“Mommy, what’s a coupon?”
Or even worse:
“Mommy, what’s using predatory lending practices to secure an adjustable rate mortgage?”
If you are feeling the strain of the sagging economy, chances are your kids are picking up on it, and as a result it could be negatively impacting them. It’s bad enough that they hear all the hubub on the news, let alone see Homer and Marge mortgaging the family home on an episode of The Simpsons.
Rather than have your child fear that you too are going to end up on the curb with a box of donuts (mmm….donuts), there are a few ways to approach the topic of money with your kids that will put their fears at ease:
- Put money discussions in terms that they can understand. Talk to your child at his or her level, rather than snapping at your child that “We can’t afford it!” when they beg for their sixth sparkly pink dance tutu in three months. I explain to my daughter that one tutu costs the same as 20 rides on the carousel, which then ends the discussion and generally has me driving to the carousel. Whee.
- Let them know which things will change and which things won’t. Explain that though the family will no longer be dining on filet mignon nightly, that there will always be enough money for lots of healthy food and special treats from time to time.
- Emphasize what matters most and get your child involved. Tell your child that spending money isn’t what makes us happy, and then walk the walk by skipping your Starbucks and brewing your own cup at home. Have your child find ways to help you reuse items around the house or assist in clipping coupons in Sunday’s paper.
Helping your child feel secure through open discussions in terms they can understand will give them a sense of control in what might otherwise be a scary time. Your child wants your time more than they want your money, and that time is something you should spend without limit.
