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Bankruptcy: The Power of the Clean Slate

It doesn’t take many clicks online to find writing and advice on how to shape up your finances, even First30Days has a great financial advice section found here. There are...

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Dave Ramsey

Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

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Scott Bilker

Scott Bilker

Author and creator of DebtSmart.com

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Liz Pulliam Weston

MSN Money columnist and author

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Kids and Debt

Kids and Debt

You may not remember it all the time, but children are like sponges, taking in every conversation and action in your home. If you’ve been feeling tense about debt chances are they’re feeling tense too.

No matter your child’s age, they are bound to notice things are different. Perhaps you have cancelled a family trip because of money worries or stopped having movie night. While you work to turn around your situation and take control of your finances, you can talk to your kids so they know what’s happening.

Make sure they know that you aren’t cutting back because of anything they have or have not done, and help them see that you are trying to live on a budget—that way, when they ask for something you can’t give them right now, they have a better understanding as to why you are being discerning about spending. Not only will you be creating a healthy pattern of spending together, you’ll be teaching your kids a valuable life lesson that can help them avoid credit card debt in the future. [PR Web]

Posted: 4/8/08