6 Things To Do When Playing Monopoly With Your Kid

Monopoly makes a great family game. Children can start to play at a young age. The best thing is, Monopoly comes with different themes and you can always choose a theme that your child likes most, for example, the Frozen theme or Star Wars theme.

Besides all the fun and laughter Monopoly can bring, here are 6 of the more educational aspects of Monopoly you can teach your child.

#1 Spend Wisely

Based on the amount of money that they have, teach your child that they should only purchase what they can afford.

For example, teach them that is it perfectly fine to choose not to buy the property they have just landed on if it is too expensive or if it would significantly deplete their money supply. Teach them that sometimes you should save up for your next purchase, which might be more valuable in the long run as compared to purchasing every single property you land on.

Read Also: A Really Awesome Saving And Investing Method To Teach Your Child

#2 Don’t Be Too Greedy

Everyone wants Mayfair and Park Lane to themselves. However, you might not have the luck to roll the dice to land on either of the two most expensive properties.

Teach them that other properties are important as well, such as the railways. It is also more important to purchase a whole “colour set” even if it is the cheapest valued property.

#3 Teach Them The Concept Of Rent

When you land on other peoples’ property, you have to pay a fee. Explain to your child the concept of rent where you have to pay to stay in other peoples’ property.

Go a step further to explain why some properties have higher rental costs. This all depends on factors such as the demand and location.

#4 What Are Utilities

Utilities such as electricity and water do not come free in reality. This is the same in Monopoly where you have to pay to purchase Water Works or the Electric Company.

It is important to educate your child that these are things we might take for granted in our everyday lives. Although our utility bills may be considered small when compared to our other costs, your child should still understand that these things provided come at a cost as well.

You could further educate them on the simple habits in their everyday life. Encourage them to keep their showers short and to turn off the power plugs when not in use.

#5 Quality Over Quantity

Having lots of properties does not mean they win the game. Teach them that the quality of their properties is more important. Having a few properties with multiple houses or hotels built on them to earn more revenue through rental beats having the most number of properties without houses or hotels built.

Teach your child to weigh the pros and cons of purchasing an additional property. Teach them that saving up for a different property purchase or to build houses/hotels on existing property might be a wiser decision.

#6 Income Tax

Taxes might seem like a more difficult concept to explain to your child. But Monopoly helps with that explanation. Just like how people with a higher income bracket pay more in income tax, Monopoly reflects the same concept.

You can choose to either pay 10% of your total worth or pay a flat $200. You would choose to pay the 10% if the 10% of your assets is lower than $200 (i.e. you have less than $2000 in total worth). However, if you happen to have a lot of assets, choosing to pay $200 would be wiser should 10% of your assets exceed $200. This helps you teach your child the concept of how the lower income bracket (players with less total worth) pay less in income tax.

Read Also: How Building Your Portfolio Is Like Playing A Game Of Monopoly

DollarsAndSense.sg is a website that aims to provide interesting, bite-sized financial articles which are relevant to the average Singaporean. Subscribe to our free e-newsletter to receive exclusive content not available on our website. Follow us as well on Instagram @DNSsingapore to get your daily dose of finance knowledge through photos.

Top Image Credit: DollarsAndSense.sg

The post 6 Things To Do When Playing Monopoly With Your Kid appeared first on DollarsAndSense.sg.