For things which you can't afford at the moment, tell your children that everyone needs to cut back on expenses and to be pickier about what to buy. Show your children how to read prices on items. Show them that one cereal is just as good at the generic cereal.
And even when times get better, you will have taught your child to spend carefully and wisely.
Step2
Be optimistic.
Put a positive tone on any tough time. Encourage the family to work together to cut cost. Let your kids know that you need everyone's help, and that every child is important.
Instill lessons as much as possible. These lessons should include:
- Turning off the TV if you're not using it
- Don't keep water running
- Take showers and just the occasional bath
- shut off power adapters if you're not using them
- Turn off the lights in an empty room
Step3
If there ever came a time when you'd be worried about losing the house or having to move far away for a necessary job, keep it to yourself until you're definitely sure.
It's important that you keep some of your child's innocence. Don't let them know of all the negative things in life. And if the time came where you MUST move, just tell them in as CALM a manner as possible. They may be scared, confused, stubborn. But the fact that you're calm to help them ease into the change as well.
Step4
Show kids they can help out.
For example: instead of buying DVDs, books and CDs, try to use public resources such as your nearby library. Maximize the most out of that resource since they are funded by tax payers. Try to eat at home more often instead of eating out. This will minimize cost on food. In addition, you can continue to instill the lessons learned in step 2 also.
For every time they follow the rules to saving, reward them with a compliment, or something small. It isn't what you give them that's important, it's the fact that you acknowledged them in a good way.
TIP: As a parent, lead by example. The rules you make in the house must be followed by EVERYONE including YOU. Plus your child will gain respect in that you're not "being a bully" to them.
Step5
Try not to argue about money in front of the kids. Sometimes when a child sees their parents arguing, the first thing they'll think is: divorce.
Instead, it's recommended that you reassure your kids that they'll be fine. Let them know that things don't always work out the way you want, but that as a family, we're going to survive together and be stronger because of it.
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Tips & Warnings
* When times are good, keep a percentage of your income in an emergency fund
* Don't spend too much in good times, because that will make it the more tougher in bad times.
* Try to be your best around your children. Their innocence is fragile.
Resources
* Explaining the Credit Crunch
* Article by Susan Golis: How to Avoid Foreclosure in America
* More Articles by WesleyJ
Photo Credit
http://www.sxc.hu/browse.phtml?f=view&id=518666
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