Released April 3, 2009
URBANA, Ill. - "Haven't you been in the shower long enough?" is one way to communicate your concerns about the water bill to your kids, but if you say it every time they shower, it may only add to the tension your family may be feeling as a result of the economic downturn, said a University of Illinois Extension educator.
"It takes time for kids to make the connection between their behaviors and your family's financial situation. So how can you help your children understand the sacrifices each family member must make--without stressing everybody out?" said Giesela Grumbach.
"Consider these points when you're talking to your children about these economically stressful times and their impact on your family," she said.
- Have the conversation. Talk with your kids about stories they've seen on the news that have to do with the economy. Ask how they think this affects them, their friends, and your family and what they can do about it. Use this opportunity to talk with them about how your family may be affected.
- Check in with them. Wait a few days or a week and check back in to see if the conversation was understood.
- Spare them the worry. Although children need to know when cutbacks are necessary, don't overwhelm them with grim details. Kids need a sense of security and stability. Continue with family routines and rituals that don't break the family bank.
- Make it fun whenever possible. Get your children's ideas and support about things your family can do to save money and cut costs in your home. Perhaps the person who takes the shortest shower can win an award each week! This activity can do two things: (1) it makes them aware of how much water they're using; and (2) at the end of the month, it helps them see how much money the family saved when everyone cut back on water use. For more tips on cutting household costs, see the Spend Smart/Save Smart tips at http://www.ToughTimes.illinois.edu.
- Give them a task. If your children always ask for pricey items in the grocery store, give them a "shopping on a budget" task. Give them an allotted amount, a list of items they must buy, and a calculator, and let them figure out how to price items and find the best value. You may need to model how to do this, but that's good because it's an opportunity for you to teach them about money.
- Be a good financial role model. Children learn values not only through what you say but also by what you do. Set a good example. Are you children learning to consume, consume, consume, or to save, save, save?
"Experts say that saving for tomorrow is no longer our cultural norm. We want what we want now--so, all too often, we have broken diets and big credit-card bills. Teach your children a balance between fulfilling today's desires and valuing financial moderation," she said.
One way to begin is by having critical conversations about financial matters with your kids. In stressful times, talking can decrease the amount of uncertainty and help people begin to plan. But try to be aware of the unspoken messages you may be sending, she said.
"Remember to model a good balance between the rewards of spending money and the value of saving for tomorrow. Demonstrate your economic values to your children through your actions. And send a message of hope, confidence in your ability to solve problems, and the reality of your love for them in the face of economic uncertainty," she said.
For more information on which bill to pay first, how to talk to your creditors, how to prevent foreclosure, how save food dollars, and more, visit U of I Extension's "Getting Through Tough Financial Times" website at http://www.ToughTimes.illinois.edu.
--30--
http://www.aces.uiuc.edu/news/stories/news4733.html
Contacts: Giesela Grumbach, (708) 720-7520, Grumbach@illinois.edu
Phyllis Picklesimer, (217) 244-2827, p-pickle@uiuc.edu
