Kids and Money- What to do if you as parents are struggling with money
As parents, we want to protect our kids from life’s harsher realities. How then do
you help your kids see when you are struggling without overwhelming them and
filling them with anxiety?
First off, kids are pretty resllient. For the most part, they need to realize that there
are hard times and we, as responsible parents, we need to say no from time to
time. If you keep your financial life private from them, they won’t understand
how to handle tough financial times, and you loose a valuable opportunity to
teach them. When tough times happen to them later in life, they won’t have
any idea on how to handle it, and that’s not good. Let them learn from you
how to manage money.
No is an ok answer. We don’t like having to tell our kids no, especially when it’s
something they really want. If you are in a store and they want something, they
should not learn that if they throw a fit they will get it. Even if they ask and aren’t
acting out, they should not get everything they want. If they are being difficult,
ask them how much they have saved for that item. If they are saving for it,
encourage them to keep saving for it and you can return and get it when they
have enough.
Sports are a good thing, but if it breaks the budget, teach them to be creative
to raise the money if this is something they really want to do. How?
1. Collect Pop Cans from your neighbors
2. Have a garage sale (great way to get the garage clean anyway!)
3. Set up a lemonade stand
4. Mow some lawns or shovel some snow
5. Help a neighbor with a project
6. Baby sit
7. Get a job… (this is NOT child abuse… really!) Newspapers still need
delivery people… Farmers still need help on the farm….
Let them do some creative thinking about solving the problem. They need $500
for wrestling. Sympathize with them- “your dad and I would LOVE to see you do
this, but you know things are so tight for us right now. Can you think of some
way you could raise the money?” Give them a chance to problem solve! Do
NOT do it for them. Let them think. What could they do to get what they want?
Remember- f they work for it, they will appreciate it a lot more than if you just
give it to them.
It seems we all want better for our kids than we had it. But truth is, if every
generation has that mentality, there is no limit to what the children will come to
expect. We went without and it taught us to appreciate things in life and to
work for them. We are often in the habit of stealing that joy in their life down the
road by not having healthy boundaries.
Our kids are a blessing. What can you do to change their family tree?