Money woes? What to tell the kids

[joel123]

http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/MoneyWoesWhatToTellTheKids.aspx



"In a troubled economy, it's more important than ever to teach your kids about finances. Concrete steps now can help them become money-savvy adults."

[bondsman]

Really good article. And leading by example as a means to teach is great advice.

[sbo]

I find that in this tight economy it's easier to talk about money-related issues, with family members and friends alike. In a sense I feel like the pressure is off. Our family is not in any kind of significant financial distress, but we are tightening our belts. But so much of this is going on through out the country that it doesn't feel specific to us. It's easier to acknowledge the need to be more financially prudent and the ways we need to carry out this family goal.

[paddleon]

That makes sense to me sbo. I know my friends and I are having more conversations about money these days. It feels like everybody is kind of in the same boat, which seems to make it easier to tall about our money struggles.

paddelon...

[hoptoit]

I agree it's seems like its a bit easier to have an honest conversation about money in a down economy. Maybe people have no choice.

[blueeagle]

I don't think theres any question that even younger children are beginning to understand we are in difficult economic times as a country. Even my younger cousins who are in middle school seem to be aware. I does seem like a learning opportunity and a time to re-assure them if they are uncertain or anxious about things.

[sixfeet]

We had to have conversation with our kids regarding family finances. It was a little strange and scary for us. We've discussed money issues before with our son and daughter, but this felt a little more pressured in that we as a family really are having to concern ourselves more with our spending habits. The economy has had an effect on our financial position and in turn what we can and can't do.

Just trying to convey the information without unduly creating stress for our children was challenging. I suspect follow up conversation ill be important.

[hoptoit]

Children know when their parents are stressed, better to share with them about the issues the family is dealing with than try to fake it.

[chicagirl]

I agree hoptoit, children are very tuned into their parents vibe. They pick up on stress whether they understand it or not.

[blueeagle]

Seem like its a good idea to be talking to children about money in good times and in bad. Lend some balance to the whole idea of money.

[sbo]

We have certainly had several conversations with the kids about money and needing to save recently. Particularly here around the holidays and gift-giving. Luckily many of their friends parents seem to be doing the same, so they aren't alone hearing this message. That seem to be a key, their friends are having the same experience, so they can accept the change more easily.