Families Must Communicate

Posted on September 03 2008

Anytime a family goes through a difficult financial time it can add significant stress to an already stressed out family. In my opinion one of the best things parents can do for their family is communicate to them and allow everyone to participate.

In today’s economic environment money continues to be tight while the cost of living increases. Remember to use this as an educational opportunity for the younger ones in your household. It’s ok to sit down as a family and discuss your financial challenges. Not only will this teach your kids that life is not always easy but it will help them to understand why they can’t have everything they ask for.

Consider implementing an “allowance” where your child can begin the process of managing their own money. In many families, kids are given an allowance but the child never really learns the budgeting principles as they’ve been taught that once the money is gone, mom and dad will cough up some more.

Although no one ever wants to be in the place where money is tight, it is a great opportunity for the family to come together and bond as a family should. As a family you can work on ways to make cuts within your family budget as well as look for inexpensive ways for entertainment and family vacations. It is much easier for your child to accept the fact that they won’t have all those new school clothes if he or she knows that money is tight within the family.

The more a family can communicate the better.

Joe Larson FLCS Credit Counselor