Money is becoming more virtual every day. Think about what percentage of your purchases you make with actual money? Money is becoming more of a number on a computer screen, rather than silver and copper-colored coins, and green paper in a wallet. Money is becoming something new and it won’t mean the same thing to your children as it did to you. That’s never really been true for any previous generation. So, in-app purchases may be a way of teaching children how to deal with the eventual inevitability of comprehending the value of the intangible. The concept of possession itself is also changing. Look at Airbnb and Uber, Netflix and Zipcar. We don’t buy. We rent. We stream. So, how can we help get our children prepared for the responsibility of virtual monetary exchange? Perhaps these “freemium” games that sell in-app purchases, can be used for good. Instead of treating it as ridiculous to want to buy a new skin (outfit) or virtual ability to level-up, you can use it as a meaningful budgeting experience.
To help your child create a budget, look at our Lesson post on “How to Create a Budget”.