With many people facing challenging financial situations and an economy desperately trying to rebound, the Texas Society of Certified Public Accountants (TSCPA) believes this holiday season is the perfect time for children to learn the importance of money-mindedness with affordable toys and board games that won’t break the bank.
There are numerous items on the market that teach children of all ages how to use money, make change, accrue savings, and manage and maintain accounts, according to the society.
For children who receive one, an allowance is a great way to learn the value of money. One popular game, Loose Change, features cards with nickels, dimes, quarters, and half dollars. The key is to be the first one to have a pile of cards that add up to exactly one dollar without exceeding the value, or the player goes bust.
For kids five and older, the Pretend & Play Checkbook with Calculatorallows a child to have their own checkbook, write checks, calculate and keep balances of their money. This award-winning pretend play checkbook and calculator teaches children important life skills and responsibility.
A great learning tool for older children (and parents, too) interested in learning more about the stock market, www.oneshare.com is a worthy option. You can purchase a share and order a frame to teach teenagers about the value of money and the incentives for being an investor in the market.
Texas CPAs also recommend purchasing traditional games like Monopoly, Life, and PayDay. These best-selling board games help teach older children about real-world financial concepts like insurance policies, bank loans, income tax, career choices and salaries, and real estate acquisitions.
Whether or not a financially minded toy is a practical alternative this holiday, the most important financial lesson you can give your children is to practice smart money habits so they can emulate and explain saving, investing, donating, and smart spending.
To access additional money management information relevant for children and young adults, visit www.ValueYourMoney.org.
About Texas Society of Certified Public Accountants:
TSCPA is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and more than 29,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession.