Playing Games with Money? Absolutely!

You may have never thought about it, but there's a great way that you can teach your children about money and have a ball at the same time. What's more, it's likely that you won't have to shell out a dime, because you've probably already got the tools in your own home. "Why, what can this be?" you ask in amazement. Quite simply, it's that old standard, the tried-and-true Parker Brothers staple, none other than (drum roll, please) – the game Monopoly!

Monopoly's popularity has transcended generations, and has been a favorite for most of us since we were kids. It's never gotten old or passé, because it's a game that requires strategy, mathematics, critical thinking and, yes, a little bit of luck – and on top of all that, it's just lots of fun. But the best thing about playing Monopoly is that is really can teach children about the value and uses of money. In fact, it can even give your kids a general lesson in real estate investment (though greatly simplified, of course), assuming that little Jimmy or Sally can save enough dollars to buy a property or two and stay out of J-A-I-L – but that's another subject entirely.

It's interesting to watch people (whether children or grownups) as they play Monopoly. If you pay attention, you're likely to see some of each player's individual personality come through. One person may be quite frugal with his or her money, perhaps even timid to let go of very much of it. Others will buy properties strategically, with the mind of building systematically to ultimately wipe you out with one fell swoop when you land on "Boardwalk" – and it's got three hotels on it.

Indeed, teaching kids about money can begin with a simple game of Monopoly, but ultimately it's how you as a parent handle your own money in front of your children that will be the lesson that sticks. Remember, children mimic their parents. If you spend money unwisely, don't be greatly surprised if they follow your example.

One of the most valuable lessons that you can teach your kids about money is to use it with discipline. Set up a household budget, and include the entire family in the discussions and calculations. Not only will this make them feel included and a part of important family matters, it will also go a long way toward teaching your kids the real, practical value of money – when it's appropriate to spend it and when it's not. They'll remember those lessons, and be guided by them as they enter adulthood.

Remember, however, that this is not a one-time or sometime thing. Teaching your children how to open a savings account, helping them to balance a checkbook and talking to them about finances is an ongoing educational process that will (and should) continue for years. Even more so, setting a good example for them on a daily basis will teach them things on a far more fundamental level than you could ever imagine. But, while you're teaching them, go ahead and put a little fun into it!