Financial literacy for kids and gaming: 4 tips
1. Create a system for earning the game’s currency by doing chores.
My wife and I have created chore star charts. This way, our kids can do things we need to have done around the house. The chores are simpler for our youngest—things like cleaning his room and brushing his teeth—but involve more responsibility and effort—like mowing the lawn—for our oldest. They can earn $5 per week if they stay on task. And they can choose to use that money for Robux.
2. Set up a gaming budget.
Given the limited number of occasions that our kids get Robux gift cards—like holidays and birthdays—my wife and I created a budget for their in-game purchases. Our kids can only spend in the games what they earn from their allowance. If there’s an outstanding achievement, like a remarkable report card, we might offer extra funds for their Robux budget, but they understand that simply asking for more won’t lead to a positive response.
Since some items in games like Roblox are limited, our kids need enough in-game currency to buy the item when it is available, or it could be gone forever. So our kids started learning how to save for these bigger and rarer items. They’re already motivated to save to acquire these more expensive items, and we encourage them.
3. Let them make mistakes.
Sometimes financial literacy for kids means making mistakes, too. Initially, my kids made poor choices with their in-game money, and I allowed it. When they realized they spent all their money on something they didn’t actually want, they cried out for more, which served as a valuable lesson. They needed to learn to consider what they really wanted and avoid overspending on unnecessary things.
We also talk about the importance of making thoughtful decisions and advise them to refrain from making impulse purchases. We suggest waiting a day or two so they can determine if they genuinely desire an item. They grasped the concept and have shown significant improvement since those initial mistakes.
4. Talk about the wins.
Financial literacy for kids is also about the wins. My oldest son started making money in the game by selling items. I was pretty happy about this as it was teaching him how to start a business, as well as how to code. These are skills I highly value. He and his brothers were also learning about digital currency.
All of these are great lessons, but buying virtual currency has some watch-outs that can be part of learning financial literacy for kids, too.
- First, these are all virtual, so if the game disappears or you stop playing, any purchases or currency are lost. It may also be worth emphasizing how virtual products differ from tangible, real world purchases in how often you can use and keep such things.
- Additionally, there are numerous fraudulent websites that sell fake gift cards, so it’s advisable to purchase them directly from the game’s official website or reputable in-person or online retailers.
I believe these games have a wide range of uses, including financial literacy for kids. With some guidance, a plan, a budget and permission to make mistakes, games can make learning to save and budget much more enjoyable.
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