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Recession reality: helping kids understand why you can't afford it
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My family is doing summer on a tight budget this year. We are taking one short vacation to Alabama for a family reunion. We are resurrecting the vegetable garden we planted last year, and have explained to the children that there will be no purchases from the neighborhood ice cream truck this year. Instead they will have to enjoy the popcicles waiting in the freezer. And this year's trip to Six Flags comes courtesy of each child successfully completing a reading assignment for their elementary school during winter break.
Our strict budget hasn't been too tough on the kids. I'm sure a lot of it has to do with their ages – ages three to nine years old. Although they occasionally request some of the things they see on television or while shopping at Target, the older kids know that for now our family is cutting back financially. The good part is they are very interested in helping out.
Keeping it together
Last year things were a bit tight around our house when, due to circumstances beyond our control, I became the primary bread winner for several months. I'd only been freelancing full-time for about eight months at the time. If we had been the kind of folks who lived beyond our means, things certainly could have ended up much worse. Thankfully we were simply able to tighten our belts and spent only what was necessary.
How much should you share?
When I was a kid, my parents were very careful not to discuss money in my presence. I had no idea how much either of my parents made, and still don't to this day. I was oblivious to what it took to keep us comfortable and well cared for. Reality hit me like a ton of bricks when I went out on my own.
Now I don't believe that parents should burden children with financial worries; however, I do think they should clearly define the difference between wants and needs. I kept discussions on my kid's level and explained to them that we had everything we needed. I told them that all of the extras, like eating out, buying more games and toys were extras. By being careful about how we spent our money, we would make sure we continued to have all the things we needed, and from time to time some of the things we wanted too.
We made cutting back fun by getting the kids involved with helping out with the garden, and making things like cookies, cakes and pizza from scratch. We visited the library more often to participate in free, fun activities each week followed by choosing books and movies we could enjoy until next week's visit.
Returning to values that matter
Funny thing about this recession; it's helping us to teach our children to be grateful for the things we have, to respect money and understand the consequences of materialism. They are developing the values and character that will hopefully help them become conscious, well-rounded adults, and understand that you don't need lots of miscellaneous stuff to be happy. There is a silver lining.
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