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 Talking to your kids about the
recession
By Connor Oakley
Every day when we turn on the television or radio, all we hear about is the gloom of the recession. Massive layoffs, foreclosures and a falling stock market fill the news.
Many of my friends at school have had at least one parent who has lost his or her job or has had their income cut. Some have lost their home and had to move into a rental house.
When my mom and dad began telling my brother and me that we were going to have to cut back, I began to wonder how bad this recession really was.
I asked if we were going to be able to keep our
home. They assured me that we were going to be okay, but sometimes parents try to hide the worst from their kids. At the beginning of the recession I was afraid that it was much worse than my parents were telling me.
Then my uncle lost his job. Now that it was hitting close to home, I asked my parents again, “Are we going to be okay?” Again they assured me that we would make it through this recession and that the worst was probably already over.
Although the economic downturn may be an adult worry, children are also concerned. I think it is a good idea to be open with your kids about your family’s finances. While the discussion may vary depending on the age of your children, the topic isn’t any less important for the elementary school set.
When parents are worried or upset, kids can sense it, and become upset
too. Even very young children can tell when something is wrong. My folks are very careful not to say things like, “We just lost your college savings,” or “I might lose my job,”or “we can’t afford it.” They have said, “We have enough to keep our home and we have invested in the Texas Guaranteed College Tuition Plan, your college savings are secure.”
My dad always jokes about the situation and says, “We have plenty of wild hogs on our farm, and we can eat those if times get really tough.” Sometimes humor helps.
Involving kids in daily finances can also help them gain a sense of basic
economics. My mom has begun clipping coupons from grocery store advertisements and she shows my brother and me how much she saved on food. We have also been buying some of the off brand foods at the store, and they taste just as good. My dad has been talking about buying a new truck for years, but now he says his old truck is “just fine.” As the recession drags on, I am beginning to see that we can do just fine without buying new stuff all the time.
I think parents should allow kids to throw in their own votes on what luxuries the family could do without. Should we buy the four-wheeler we have been talking about for years, or go on a family vacation? Let your kids have some input on those decisions.
This recession is a good time to teach your kids more about managing
money. Tell your kids how you pay the bills. Ask them how they might make some money during the summer. My brother worked last summer as a life guard at the city pool and at the miniature golf course. He made good money and had a good time in the process.
My dad says I am going to work on the farm with him this summer. He says he will pay me, but I have heard that one before and never really seen the money. He did give me a cow, but told me I couldn’t sell it yet.
My mom and dad have assured my brother and me that we will make it through this recession okay. I have tried to pass that on to some of my friends at school who are worried that their families are in for some really tough times.
I try to let them know that we are all going to get through this
together. The most important thing to tell your kids is that, even if things get bad financially, the family will stick together and make it through. And after all, like my dad says, “Wild hog meat is pretty good.”
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