesson is going to be a little different, you need to have two piles of money: a save pile and a spend pile. If you want to buy a property it has to be out of the spend pile.
I am curious to see 20 years from now how much my girls’ real-life money behavior changes, I have a feeling not that much.
Hopefully though, they hold onto the concepts learned while playing Monopoly in quarantine. Most importantly though, I hope they will still play Monopoly with me
Reflect On Your Current Situation, How Do You Feel About Money?
Now onto you. Can you see areas that you struggle with in your own financial life?
Teaching your children financial literacy from a young age is great, but often they learn more from your actions. Ask yourself these questions:
- Are you stressed when your bills come due?
- Do you feel like you can’t get ahead?
- Are you wondering how you’re going to pay for your child’s college tuition and still retire?
Answering yes to these questions indicates there is room for improvement in your financial life. You need to build a Solid Financial Foundation. Luckily, we can help you uncover where you fall short in your financial life and suggest ways to better your situation.
- Curious about how much you need in your emergency fund?
- Do your investments align with your goals?
- Are you putting enough away in your 401k?
Reach out today to start the conversation.
It can be intimidating.
My goal is to create an environment of comfort and openness for my clients.
The Greenway Wealth Advisory Blog
Roth IRA is a term that I’m sure you have heard before, but may not necessarily understand. So, let's take a few minutes to talk about them, clarify and excite! A Roth IRA is an individual retirement account. You contribute to a Roth IRA with earned income. What makes...
Did you know that you can have an IRA account for each spouse even if one spouse doesn’t earn an income? You need earned income to contribute to an IRA (individual retirement account) but one exception is a Spousal IRA. A Spousal IRA is when one spouse contributes to...
Is a Traditional IRA or a ROTH IRA right for me?