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]