The Bean Game

Helping kids and teens learn to budget

Broadway Bank's Community Reinvestment team is out in our communities throughout the year, leading financial literacy classes for adults, families and students. One of the lesson favorites among kids and teens is our popular Bean Game. This interactive activity is a fun way to teach kids about money and budgeting. Helping kids and teens learn how to manage a budget is so important and this money management game makes it easy to understand. Download and print the game below and get ready to schedule your next family game night.

WHAT YOU’LL NEED

1. Dry beans, rocks or pennies. Each person needs 20 beans to start their “20 bean salary.”
2. A flat surface.
3. Printouts of the game sheets. Download and print by clicking here. 

GAME INSTRUCTIONS

Purpose

Managing money means making choices. There is never enough money available for all of the things we’d like to have or do. This game will help you decide what is most important to you.

How to play

• This game may be played individually, but optimum results come from playing in a group of 2 or more.
• Divide participants into groups of at least 2 and not more than 5.
• Each individual/group receives 20 beans and a set of spending category sheets.
• The individual/group must decide how to spend their “income” based on life circumstances, values and goals.
• Each item has a set number of squares which indicates how many beans are needed to “pay” for that item.

Round #1

First, each individual/group must select one item in each of the categories with the gold stars (Food, Housing, Furnishings, Transportation, Insurance and Clothing and Laundry). Once you have finished selecting items in the required categories, continue selecting items until you have used up your 20-bean income.

Discussion Questions

Why did you choose the items you did? In what ways were you influenced by your values? Your goals? Your previous experiences? Compare what you spent your beans on with another individual/group.

Round #2

Your income has just been cut to 13 beans. What will you give up? What changes will you make? Make changes until you only have 13 beans on your spending sheets.

Discussion Questions

What kinds of items did you choose to give up? Why? What did you learn about yourself and money in this process? Compare your budget-cutting choices with another individual/group.

Other Choices You May Have To Make…

1. Someone in the family just broke their leg. If you have insurance, you don’t need to do anything. If you don’t, take off 3 beans.
2. Your mom or dad just got a 2 bean raise! Decide where it should be spent.

DOWNLOAD AND PRINT THE GAME SHEETS HERE.

CHECK OUT THESE BUDGETING TIPS

Wants vs. Needs — A need is a necessity, such as housing or food. A want can be anything and may not be a necessity. Be careful when spending on wants.

Pay Yourself First — After budgeting for necessities and before spending anything for wants, always tuck away some money from each paycheck for emergencies into a rainy-day savings account.

Before Charging — Ask yourself: 1) Do I really need it? and 2) Will I still have this 5 years from now? If the answers are no, then wait until you can pay cash.

Rule of Percentages — A good rule of thumb for budgeting your salary is: 70% pay current bills, 20% save for future purchases, 10% invest for long term.

Money Tracking — We often spend money without thinking about it. Keep track of all your expenditures (cash, checks, debit cards, ATM withdrawals and credit cards), even the smallest ones. Record them every time in a notebook or register. Review them regularly to make yourself aware of where your money goes.

Fixed, Flexible or Luxury? — Categorize the expenses in your budget. Is it fixed, such as rent or a car payment? Is it flexible such as groceries, gas or long-distance use? Or is it luxury, such as entertainment or going out to eat?

Rule of 72 (to double your money) — If you know the interest rate you can get, divide 72 by the known interest rate and it will give you how many years it will take to double your money. If you know how many years you have, divide 72 by the number of years and it will tell you what interest rate you must have to double your money.

Examples: If the interest rate is 6%, 72 ÷ 6 = 12 years. If the time is 10 years, 72 ÷ 10 = 7.2%. Interest rate needed.

Broadway Bank’s Community Investment and Financial Literacy Classes

At Broadway Bank, our commitment to providing excellence in service extends far beyond banking. It includes giving back to the communities where we live and work—striving to make a difference each and every day. If you’re a local nonprofit, school or community organization seeking a donation or partnership opportunity, we’d love to hear from you. Submit a request by visiting our Community Investment page.