When kids don’t track their spending, money disappears quickly! This allowance game, “Whoa! Where Did My Allowance Go?”, is a great activity for building budgeting skills. As an at-home activity, it’s also a super opportunity to have important family conversations around finances. It’s all part of our Adventures in Math resource center!
How do you play this allowance game?
- Flip a coin: Heads moves one space, tails moves two spaces. You start the game with $20 in savings.
- When you land on a space, decide if you want to spend part of your savings this way or not. Each time you spend, subtract that amount from your $20 so you know how much you have left.
- The goal is to reach the end of the board without spending all your cash. You must buy at least three items. Whoever has the most left over at the end of the game wins.
Why teach budgeting?
Learning how to budget is key for elementary-age children because it helps them understand the value of money and how to manage it wisely. By learning to budget, kids develop responsibility and discipline in their spending habits. They learn to prioritize their needs versus wants, which is essential for making informed financial decisions later in life. Budgeting also teaches children about planning and goal-setting as they learn to save for things they want. Understanding budgeting also fosters independence and self-reliance as children become more capable of managing their own finances. These skills lay a strong foundation for financial literacy, empowering children to make smart choices with their money as they grow older.
