How to Use Video Games to Teach Children About Budgeting

Teaching children about money and budgeting young sets them up for future success. That being said, it’s also important to speak to them in a language that they understand so that they can successfully absorb and retain the information. One great way to do this is through video games. If you’re interested in teaching your children more about money and how to properly budget, let’s take a look at how to use video games to teach children about budgeting.

Give Them an Allowance for Games

The best way to teach kids to budget is to provide them with their own money to spend on video games and other personal wants or needs. You can set up their own bank account and then give them an allowance either to help them buy things or in return for tasks like doing their chores. Then, create a budget for them so that they understand how much they have and what they might want to spend monthly on games. They’ll soon realize that they have to prioritize to use their money wisely.

Provide Them With Games That Involve Cash

There are actually a ton of games out there that involve cash that you could use to help kids understand how to properly manage it without having to touch any real money. Some great games that offer these types of mechanics include life simulators like The Sims. You could also give them money that they can use to purchase in-game currency that they’ll have to manage themselves as they purchase things they want. This will teach them the importance of budgeting as they’ll have likely unlimited wants but limited in-game currency to spend on these different things.

Focus on Budgeting With Time Instead of Cash

You could also budget with time instead of cash. For example, if you give them a limited window of time that they can use per day specifically for gaming, they’ll then have to learn how to prioritize in order to make sure that they’re spending their time wisely to be able to play their favorite games during the day. You can sit down with them and create a schedule that helps them learn how to better allocate their time. While this doesn’t involve money, it is along the same vein and could prove helpful if you’re trying to help your child learn how to manage available resources.

Teaching children about budgeting is crucial, especially if you want to make sure that they’re able to make wise choices once they grow up and start getting their hands on their own money. That being said, traditional teaching methods might not always be the best way to go about this. If you’re looking to teach your kids about budgeting in a fun way they’ll understand, use the tips above to leverage video games to your advantage. When you speak about money and budgeting in their language, they’re sure to understand it and learn the right skills early on. By learning these important financial skills at a young age, your children will be more likely to make smart financial decisions as an adult.