It's never too early to start teaching your children the basics of money management. Exposure to financial education at an early age can lay the foundation for a more successful financial future. Consider these fun, age-appropriate activities to help your kids become well versed in money management.
Teaching children about money through “edutainment” or “gamification” is effective in making what can seem a dull subject more exciting. By utilizing compelling and familiar mediums — video games, comics, and apps — Practical Money Skills enables teens to learn while having fun.
Young children can learn the basics of money, such as differentiating coins and understanding how to put some funds aside. Here are four basic money management concepts for young children:
Pretend Play
Use suggested scenarios and props to get creative and act out activities, like going to work or going shopping.
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Once children have a basic understanding of the value of money, introduce them to these more complex financial topics:
The following games and resources can help solidify these concepts:
Guardians of the Galaxy: Rocket’s Powerful Plan
Join the Guardians of the Galaxy in this exciting new comic from Visa and Marvel about the importance of saving money and identifying the difference between wants and needs.
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Avengers: Saving the Day
This unique and exciting comic book combines Marvel's iconic superheroes with financial literacy concepts like saving, banking and budgeting. It’s available for viewing online in eight different languages.
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Bingo on the Go
Check off the places you see as you travel and talk about how each place is funded — public, private, nonprofit, or a combination.
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Help your teen put concepts learned into real-life practice and build solid money management skills before entering adulthood. Teaching teens about these financial concepts can help improve their money management skills:
These games and apps can enhance children’s financial education:
Financial Football (American)
A fast-paced, interactive game that challenges players to compete by answering financial questions to earn yardage and score touchdowns. The game is available as a free
iOS app
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Plan'it Prom
A free Android and iOS app that helps students and parents make a realistic, detailed prom budget and then helps everyone stick to that budget by tracking spending as they shop.
Download for iOS
Download now for Android
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Family Members’ Jobs
Research and compare the jobs held by family members and what education and training it took to get there.
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College Scorecard
Whether college is years away or just around the corner, you can explore and compare schools online.
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Developing money management skills requires ongoing education throughout adulthood. Practical Money Skills’ suite of online and mobile calculators helps young adults explore their own financial information in greater detail. Below are a few of the most relevant calculators as well as fun educational games.
Buying a Car:
Determine how much you can afford to spend on a new car.
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Emergency Savings:
Prepare for the unexpected by calculating how much to put away each month just in case.
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Budgeting:
Track everyday expenses to take control of your finances.
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Saving for a Goal:
Whether it's a new TV or a special trip, this savings calculator can help you reach your goal.
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Building an Education Fund:
Paying for college involves more than tuition. Don't forget about books, materials, housing and food.
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Financial Football:
A fast-paced, interactive game that challenges players to compete by answering financial questions to earn yardage and score touchdowns. Download the free iOS app, play online or order a free CD from Practical Money Skills.
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Financial Soccer
Put your financial skills to the test by advancing down the field as you answer multiple-choice questions about financial management. Play online or order a free CD from Practical Money Skills.
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Free Materials
For more resources to help educate your family on personal finance, view, download or order our free financial literacy materials, including classroom modules, games, DVDs and brochures.
