By Estella Friesen
Learning to manage your money wisely is an important life skill. Yet, many young people struggle to become financially savvy with their money. Many young college graduates find themselves in large amounts of debt, or unable to create savings for themselves. A good way to engage in learning these skills while young is by making it fun to learn. There are several board and video games that make learning to manage your money fun and engaging. Here are five such games.
This game is a classic board game that many people have played. What people don’t realise is how much it can teach you about managing your money in real life. You spend a good portion of the game trying to save and spend your money wisely, buying and investing in property, and the winner is the person who has the most money at the end. Monopoly can teach players about managing their money and the impact of their financial and investment choices throughout the entire game. Some skills that they can learn are:
- Dealing with financial emergencies, such as taxes and paying for damages
- Paying rent
- Investing and improving real estate
If you want to teach the basics of budgeting, then this is the game to choose. Players play for a set number of months decided before game play. Players then proceed around the 31-day board and different monetary events, like paying loads, financial emergencies, and other financial circumstances occur. The player who has the most net worth at the end of the agreed to number of months wins. Payday teaches players how to divide up their pay checks to meet monthly expenses and is great for teaching basic budgeting and the importance of having savings for unexpected emergencies.
3. The Sims
‘The Sims is a simulation game which helps teens understand that the three keys to keep their finances in shape and bring their long-term goals to life are patience, hard work, and saving up money’ says Andre Duren, a business writer at Writinity and Researchpapersuk. You have to build virtual characters and get them through everyday activities, and managing money is one of the many things you need to be able to do. At the start of the game, you are given a budget and need to make it grow by getting your protagonist a job, so you can afford everyday expenses like buying groceries, paying your bills, and buying new exciting things, like a swimming pool or a car. In this video game, you have to build virtual characters and get them through everyday activities, such as eating, socialising, sleeping, and managing money to bring projects to life.
4. Football Manager
With this strategic online game, teens can learn that financial management is about finding the optimum balance between their wants and needs while building and managing their own football team. When playing Football Manager, you’re given a transfer budget and can use it to buy players. The challenge is to buy players that can help you win your games, but without overspending your budget. This requires careful planning and making sound cost-effective decisions throughout game play so as not to ruin your club’s finances. This is a good choice to teach teens about reviewing their finances before spending or investing any of their money.
5. Dungeon and Dragons
Believe it or not, this tabletop role-playing game is a great way to teach teens how to save and plan for the long-term. ‘You can earn gold and silver coins during your travels in the game and spend them to buy items that might help you survive longer’ says Rosie Cawley, a project manager at Draftbeyond and LastMinuteWriting. Items such as a better suit of armour or more efficient weapons are highly sought after and protect your character from dying in the harsh fantasy world of Dungeons and Dragons. However, the trick is to have enough funds to face any unexpected events and achieve your long-term goals.
Games are a good way to teach real-life skills. These 5 games are a fun way to teach teens about the importance of managing and saving your money.
About the Author
Estella Friesen is a content writer at Gumessays.com and Luckyassignments.com. She has been a marketing expert for years. She dedicates her experience to her clients and the businesses she works with, paving the way to success as a team. In her spare time, she has gained knowledge in the field of finance and writing.