As adults, we struggle with what we want and what we need. Our bank accounts suffer due to this lack of self-control. Learning money management skills lessons early in life can help prevent those problem. Here's a simple game to teach kids this lesson in a fun way.
Photo byUS Army Corps of Engineers
Shannon Ryan writing for VOSA suggests a game to teach these values to your children:
One of the best ways for kids to understand how to differentiate between want and need is to take them shopping. As you put things in your cart, ask your kids if the item is a want or a need. Let them explain their decision, then give them your answer. This is a great time to talk to your kids about how you decide to use your money. How you budget for things like food, clothes and fun. Ask their opinion on the things you buy. For example, you need cereal, which one would you buy and why?
She points out that it's OK to have wants. After all these are kids, and teaching them balance is an important takeaway for later in life. I know as a kid I'd see a toy on TV and say "I have to have it". My credit card bills prove that I probably didn't learn the difference between want and needs as much as I should have.
Check out the link for other ways to teach your children money management.