It is no secret that our country has been facing a major financial crisis for a number of years. However, even with unemployment and national debts at all-time highs, it is still shocking when your family faces a job loss or other financial setback. Most of us have experienced the emotional impact of money at some point in our lives. When adults are hit with a financial crisis, our children are impacted whether we realize it or not.
As a parent coming home after a job loss, the stress you carry will be apparent to the children. Kids are much more observant than we give them credit for - if you are upset, they usually can tell. It is difficult to decide what to tell your children about the household financial status. But open and honest communication is the key in helping your children cope and feel secure during hard financial times. By relieving stress in a positive way and keeping the whole family involved, financial issues can have a reduced impact on the family.
Difficult times open a window of opportunity to educate your children about money, budgeting and the importance of saving. Here are some ideas:
Unfortunately tough times are part of life, so it is important to involve your children so they understand why these changes are happening. If your children are older try these additional steps:
Financial struggles are difficult on families, so instead of allowing this to be the cause of arguments, make it a time to bring the family closer by working together to get through the crisis.