Kids and the Economic Crisis

Mango · 03-09-2009, 01:11 PM

My family and I were having conversations on how to approach the kids about these dire economic times. It's especially difficult, especially for younger children, to understand the what's and why of what is happening around them. I ran across this article that has tips to help your children handle it and how to discuss it with them. I like the part about the "Frugal Family Challenge". On the bright side, it is a good opprtunity to discuss savings and budgets for those who can grasp it now. I started a couple of weeks ago with my nephew. We went to a matinée and while waiting for the movie, there was a Game Stop next door. He's only 8, so of course this is the height of Nirvana-- and for me, it is very hard to say no. We started a discussion in the store about cutting back and how we were all making sacrifices. A $50 Wii game is not necessary. We did look in the used game bin and found a funn game we both enjoyed for his Playstation for $3. We had funn and learned a valuable lesson.

Here's the article:
10 Secrets to Help Your Children Handle the Financial Crisis

Lynnie · 03-09-2009, 01:47 PM

Quote:

Originally Posted by Mango

My family and I were having conversations on how to approach the kids about these dire economic times. It's especially difficult, especially for younger children, to understand the what's and why of what is happening around them. I ran across this article that has tips to help your children handle it and how to discuss it with them. I like the part about the "Frugal Family Challenge". On the bright side, it is a good opprtunity to discuss savings and budgets for those who can grasp it now. I started a couple of weeks ago with my nephew. We went to a matinée and while waiting for the movie, there was a Game Stop next door. He's only 8, so of course this is the height of Nirvana-- and for me, it is very hard to say no. We started a discussion in the store about cutting back and how we were all making sacrifices. A $50 Wii game is not necessary. We did look in the used game bin and found a funn game we both enjoyed for his Playstation for $3. We had funn and learned a valuable lesson.

Here's the article:
10 Secrets to Help Your Children Handle the Financial Crisis

I barely remember the inflation and recession of the 70's - peaked during the Carter Admin mostly. But, I do remember the number of "Family Conferences" we had to discuss saving energy (turn the lights off when you leave a room kinda' thing) as well as resources (eat what's on your plate; there are starvin children out there, which just horrified me). Had a 'chores' list since we let the Nanny/Cleaning Lady and Yard Man go. I had my bike and skateboard to get about town and I worked parttime on the family farm during the summers to 'earn' my spending money.....exploiting child labor!

When my Big Brothers would run out of money, I started financing them. My interest charges then was usually a couple of Hershey Bars or half of their French Fries - somehow, we all learned the value of a dollar and when not to borrow money! We have very fond memories of this time growing up.

I hope your nephew will look back fondly on the used game as well.

SHELLY · 03-09-2009, 01:58 PM

Here's how my dad handled the financial crisis:

Me: Dad, can I have <anything that cost money>?

Dad: No!

Me: Why?

Dad: Because I said so!

Me: <Whimper, whining sounds>

Dad: Knock it off before I really give you something to cry about.

The End.
-------------------------------------------------

We didn't have to have any "conferences" on ways to save money, because we were taught those things from the cradle.

We only got toys twice a year--Christmas and birthdays...inbetween we played with what we got, what siblings got, what friends got, or made up our own games. And pity the fool who went whining to their parents saying "There's nothing to do!"

.

scooterbug44 · 03-09-2009, 02:03 PM

Yeah, Lynnie pretty much described my life - except there wasn't a crisis, the yard man and nanny/cleaning lady were called "Dad" and "Mom", and their assistants were called Scooterbug and Scooterbro..................and I worked full-time during the summer as agricultural labor and part time as a babysitter during the entire year.

Shelley - ditto! Although we sometimes got toys in our easter baskets too. I still have my jumprope w/ the frog handles (though the frogs have lost their legs over the years.)

And I still think my childhood rocked BTW.

Lynnie · 03-09-2009, 02:09 PM

Quote:

Originally Posted by scooterbug44

Yeah, Lynnie pretty much described my life - except there wasn't a crisis, the yard man and nanny/cleaning lady were called "Dad" and "Mom", and their assistants were called Scooterbug and Scooterbro..................and I worked full-time during the summer as agricultural labor and part time as a babysitter during the entire year.

Shelley - ditto! Although we sometimes got toys in our easter baskets too. I still have my jumprope w/ the frog handles (though the frogs have lost their legs over the years.)

And I still think my childhood rocked BTW.

Same here, Girl! We rocked. And, you know? I can't remember ever not having!

Shelly - our family conferences meant it was serious! And, no violations~~~~and, like your family~~~~ whining was absolutely not allowed; if you whined, you probably got more chores.

It was great!

Miss Kitty · 03-09-2009, 02:10 PM

My SIL heard a speaker the other day, who told his audience to not sell their larger homes jsut yet. The reason? They are all having to move back home.

FloridaBuckeye · 03-09-2009, 02:44 PM

As I've said before, one of the best things to come out of this bad economy is teaching your children that money doesn't buy happiness. Kids can learn by example. Show them that working for your money instead of it just being handed it to them is a great lesson! I have the feeling that some of these people with major debt problems didn't have to work very hard as a child. I grew up on a farm and we had jobs to do on that farm. The memories of working and playing on the farm are some of my best!

I have noticed that my 29 year old daughter, that yes, was spoiled growing up, is now watching her pennies! I am proud of her for clipping coupons and giving up things she thought she never could! We can all look back at this point in our lives and say...we got through this! Kids I think actually take these things better than us adults! Even growing up in the 80's and 90's, my daughter and her friends played outside, made up games, etc instead of watching TV all day and using the computer! Get your kids to use their imagination...they will figure out cheap ways to have fun and good ways to make their spending money!

scooterbug44 · 03-09-2009, 02:50 PM

Quote:

Originally Posted by Miss Kitty

My SIL heard a speaker the other day, who told his audience to not sell their larger homes jsut yet. The reason? They are all having to move back home.

This is why Mama Scooterbug has changed her greeting from "hi!" to "do you still have a job?" - she doesn't want to give up her 2nd room!

Mango · 03-09-2009, 05:49 PM

Don't get me wrong. My nephew loves spending time with me doing silly made up games. He keeps a piggy Bank and when he wants something special, he saves for it. Growing up, there were 4 kids in my family and one modest income, and I've been working since I can remember, babysitting, summer counselors. I was taught frugality from birth.

Sometimes, you know money doesn't always bring happiness, but you try hard to provide the people you love with "things". I could still afford that $50 Wii game and could have given it to him, but we had more funn scouring the used game bin and he learned a lesson. We brought our own goodies to the movies, and had discount coupons for the matinée. Just because I could, I didn't. His father has been cut back on OT, and watching their pennies. I didn't have to buy any game and he would have been happy, but it was $3 well spent to raise the discussion.

As far as kids are concerned, these are different times with computers and video games, but not so different in respect to special shoes for soccer or dance classes.....etc. I think most parents, who have to cut corners, will be facing guilt and anger if they can't give their kids certain things. It's only natural to try and shield their kids and anyone who can't admit it is not being truthful. I liked the tips because it is a reminder to keep the air open about what is going in vs. non-disclosure being possibly more harmful.

SWGB · 03-09-2009, 05:56 PM

Perhaps this:

should also come with this: