Thursday, September 29, 2011

How to Talk to Your Kids About Your Financial Woes

Come clean with your older kids.  Don’t pretend everything is okay if it isn’t.

If they all of a sudden see Mom or Dad (or both) moping around the house screaming or crying don’t just say, “Everything’s fine”.  They might think the worst; that you are sick.  Explain that things change in life and that times are tough and you got laid off.  It’s not your fault, things happen beyond your control.  Explain that you are looking for a job and that you’ll keep the kids posted.  You may not have all the answers today.  You may even have to move, but that is not the end of the world.

You will also have to cut back on expenses and you can even ask them to come up with ideas.  They will feel better if they are part of the solution.  You want your kids to understand that life and circumstances are constantly changing.  Allow them to be disappointed for awhile, but stress that you are not your “stuff”, and that you are a family with values.  It’s a great time to get back to basics and let the kids really see who you are.

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