Unless you’ve been in seclusion for the past few months, you certainly know that times are tough for many people. Many families have a tight budget and must reduce expenses. Meanwhile, kids keep clamoring for the latest video game, newest toy, or designer clothes. How do you teach children that your family should stick to a budget? Here are some tips:
Host a family reunion to explain your situation honestly but with optimism. “Mom’s office closed and Mom doesn’t work there anymore. Mom hopes to find a new job soon, but in the meantime, let’s talk about ways we can save some money until Mom has a new job.” She wants her children to know the truth, but she doesn’t want to scare them unnecessarily.
Promote union. This is a family problem. Make sure the children know that you are making sacrifices too. You’ve given up your daily use of Starbucks, you’re cutting back on clothing purchases and clipping coupons.
Promotes economic activities. Show your kids that fun doesn’t have to cost a lot. Visit parks, go to the local library and nature center, play flag football in the backyard, or ride your bike. Check your local newspaper for events that are free or cost very little.
Set limits without guilt. Despite what they tell you, it won’t be the end of the world for your kids if they don’t have the latest video game system. This is a good time to teach them about priorities (food is more important than games) and delayed gratification. These are good lessons to teach your children all the time, not just during a financial crisis.
Keep calm. When times are tough, you’re going to be stressed. When your child complains for the hundredth time that he wants to eat out, it’s easy to lose your cool. Learn techniques to manage your stress. If you feel like you can’t talk rationally with your child at any given time, promise yourself that you’ll discuss it later and be sure to follow up.
Start a wish list. When your children want something special, tell them that certain things are not everyday purchases. They are for special occasions, such as birthdays or Christmas. A wish list will also help them see how much they are really asking for.
Give small. Younger children, especially, are often satisfied with inexpensive items such as stickers, coloring books, and playing cards. Visit the dollar store when a new toy is guaranteed.
Issue a challenge. If your kids still have their hearts set on a big purchase, encourage them to brainstorm ways they can raise the money. They may want to offer pet sitting services to neighbors or hold a garage sale.
Tough financial times are actually wonderful opportunities to teach your children about frugality, priorities, the outdoors, overcoming selfishness, and much more. Let your children know that when they have each other, they have everything they really need.