Crisis Management- House and Parents

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As much as adults may try to avoid difficult topics, children often learn or know when  something sad or scary happens. If Parents don’t talk to them about it, a child may overestimate what is wrong or misunderstand adults’ silence.  So, be the first to bring up the difficult topic. When parents tackle difficult conversations, they let their children know that they are available and supportive.
 

 
 

Perhaps you have lost your job, you are getting a divorce or medical bills have wiped out your savings. Your children need to understand how the financial implications will affect them, whether it will bring a big change such as moving to a new home or whether it merely requires a reworking of the budget that cuts spending on food, clothing, toys and activities.
 
 
Whatever the nature of financial problem, a positive approach will help ward off anxiety in children. In fact, a crisis is often a good time to teach the children about budgeting frugality and financial discipline.
For instance, if you have suffered huge losses in your business or one of the spouses needs to quit working, resulting in a tighter cash flow, calmly explain the situation to the kids. Then invite suggestions on how they can contribute to the ongoing crisis or help curb the spending. If you simply vent your frustration about a situation to which a child can offer no solution, you are only passing on your stress to the kid.
 


It is never a good idea to hide financial problems from children. By the age of 12, most kids are aware of the family’s financial standing and are often smart enough to sniff out any money-related stress. So if you are facing a crisis that is likely to be temporary, say, a job loss, inform the kids without alarming them and ensuring that it will be resolved as soon as you find new employment.
However even when your family isn’t experiencing money problems, talking with your children about money is vital for their understanding of key concepts such as savings and credit, and developing their confidence in making money-related decisions.          

 

 
 

 
 
 
 
 
 
 
 
 


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