Money Matters
learn to play instruments. But this is an opportunity to show them
that sometimes we have to make respon- sible decisions about spending. If you are making cuts, clearly describe to your chil- dren foreseeable changes and the potential impact on the family, such as eating out less, not going to movies or receiving less allowance. But don’t place a burden on or worry them. Most kids’ prime concern is how things personally affect them. If something’s clearly going on but not being discussed, it can be scary. Share with your children how you plan to handle fi nancial hurdles. Avoiding the conversation might lead them to imagine things are far worse than they actually are. If you’re having fi nancial wor- ries, tell them — on their level — that you’re taking steps to improve the family fi nances, and encourage them to help. With more diffi cult circumstances such
as a job loss, the message, “these things happen, people change jobs, we’ll be okay” is what children need to hear. Try to present things realistically: “While I’m looking for a new job, we’ll have more time to do things together, but then when I get the job, things will go back to the way they used to be.” Reiterate that this is not only happening
to your family, but that families every- where are trying to cut costs and cope with fi nancial challenges.
3 Teach by example It’s unfair to tell your kids they can’t have a treat because it’s not in the budget, when they see you buying a latte every day. Your kids are learn-
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It’s unfair to say your kids can’t have a treat because it’s not in the budget, when they see you buy a coffee every day
ing by watching you, so be a good role model. Take the lead, and your children will follow.
4 Don’t argue about money When discussing money troubles with your spouse, don’t assume your kids are tuned out. If you need to speak privately, wait until you’re truly alone or the children are asleep. Try to appear optimistic, even in the worst-
case scenario. Your kids will be watching your behavior closely and take their lead from your attitude. Your aim is to give your children the impression that you’re confi dent that every- thing will turn out for the best — even if you’re a nervous wreck inside!
5 Keep the discussion going A one-time talk won’t be enough for your children to absorb all that is happening in the household. Let them know that you are available anytime to discuss what’s going on fi nancially and to answer their questions.
For more information and tips on talking to your kids about money, visit:
www.smartaboutmoney.org.
www.readysetgrowmag.com
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