blog Personal Finance | 6min Read
Published on October 22, 2021
Ever Wondered How And Where You Learned To Excel At The Most Important Life Lessons?
If you’re thinking about education, yes that’s correct. But more than that, games and activities foster excellence and give you lessons of a lifetime. Think about it! Your soccer match taught you so much about team spirit, your Xbox lets you drive maximum results with all your attention in one place, and so on. Be it outdoor games or board games or even digital games, every game brings challenges and every challenge forces you to become a better version of yourself. Don’t believe us? Research suggests that student performances can level up to 89.45% more than usual if they’re educated on challenge-based gamification.
How and Why Games Will Play a Pivotal Role in Helping You Gain Finance Literacy?
Now that you know how games can help you sharpen your skills, let’s understand how they can help you learn money management. Game-based learning is considered one of the most effective techniques to discover finance and make decisions wisely. As compared to the traditional dry and dull method of teaching finance, gamification instills skills and concepts about money management in people of all ages.
Speaking of financial literacy games, some of the classic money management games have been popular for years. There has been a continual revision in these games as the finance world has evolved, but the radical goal of teaching the players on building wealth and minimizing debts has remained the same.
Are you aware of such games that will teach you some important things from the finance world? If not, then let’s dig into some top choices we have for you –
Best Financial Literacy Games Handpicked For You
Undoubtedly the most popular board game in families, Monopoly teaches you the concepts of the real estate business of buying, selling, and renting properties. From mortgages, banking, purchasing, and strategic thinking, the game has some of the most necessary financial skills to offer.
Monopoly also provides a simulation on how to deal with financial blows, emergencies, and balance cash flow through earnings and savings. As the cash flow improves and properties grow, you can also learn about financial negotiations while playing this game. Try this for yourself and the next time your parents are having a serious discussion about properties, you won’t get bored for sure!
2. The Game Of Life
This is indeed a ‘game of life’ as it involves complexities of financial situations and decisions one faces from the beginning, till the retirement stage. It’s a great way to get introduced to the challenges to be faced in college, buying a home, raising and taking care of family, and much more.
Considered as one of the best budgeting games, it also focuses on the impact due to taxes, debt, overspending, and the importance of investing early. Ultimately, you win the game by accumulating the highest net worth by making the right real-life choices, and overcoming the challenges.
3. Cashflow 101
‘Rich Dad, Poor Dad’ fame Robert Kiyosaki created Cashflow 101 to build up financial intelligence and have fun while learning money management. As the name suggests, the game focuses majorly on cash flow principles, personal accounting, and advanced investment strategies.
The game excellently defines the basics of investing, understanding financial statements, assets, liabilities, and develops your confidence to make your investment and real estate decisions.
4. Money Bags
Money Bags is a game involving currencies and helps you discover the real value of every coin and bill. You have to collect, count, and exchange money with other players to have the maximum money left with you at the end of the finishing line. This is a great game for you and your friends to learn about coin counting and coin value skills.
Turn your peer group into fellow investors and try your hands at this game. The quest of getting to the finish line and gaining the bonus will keep adding fuel to the thrill for sure!
Payday is a game that helps you learn how to manage the salary you are paid at the end of every month while working. It has a calendar month wherein you have to deal with different expenses, bills and also earn money from property deals.
At the end of every month, you have to pay the outstanding bills and also repay loans taken from banks. The players have to fix the number of months, and in the end, the player with the most money wins. From totaling expenses, bill payments, budgeting basics, and understanding emergency funds, Payday has all the moves to teach you more about finance.
6. Financial Football
Yes, you guessed it right! We’ve saved the most fascinating game for last! If you haven’t already hopped onto the search for the game, you should know that this game is power-packed with amazing features and enhancements to keep you hooked.
The game focuses on major lessons you should learn about saving, spending, and budgeting while giving you a world-class experience powered by the National Football League. Don’t fall into the trap of it sounding easy as the game is filled with nail-biting challenges for you and your friends to ponder upon.
Other Online Games And Mobile Apps
Along with these financial literacy games, you can always seek various online games and tools that will help you to leverage financial skills and money management. Many games like TimeForPayback, SPENT, Financial Football, Wise Pockets, Credit Clash, SimCity, etc. aim to improve personal financial capability and build a fundamental understanding of investing.
While these are just a handful of finance games for students, there are plenty of more interactive games and online tools wherein you can learn everything about finance in a fun way over the traditional boring way. Playing such games with your elders can definitely help you to learn about some real-life financial experiences, while if you’re playing with your friends you can understand the issues they are facing to learn more about the finance world.
Looking forward to acquiring more such financial skills through unique, exceptional, and unorthodox ways? Join the Smart Money Camp now – a sublime student financial literacy course for you and your friends to learn the A to Z of finance!
Ready to challenge yourself and your friends with these exciting games, are you?
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