How to help your children cope with financial hardship even when you’re stressed out
Children are way smarter than we think they are. According to the American Academy of Pediatrics children living in a household with lots of debt face emotional setbacks, but there are steps a parent can take to diminish the impact of financial problems on a child’s overall emotional health.
Remember That You’re Raising Junior Adults
Your child depends on you to train them to be a successful adult. Although it’s one of the most relevant and practical topics a child can learn, the education system does a poor job of teaching finance. Without extensive education from you, your children will be at a disadvantage.
Don’t Keep Any Secrets
Financial problems often stress parents out, and the lack of money can result in changes that threaten a child’s sense of stability. Children sense all of this whether parents tell them or not. Maintain your child’s stability by giving them age-appropriate facts about what’s going on.
Be A Living Case Study
Your children will likely face financial problems as adults. If you involve them in your process of working your way out of struggles, they will be better equipped to handle any financial hardships they encounter. Help them to do research, and be open about any mistakes you may have made.
Talk About Needs And Wants
Often, financial hardship necessitates cutting back to save money. This is a perfect teaching moment! Perhaps your child has to quit extracurricular activities. Help them discern the difference between needs and wants. Draw closer as a family, and show them that relationships are what’s most important in life are.
Implement Coping Mechanisms
Drastic life changes may be an unavoidable part of financial struggles. Teach your child to cope with these distressing circumstances by helping them to learn to cope with stress. Make it a family research project. This knowledge will prove to be even more valuable than money for the whole family.