QOTW: Sharing Money Probs with Kids?

iVillage Member
Registered: 09-26-2003
QOTW: Sharing Money Probs with Kids?
12
Mon, 07-21-2008 - 2:18am

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iVillage Member
Registered: 03-26-2003
Mon, 07-21-2008 - 10:11am

We own a small business, so money and business and construction talk is just normal in our home, so yeah, my kids are aware that finances are tight, that gas is eating into our earnings, that money needs to be carefully used right now. I don't believe we're freaking them out about it, but there really is no way to hide the fact that we need to be careful right now and that we're on edge about money and investments, it's just part and parcel of regular conversations, yk? It's not like we "tell" them in any specific way, it's just that our business is threaded into our daily life, and they know a lot about it all, including some of the struggles we're facing right now.

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iVillage Member
Registered: 01-06-2006
Mon, 07-21-2008 - 10:44am
Our kids know money is tight and understand that things like eating out, clothes from places like Abercrombie and Limited Too, movies, expensive foods, etc. aren't an option right now. We simply said the money is a little tight so these things simply aren't in our budget at the moment. We haven't explained that dh isn't really getting paid (don't get me started on this one)and we've been through our savings, some of our retirement, and opened a home equity line of credit in case there is an emergency. Honestly, the situation is too scary to give them all the details. We're doing our best to keep things as normal as possible for them. I had their camps paid for before things got really bad and my parents (without knowing how bad things are) paid for Megan's horse camp last week and are splitting the cost of a residential horse camp at the same place next week (Megan was sooo good they asked her to come to residential camp!).
Avatar for bradleyteach
iVillage Member
Registered: 06-29-2001
Mon, 07-21-2008 - 12:22pm

I think that at this age, it's important for kids to learn about budget and finances.

<CENTER><A href="http://www.youngsurvival.org/"><IMG src="http://i2.photobucket.com/albums/y23/jennt1111/mindy2.jpg"></A>


 

Avatar for sesamemom98
iVillage Member
Registered: 03-26-2003
Mon, 07-21-2008 - 1:43pm
Sherina understands that we cannot go to see a movie every weekend & that, when school shopping, we have to be careful of how much we spend at once; but that's all we tell her.
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iVillage Member
Registered: 12-14-2007
Mon, 07-21-2008 - 2:05pm

We are very open about money to our children.

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iVillage Member
Registered: 12-28-2004
Mon, 07-21-2008 - 3:56pm

I am very careful to share that we are cutting back without worrying them. I remember being a kid and WORRYING about finances because my mom told me too much IMO.

I try not to say: "We are broke" , "We don't have any money" etc ... because even though I may not have money for a new PSP game, I do have money for our necessities. I try not to generalize. I make concrete statements "WE DO NOT HAVE MONEY FOR A NEW PSP GAME TODAY."

I also tell them about running water and leaving tv's and lights on. I tell them "The higher the energy bill, the less free money we have for ourselves."

it works and I have noticed a change in their asking for things and conserving energy.

Now, let me go read the article to see what it says... LOL!








Avatar for ang2gals
iVillage Member
Registered: 03-25-2003
Mon, 07-21-2008 - 4:09pm

ITA & share pretty much the same philosophy as Mindy does.

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iVillage Member
Registered: 03-30-2003
Mon, 07-21-2008 - 4:18pm

We let the kids know what's going on.

iVillage Member
Registered: 03-29-2003
Mon, 07-21-2008 - 4:49pm

We talk about finances in this house and always have.

Community Leader
Registered: 12-16-2003
Tue, 07-22-2008 - 1:01pm

They know what is going on since I listen to talk radio and get the newspaper every day.

Ramona  Mom to 2 great kids and wife to one wonderful hubby since 1990!

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