These are uncertain times for us financially and politically. Everyone has to tighten their belts and children don’t always understand, or are informed of, what’s going on. We, as parents, want to protect our kids, but are we helping them if we are silent about the financial environment? Sometimes when kids see their parents whispering about things or pretending that nothing is wrong, they imagine the worst. They think that someone is sick or something and it becomes very scary, scarier than the real situation. Therefore, it’s important for parents to share some of what is happening.
First of all, an explanation of the economic environment has to be age appropriate. “What younger kids are looking for is reassurance,” says Janet Bodnar, deputy editor of Kiplinger’s Person Finance magazine and author of “Raising Money Smart Kids.” “You may have to address this, if only to reassure them.”
Talk about things that are relevant to them. The following website uses the price of gas and it’s impact in relation to the “ripple” effect on the economy in terms of cereal, for example. Kids can see the relationship between the rising price of gas, the farmers using machines to harvest grain, the packaging of the cereal in boxes that are made from trees that need to be cut and shipped and trucked to the supermarket, thereby affecting the price of cereal.
A slide show of “ 6 Ways to Recession-Proof Your Kids” might be helpful, as might this narrative at Fox Business News.
Another website that is great for kids and parents is www.minyanland.com “Minyanland was created as a platform to engage and entertain a young generation so they understand the concept of a market and the basic economics and finance on a real-world level” It is free, and was designed in conjunction with the National Council on Economic Education The premise is that the more a child learns, the more the child earns.
So, although no one thinks this economic environment is a good thing, you can use this time to teach your children about budgets, savings, sharing, helping and contributing to family life. They can help clip coupons, set out a lemonade stand, or deliver newspapers. They can give up ballet lessons, the latest new video game and participate in helping the family. These are important life lessons and your kids will be stronger and better for it!
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