Many years ago, I wanted more than anything my very own Lite-Brite. I had an agreement with my parents whereby my doing minor choirs after school would equal an allowance. And thus I had a newfound income, and yet no bank account to save it it, so I decided to depend on my mint green piggy bank. It was the first time I had experienced that concept of saving money and the satisfaction of buying something for myself. I’m sure I am not the last kid to have a wish list and a stash of money in a piggy bank, which is why I am not surprised that PlayMoolah has created a virtual piggy bank of sorts to help kids learn about money management while also having fun.
Parents can create a PlayMoolah account and can add their kids to it, allowing parents the ability to monitor their child’s learning. Within the safety of their parent’s virtual world, children can create their own avatar, decorate their own universe, level up, unlock challenges, and earn virtual money. And parents can match the money that is earned in PlayMoolah with real money to put towards the their own Lite-Brite, or whatever toy they desire most.
The choices that kids make with the virtual money lets them experience what it feels like to earn and manage money. They are also encouraged to create goals specifying what they want to use the money for, identify why it is that they want this goal, and determine how long it will take them to save enough. To me, thinking through goals like this and actually working towards them allows kids to really consider what it is they want and probably value it more after they have gotten it. And beyond their personal goals, kids are also encouraged to participate in socially responsible activities within the universe, like charities to help the earth, other kids, or animals.
With the ability to help kids learn about the responsibility that comes with earning, saving, investing, and spending money, plus the fact that all this learning is disguised as a game, PlayMoolah is the perfect addition to any kids routine.