Parenting Advisor - Financial Matters And Challenges: A Guide To Explain It All To Your Kids

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Financial Matters And Challenges: A Guide To Explain It All To Your Kids

Parents think that their children have no idea about their family’s financial situation. However, by the age of 10, most kids are smart enough to know about their family’s financial standing and are likely aware of any money problems that their parents are facing at the moment. According to research, financial strain can be hard on kids because they see the effects of it on their parents. This is why it’s important to give kids the support that they need when times are tough. Educating them on money matters will also help so that everyone’s on the same page while you’re trying to improve your financial situation. Here’s how to explain financial matters and challenges to your kids to help ease their worries.

Let them Know About the Problem

You may think that hiding financial problems from your children and making them think that everything’s fine is the right thing to do to prevent your kids from getting stressed. However, doing so can backfire on you as your children may expect you to give them things that you can’t really afford at the moment. If you don’t, them may get confused about this sudden change, and if you do choose to give it to them, this could get you in debt.

This is why being honest is the best thing that you can do when your family is facing financial challenges. For instance, if you got laid off, you can tell them about losing your job, but don’t stop there. You also need to tell them about what you’re planning to do to earn some money. Whether that’s taking on a few part-time jobs or side hustles, you need to let them know that the problem is being handled to ease their worries. Reassure them that although you may not be able to buy all the things that they want at the moment, you’ll still be able to provide everything that they need.

Focus on the Importance of Budgeting and Saving Money

Instead of telling them again and again about the things that you have to give up or do without, let them know about the importance of budgeting and saving money. For instance, if you always have food delivered to your home, tell your children that you’ll be cooking more from now on since that’s healthier and it’s a good way to save money. The money that you put away can be used for other things, such as paying off taxes or bills. Let them know that taxes and bills need to be paid consistently to avoid fees, which can be costly. You should also make sure to teach them money-saving techniques, such as turning off lights when they’re not in use and choosing cheap but healthy food when you’re at the grocery store. Let them know that you appreciate their efforts to help you save money, and with time and everyone’s cooperation, your financial situation will eventually improve. 

Let Them Know That Happiness Doesn’t Have to Cost Anything

It’s easy to keep a child happy and preoccupied when you’ve got the funds for trips, expensive toys and clothing, and everything else that their heart desires. However, try not to give them the idea that your family will be sad or miserable now that you’re facing financial challenges. Remember that your child takes emotional cues from you, so be careful about what you say or the things you do to cope with your money worries. Instead, show that that even if your financial state has changed, there’s no reason why you can’t have fun as a family.

Take your children to parks or free concerts, or go on a picnic in a beautiful place that you’ve never been before. Research places that won’t cost you a cent to explore– think children’s or art museums, libraries, or national parks where you can go hiking for free. You can also try doing fun and new activities together, such as building a tree house or going camping in your backyard.

Dealing with financial problems is never easy since it affects the whole family. But by being honest with your kids, teaching them about budgeting, and letting them know that it’s possible to be happy even without spending lots of money, you can overcome your financial problems and raise healthy, happy, and well-adjusted children.

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