The global health crisis, due to the coronavirus, has affected many people's lives negatively. Since March, more than 50 million Americans have filed for unemployment. If your family is struggling financially, you may be looking for the best ways to tell your children about your situation.
Experts share ways to explain to kids that money is tight.
Speak calmly and be relaxed
A New York-based psychologist, Sanam Hafeez, said that parents should set the tone when talking to children. Wait for the right time and explain to them that you cannot buy new toys or clothes. Tell them that it will be for the best of the family.
See also: Value of Money: 7 Essential Lessons to Teach Children
Inform but never overshare
A pediatric psychologist at Akron Children's Hospital, Katrina Lindsay, said that you should inform your kids about your situation. She explained that whether it is about the pandemic or financial stress, you should tell your children but not to the point that they would feel stressed and pressured.
Use age-appropriate, clear, and brief terms to tell your kids about changes in family spending. Be honest, and avoid stating more than what they need to know. Lindsay said that based on her experience, children understand more than what parents think. Her kids often fill in the details with fears which is scarier than the actual reality.
Use age-appropriate examples
Lindsay suggests that for kids to understand your situation, you should use age-appropriate examples. You may use your favorite restaurant and tell your kids that the place is closed so that everyone can stay safe. Tell your kids that employees may not get incomes like before, so they have to hold back on things not necessary at the moment, Lindsay said.
See also: Juggling priorities: 4 Positive things moms can be thankful for
Focus on things you can control
Financial counselor and The Budget Mom creator, Kumiko Love, shared her thoughts. She said that to fight stress during the uncertain times, you must focus on things that you can control. Have your kids help with tracking money goals, and seek creative ways to save.
Hafeez explained that it is essential that you remind your children you are constant in their life because adapting to change is very stressful for them. She also said that your older kids could play a more significant role as they understand your reasons for being frugal more.
Everyone is affected
Tell your kids that other people also have the same struggles as you. Co-founder and CEO of the family-focused financial literacy app Greenlight, Tim Sheehan, said that kids should know that this is only temporary. Families may find support by talking to a counselor or sharing with their loved ones.
Have fun with free activities
Explain to your children that there are fun and free activities, too, Lindsay said. Hafeez echoed, saying that parents may get their kids excited about playing new games without shelling out money. Reward them with snacks or stickers for good behavior instead of money.
She also said that parents should explain to their children that there are ways to have fun without using money.
Grab the opportunity to teach money lessons
Parents should serve as role models, so you should show them how to save, Sheehan said. He advises parents to use this time to discuss needs versus wants so that kids could apply the concept at the right moment. Hafeez noted that you are not depriving your children but teaching them a good lesson about money matters.
See also: Online Shopping: How to Save money [6 Effortless Tips]
