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Financial Literacy


Have a conversation with your child using the following prompts, as adapted from The Council for Economic Education: “The best thing I did with a dollar was…”, “The best money I’ve ever spent was on…” or “One item I’m saving for is…”

Choose an activity below that is appropriate for your child’s age and current interests:

  • Play store. Use play money and price a variety of items to help children practice using money.
  • Make three banks from jars, boxes or other containers. One bank would be for money to save, another for money to spend and a third for money to share.
  • Create a storybook. Ask your child to draw a picture of something he wants to buy. On the next page, ask him to draw the amount of money it will take to buy the item. On the third page, ask him to draw how he is going to find the money he needs (either earn it or save it.) 
  • Allow children to make simple cash transactions at the store. Talk about the experience afterwards.
  • With extended family, such as grandparents, aunts and uncles, discuss the family’s money heritage using questions such as these:
    • Were their ancestors poor, rich, landowners, laborers, teachers, entrepreneurs, etc.?
    • What kind of home did they live in? What other possessions did they have?
    • What kinds of gifts did they give or receive for birthdays, holidays, etc.?
    • What did they do for entertainment and how much did it cost?
    • What kind of transportation did they use?
    • Are there any stories of times when they gained or lost money? How did they cope?

Check out these smartphone apps that can help both you and your child get on the right page with saving.

  • PiggyBot – An app for children to track allowance spending and saving. Instead of cash, they’ll carry a virtual balance with you, with accounts for saving, sharing and spending.
  • Bankaroo – Smartphone app that is a virtual piggy bank for children. It teaches kids and parents about the value of money in a simple user experience.
  • Saving Spree – This app shows older kids (7+) how to spend frugally, save money for short-term goals, how to donate money or invest money for their future needs. It also teaches them how daily lifestyle choices can make a big difference in their accounts.
  • iAllowance– Another great app that shows kids how to save and spend. Whether you want to set up a weekly allowance or pay out a special reward, this app will help you do that.


These games will expose them to the rules they will encounter during banking and managing money as they grow up. When playing these money-related games, they can take financial risks without being penalized. 

Net Worth – A fun and exciting game played like the popular card game Crazy Eights, Net Worth’s goal is to get kids thinking strategically about getting rid of debt and gathering assets while watching and preparing for uncertainties like losing a job or market crashes. Of course, players can unleash financial doom on other players. Net Worth is a fun game that will have kids learning real-world concepts while still having fun. 
Cashflow 101 – Cashflow 101 is simply an investing game that will teach kids financial strategies and accounting principles, designed by renowned motivational speaker Robert Kiyosaki. Cashflow 101’s main problem is an excess of cash аnd finding іnvеѕtmеntѕ to ѕіnk іt into bеfоrе уоu lоѕе it to tax audits and lawsuits. Players get paid for passing уоur Paycheck ѕрасе, аnd thеn drаw frоm оnе оf fоur decks of cards depending on which space they’ve landed in.

Farkle – Farkle is a simple dice game. To play Farkle, all you need are six dice, a pencil and paper. It’s perfect for two or more players, with each taking turns аt throwing the dice. Eасh рlауеr’ѕ turn results in a score, and the scores accumulate to some winning total, usually 10,000. Farkle helps teach your kids to control, save and manage their credit in the form of points. Farkle also helps kids to understand the best time to take a risk and when not to. 

The Game of Life – The goal of this game is for players to have thе mоѕt аѕѕеtѕ аt the еnd оf thе gаmе. Aѕѕеtѕ аrе еаrnеd primarily by working and earning tokens with dollar amounts on them. This game will help kids learn about the challenges people go through to go to college, raise a family, buy a home, work and retire. 

Monopoly – Monopoly is an age-old financial literacy game! It teaches the concepts of the real estate business by buying properties that aren’t owned, selling ones you no longer need or can afford, and paying rent on properties that are owned by others. It teaches negotiation tactics, banking, purchasing and strategic thinking. 

Payday – This game simulates working for a salary that is paid every 30 days. Players have to deal with different expenses and bills, while also earning money in property deals. At the end of each month, the players must pay off all outstanding bills from their salary or take out a loan.