4 Financial Literacy Games to Make Saving Fun for Your Family

Learning to manage money is a crucial life skill, yet it's rarely part of today's school curriculum. According to the 2022 Next Gen Personal Finance (NGPF) State of Financial Education Report, only eight states in the U.S. require a personal finance course for all high schoolers.¹

That means many families take financial literacy into their own hands, introducing kids to smart approaches through financial literacy games. Given today's economic headwinds, the bonus of money management games is that your kids might be even more interested in helping you save money on your own household costs. These financial literacy games will establish key money management concepts, using your own family finances and a spirit of fun. 

1. Take the “52-Week" Money Challenge

One of the best ways to pick up a new habit is to start small, and the 52-week challenge is an ideal example. By the end of the year, this money management game means you will have amassed $1,378—and yet you'll hardly notice you're saving, especially at the beginning. 

Here's how this learning about money game works: Each week, you'll save one extra dollar from what you saved the week before, starting with $1 in week one, then $2 in week two, etc., which will lead up to a cumulative $1,378 by week 52. Many websites offer charts to track your progress, so search for “money-saving calendar" to find a printable you like. 

As you and your family set money aside, stash your savings from this money management game in a high yield savings account or money market account, and watch your total climb even higher as the interest accrues. Part of the joy comes from whiling away the year deciding how you'll spend your bounty when the 52 weeks are up; a vision board can help your family track and rate ideas. 

2. Hold a “No Spend" Weekend or More

How long can you go without spending money? With the “no spend" money management game, your family decides on the period of time for which you will cut out all spending. Choose your ground rules carefully—after all, it's easy to spend a lot in advance to stock up on groceries or activities. The way to make this the most constructive is to consciously make choices that let you have fun without spending money. For example:

• Instead of eating out or purchasing meals at the grocery store, open up a "leftover cafe." Search your fridge for leftovers, make menus and have the kids order their favorite item. It's an entertaining way to dress up leftovers and avoid spending money on food.
• Visit your library to get books and movies, but that's just the start. Some libraries have a “library of things" where you can borrow games, outdoor equipment, science kits and more. They might also offer a cultural pass that can be used at local museums and attractions. Check your local library's website to see what they offer or go in person (a free outing!).
• Scour local community websites to find free activities like craft fairs, musical productions and more.
• Check out local sites and apps like Facebook Marketplace and the Buy Nothing Group to see what's on offer. Make it part of your money management games to find the best free things you can—and then pass on the satisfaction by posting your own listing.

For even more inspiration to boost your “no spending" money management game, try out Synchrony's savings goal calculator which can show how much you need to save to reach various targets.

3. Supply a Crash Course in Budgeting

Most adults hardly look at budgeting as an enjoyable pastime, but it could be one of the most important financial literacy games your child ever plays. There are lots of ways to make budgeting engaging for your kids while teaching them some vital lessons about money management along the way. 

No matter your income, to a kid, it seems like a lot. Add in the fact that they probably rarely see you spend actual “money" as you tap your phone or swipe your card, so they might start thinking there's an unlimited money tree replenishing your account.

In fact, it's hard for kids to really grasp how much of your income goes to monthly bills. They likely realize you cover costs for your shelter, groceries, clothing and other tangible items, but they've probably never considered other expenses, such as insurance, utilities, internet and savings. Tweens and teens are at the perfect age to get an inside look at how expensive life is—and it might help them better understand why you may say “no" to pricey items they've got their eye on.

Using appropriate details for different ages, show them how the bills fit into your own family budget and how you determine which expenses qualify as "needs" compared with "wants." Let them take charge of a budget category so they can see how different expenses add up; for example, if you have allocated $100 toward dining out for the month, they might choose to go out for ice cream every week or blow it all on one pizza feast.

4. Introduce Kids to Money Management Games Online or Via an App

Try the family activities above as great learning about money games, then supplement them with a variety of financial literacy games available online. Here are a few to try:

• Wise Pockets: Choose from a menu of games that teach kids about earning, spending, saving and borrowing.
• Lights, Camera Budget: Being a movie producer looks pretty glam, but it's harder than you might think to stretch even a big budget. This game lets middle and high schoolers make choices to see if they can do it.
• Hit the Road: In this game, players are heading cross country, and have to ensure they allocate sufficient funds to eat, fuel up, pay for activities and even budget for the unexpected.
• Misadventures in Money Management: This game from the Consumer Financial Protection Bureau puts players in a graphic novel to practice a host of money skills.
• Claim Your Future: Can your child cover all their bills on their salary? They'll make choices about housing, food, transportation and more.

Make 2023 Your Year of Improved Financial Literacy 

Money management games are a great way to reinforce key financial concepts for the whole family. 

LEARN MORE: Teaching Kids About Money and Saving for the Future