Family Money Management-saving Together

So, you overspent at Christmas, your car insurance is due

, and your kids are yammering about summer camp. Does it feel like the only thing you have in your life is bills, bills, bills? Maybe it's time to bring the kids in on your family's financial situation.

Although it can be difficult to have to admit to your children-people who depend on and look up to you-that things are a bit tight right now, don't overlook the possibility that this admission can bring your kids onboard to help the family save, and bring everyone together as a family working on a shared mission and toward an achievable goal.

It can be hard to know when your children are ready to learn about your financial affairs. Very young children have little idea about money. They just know that it costs money to buy stuff, but how much that is or where that money comes from, are often beyond the understanding of a child under eight years of age or so.

Older children, and particularly teenagers, are another matter. They resent, and can sniff out with disarming accuracy, when they are not being told the truth, the whole truth, and nothing but the truth. They will also almost certainly already be aware of tension in the household around money matters, and may have a good idea already that times are tight. Letting them in on family finances tells them you have confidence and trust in their ability to understand and participate in what's going on. And, they deserve to know the real reason they cannot go to summer camp, or have the things they see their friends have got.

If you allow your children to participate in family financial planning, they may come up with plenty of ideas to surprise you. Their open minds and wild imaginations can often pay off with truly workable ideas-and their energy can be just the right infusion to help you get in gear, too.

They can price compare like crazy when they shop, searching out the best deals on groceries. Younger children can make a game out of clipping and saving weekly value coupons. Older teenagers may be motivated to pick up a part-time job, and earn their own spending money. And you can reward yourselves as a family by taking everyone out on a free expedition-to the park, instead of to the movies, or to the art gallery, instead of to the mall.

Bring your children in on your financial planning when they're ready for it, at the level they can understand money matters. The returns may really surprise you.

by: Molly Wider

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