You’ve heard a lot about video games. You’ve played a few yourself, in other times, in a galaxy far away from here…
As a parent, you want to know how online games played on your PlayStation or Xbox affect your child. Or on his mobile phone, since we now live in the ultimate mobile age! And as a parent who probably grew up cuddled up with a GameBoy, you’re definitely wondering right now what online games might have to do with your child’s allowance!
Despite what you’ve heard, online games don’t necessarily have a negative impact on children. On the contrary, a child can benefit from them in several ways! For example, as Dr. Gwen Dewar reports, a child who plays online games may show increased levels of concentration. In fact, according to Dr. Dewar, online action games can even help children with reading difficulties!
Where else can these games help a child? In managing their pocket money! Exaggeration? And yet, no! Read on and find out why!
By searching for toys online, children learn the value of market research!
Unfortunately, money does not grow on trees! And your child’s budget for buying toys online is certainly not unlimited. What does that mean? That your child will have to choose which console he wants to buy and which games he wants to download from his favorite game stores. PlayStation or Xbox? Minecraft or FIFA? This is where a phrase valuable to any responsible consumer, young or old, comes into the equation: Market research! An essential “tool” of proper financial management, wouldn’t you agree? So by searching online games, your child will learn how to do a proper and comprehensive market research!
However, this will certainly not be done in a day. So you keep your door open! Listen to his questions and explain to him how to properly compare the online games he is interested in. And then? Let him free to do his own market research! Give him the opportunity to become an expert both in his favorite online games and in decision making!
With online games, children learn to avoid in-game waste!
In-game purchases, unlocking new characters, new tracks and other exotic “fruits” that thrive in online game stores. It’s easy for a child to get sucked into bulk purchases, which may not necessarily be expensive, but on the whole are expensive. Childish enthusiasm for a new, powerful character or a “powerful” level boost is hard to beat. And that… innocent “Buy Now” button is so, so easy to click!
So how can online games help a child? By teaching him what in-game purchases are and making him more careful with them! Since your child knows that he doesn’t have unlimited money at his disposal, he will feel the need to watch his spending on his own. Resist the temptation to buy all the items on the list and keep an eye out for any “hidden” in-game charges. You understand, of course, that this may take a lot of patience and trust, because whoever learns… makes mistakes!
“That’s all well and good, but what happens when the purchases are charged to my card?”
Keep calm and listen to a suggestion that might help you…
Instead of having your own card swiped on your child’s online toys, how about giving him a prepaid Woli card, with purchase limits set by you and notifications for each transaction? Think about it, it’s worth it! That way the child will be properly trained in managing their in-game expenses, without you being charged every time!
But let’s look at how else online games can help kids manage their pocket money…
Online games teach children to set limits on their spending!
Generally speaking, online games are not cheap, as most of the well-known titles cost a lot of money. And if you don’t have a picture, an online stroll through any online game store will convince you of that. So buying them takes proper management, market research, smart decisions, but also limits – or more specifically, “budgeting”!
As a parent, every month you give your child an amount of money as pocket money. This amount, however, is not just for online toys. It’s for all of the child’s expenses during the month. So as your child gains experience in gaming and online game purchases, he or she learns and calculates all his or her expenses during the month, so that he or she is able to do a proper “budgeting”.
But there is one more thing! Most online games give players some resources to advance their in-game “journey”. Coins, items and “XP” points (in-game experience points) are just a few of them, which of course are not inexhaustible! Just like money, in the real world. By learning to manage the various in-game resources, a child is also trained to manage their pocket money! Think about it simply: Suppose your kid loves playing FIFA and spends time building an awesome dream team in the game’s “Ultimate Team” mode. He knows well that he has a certain budget for transfers, so he makes sure to “distribute” it properly to all positions in his squad, not just to one player (sorry Cristiano!). Opportunity, then, to transfer those admirable money management skills to his pocket money management!
Have you seen that the hours your child spends playing games online are worth it?
But there’s something else, just as fun, that can help your child learn a lot about good financial management…
Woli!
The prepaid card and app that teaches kids to manage their pocket money in a simple and fun way!
Through the Woli app, you can set your child’s budget and shopping limits as they learn to manage their finances!
And more!
With Woli, you can harness your child’s love of online gaming for their benefit! Set goals together, let your child “work” to achieve them and reward them with an extra allowance for brand new online games!
Sound like a good idea?
We have more! See all the advantages Woli offers to parents!
