Talking to Kids about your Finances

Talking to Kids about your Finances

If you’re one of many American families financially struggling due to the coronavirus, now is a good time to discuss things with your kids. Your children have likely already figured out that something isn’t right with how you’re faring financially — even if you’ve done your best to shield them. The sooner you speak to them about your financial struggles, the better. Here is how to have that conversation.

Be Calm

As USA Today notes, you want to remain calm while explaining your family’s situation. Even if you feel like things are out of control, tell your kids that you are handling things and everything will be okay.

Let Them Lead

Let your kids lead the conversation in whichever way they want it to go. Explain your financial situation, then let them ask as many — or as little — follow-up questions they have. Some kids might be fine with a short discussion; some kids might need more info.

Remember Their Age

If you have young kids, you don’t need to explain your concerns about 401(k)s to them. Make sure you keep your conversation age-appropriate. You don’t want to add confusion during an already confusing time.

Keep It Simple

No matter how old your kids are, you can keep this conversation as simple as you want. You can just say, “Your dad and I are not working right now, so we need to reduce our spending. Things will not always be like this, but for now, we’ll be cutting back.” Chances are that your kids will want the simplest version of the situation anyway.

Articles
Same Sex Couples Face Unique Challenges When It Comes To Personal Finances
Same Sex Couples Face Unique Challenges When It Comes To Personal Finances

You might remember when the White House was lit up like a rainbow. That happened one fateful June night in 2015, hours after the ...

Read More

The Next Step: Closing the LGBTQ+ Wage Gap
The Next Step: Closing the LGBTQ+ Wage Gap

The 6-3 Supreme Court decision that Title VII of the Civil Rights Act, which previously protected mainly women against sex discri...

Read More

Life Changes
Life Changes

According to life insurance company AccuQuote, the coronavirus outbreak has driven the demand for life insurance policies skyhigh...

Read More

Working to Work
Working to Work

The coronavirus has impacted life in major ways. If you have kids and are also trying to work while they’re home from school, you...

Read More

Love Lost
Love Lost

Love truly is blind. That’s according to a recent report from the Federal Trade Commission (FTC), which found that in 2019, Ameri...

Read More

Have it Out
Have it Out

According to a recent study from the Pew Research Center, eight out of every 10 American households have some form of debt. That ...

Read More

Not Too Much
Not Too Much

According to a study from an economist at the University of Bath’s School of Management, men in heterosexual marriages get stress...

Read More

Better Me Than You
Better Me Than You

If you want something done right, you have to do it yourself. How much you agree with that old cliche might depend on if you iden...

Read More

Looking for More Than Love
Looking for More Than Love

Recently, Federal law enforcement officers charged 80 scammers with stealing more than $46 million from the elderly, business ow...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.