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1. West Ridge Academys Recommendations For Teaching Your Child About Financial LiteracyIn life, money is an absolute necessity. West Ridge Academy says that you cannot justdisregard it however by hiding behind worn-out clichs such as money is the root of all evil, orwhatever adage that paints money as if its something that you should stay away from. The truthis money can either be your friend or your enemy depending upon how you treat it; and whetheryou take good care of it or if you spend it like theres no tomorrow as soon as you lay yourhands on it.If you treat money well, it can be your friend and will even work for you by multiplying itselfseveral times over if you know where to invest it. On the other hand, if you do not understandhow it works then it will definitely come back to haunt you, run you into the ground and bury youwith all sorts of debts and financial trouble if you are not careful.If you love your children, you must teach them about financial literacy as soon as possible sothat they wont find themselves in financial trouble when they become adults. West RidgeAcademy suggests a couple of activities below which will help you educate your child aboutfinancial literacy as early as possible. Give your child a weekly allowance and hold him accountable for it. By giving your child a weekly allowance, you are subtly teaching him how to budget. Figure out an amount that is just enough to cover his basic needs for one week and give it to him as his weekly allowance. Tell him that it should last him for an entire week because you wont be giving him any additional money if runs out and comes up short, unless of course theres a perfectly acceptable explanation why he fell short of his budget. Whatever money he can save will be his to keep and he can use it for whatever purpose that he would like. Encourage him to save some of his allowance in order to buy something that he really wants to have like a favorite toy or bike. This way he will learn a lot of financially relevant ideas, such as: the economic impact of choosing the lower-priced food or treats (but not necessarily lower in nutritional value) in order to save some of his allowance; or the fact that its not easy to accumulate money since it actually takes a certain amount of sacrifice to save for even just a small amount; perhaps he will learn to value his toys even more since he will realize that the money that was used to buy them did not just come out of thin air, but were actually worked hard for by his parents, in the same manner that he is sacrificing now just to have that toy or bike that he likes. Try to play educational board games which will teach your child about financial basics. Games such as Monopoly, Life, or other games that have financial relevance, can be fun and at the same time very educational ways of teaching your child about
2. some of the financial basics. He will surely have lots of questions for you while playingthe game, so try to answer all his questions if possible and explain as clearly as possiblein order to make him understand the general concepts. Try to use simple real-lifeexamples which he can relate to, in order to illustrate the concepts to him. West RidgeAcademy says that by the end of the game, he will not only be walking away from thetable with much more knowledge, but also with much more respect for you because ofyour effort in teaching him about financial literacy.