How To Explain Difficult Financial Times To Children

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    Some parents may fear how their kids will handle what they say. Even answering a simple question, like “Are we rich or poor?” can have repercussions. Tell your children you’re rich, and they’ll think you can buy them anything they want. Tell them you’re poor, and they may feel guilty about how much they ate for dinner!

    When I was growing up my mother would remind us that money did not grow on trees. It was a key indicator not to ask for too much!

    Over the years I have found that most parents say it’s easier to talk to their kids about drugs than it is about money.  According to a survey published in March by investment management firm T. Rowe Price , parents would rather talk sex and drugs than bounced checks.

    Those who do broach the subject have difficulty telling the truth: 77 percent said they’re dishonest with their kids about money-related items, with 15 percent not telling the truth at least weekly.

    Layoffs begin to happen around the end of second quarter for many companies. We are now in that season.

    Here are three basic  starter steps:

    1. Give facts. Keep  truth to what is age appropriate.

    2. Explain budgeting concepts.

    3. Maintain everyday routines as much as possible.

    It is important that parents do what they can to take care of themselves when they are under stress, so that they are in a better position to recognize and meet the needs of their children. Some suggestions for taking care of yourself are:

    • Reach out to family, church members and friends for support
    • Eat well
    • Exercise
    • Get sufficient sleep

    Stay healthy and keep a sense of humor. Remember children sense when you are trying to hide something.  Remember you will make it though this.

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