How Open Should You be!
How much should you share with children about shaky finances? Psychologist cited that he recommend against hiding it completely, because kids will read the nervousness in your voice. But he revealed that trying to keep secrets from kids during obviously bad times or acting hypo critical- for instance, he cited that by saying that money is tight but then buying something on impulse - is even more damaging to kids in the long run because it makes them doubt their own perceptions.
Philadelphia child psychiatrist also said that kids automatically blow financial problems out of proportion and personality themes. Family therapist says that parents should talk to their children about money problems only after they are clear about specific changes they will make.
Getting Through as a Family
You can teach children lessons in hard times and allow them to be help out in many way that are appropriate for their age and level of development. He think a little advertising is good for children. She suggest few ways to help kids cope:
- Don't wait for a serious money crunch. If a new baby is coming, look at your budget.
- Talk about how the family budget might have to change. According to a psychologists, young kids can appreciate knowing where money goes.
- Set a good example. Show kids that you're consistent about cutting down expenses.
Before you go to a toy store, tell the child how much he'll have to spend and stick to it, says a renowned author. Provide guidance along with your child's allowance, and help him learn to make good choices. Talk about the relative value of things say one video game equals a one air of sneakers.