Wednesday, 23 April 2014

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Financial Management Game for Children


Objective: To teach the principles of financial management

Game Rules:

1. Set up several signs in different places in the room that read as "Bank," "Store," "Credit Card Company," and "Charity."

2. Give each child some object to represent work they could do to earn money. For example, give an 8-year old some hand towels she could fold, give a 10-year old a broom to sweep the floor. Everyone had work to do so that they could earn.

3. Begin the game with everyone working.

4. After a few minutes, ring the bell and pay everyone 5 DKK (or 1 SGD or 1 USD) each for their labor.

5. The children can decide what to do with their money. They can put it in the bank, they could donate some to charity or they can buy something at the "store." The "Store" is made up of brightly-colored balloons with the names of different toys and the price written on them.

6. The children can also choose to borrow money from credit card company to buy something they really wanted badly.

7. Repeat the sequence several times: work, earn, spend, work, earn, spend.

8. Then blow the whistle and say, "Interest time!"

9. Those who put money in the bank got money added, those who had "borrowed" from the credit card company had to pay interest.

10. After several rounds, the children will figure out that it is much smarter to earn interest than to pay it.

11. As the game progresses, the children will also see that those who choose to donate to charity are doing something meaningful with their money to help to provide food, clothes and other basic necessities for people.

12. Pop some of the balloons when the "interest" whistle blows - this will help your children to realize that many of the material things we work so hard for and even go into debt for don't last.

Additional Information:
This is a fantastic game I have learned from the book "The 7 Habits of Highly Effective Families."

Useful Links:
- http://www.dfi.wa.gov/financial-education/resources-games.htm

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