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Do your children know about your money woes?

Once and awhile we may be a little tight on money and don't have any "extra" cash. Then when our kids ask for things sometimes we have to tell them no. And usually they want to know why. Do your children know about your money issues or what do you say?

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stephensmom26

Asked by stephensmom26 at 10:58 AM on Jun. 29, 2011 in Money & Work

Level 12 (886 Credits)
Answers (10)
  • When he was a toddler/elem.....he didn't know. Middle school he knew, Now he knows everything! LOL
    Dahis

    Answer by Dahis at 11:00 AM on Jun. 29, 2011

  • We aren't tight on money, but I have no problem telling my kids no to things they wants. I tell them to save their money (they get a small allowance) or to put it on their bday/holiday wish list. I think waiting for things makes them more special.
    missanc

    Answer by missanc at 11:03 AM on Jun. 29, 2011

  • My kids know that we are on a budget. If they ask for something, like McDonald's for lunch, they understand when I tell them that we don't have the money for it. They are 8 & 6. We don't want them to be scared, but we also don't want them to grow up thinking that putting crap on credit cards today because we don't have the money for it is ok. So we talk about our budget in front of them, discuss what is coming up in the next few weeks moneywise, etc. When they see a toy they like, they might say that they like it....then we talk about how much it costs, how much money they already have vs what they would have to do to earn the rest of it.
    slw123

    Answer by slw123 at 11:05 AM on Jun. 29, 2011

  • luckily we dont have that problem that much anymore.. sometimes we have few 100 left over for food and stuff and if they want something they dont need I tell them no.. even if we have a lot left over I can still tell them no because they already have more then they need and its money I can put into their bank accounts and not something stupid Im going to have to toss
    mommato2boys79

    Answer by mommato2boys79 at 11:09 AM on Jun. 29, 2011

  • Yes, but they are adults.
    tasches

    Answer by tasches at 1:10 PM on Jun. 29, 2011

  • We dont have that problem, except when Df is laid off, but my kids are all young enough to not know
    SabrenaLeigh

    Answer by SabrenaLeigh at 1:12 PM on Jun. 29, 2011

  • I never knew about my parents and my son will never know about ours. that is adult things. He may not be able to do things because we won't have the money but I am hopeful it will never really affect him.
    maxsmom11807

    Answer by maxsmom11807 at 1:12 PM on Jun. 29, 2011

  • Information was age appropriate. We explained saving for McDonalds to them early on, going out when we "had enough". As they got small bits of personal cash we encouraged them to save some, give some and spend some. Basic budgeting. We didn't start telling the kids the nitty griities of our finances until they reached their teens and wanted everything. They started choosing their own clothes within the budgeted amounts, and if they ran out, had to make up the difference themselves. We encouraged them to do odd jobs for people, promised they would have love, food, a place to live, and basic clothes from us, but the extras were on them. One is locked into a cell phone plan and is feeling the weight of it, but he has to learn sometime. Not having the extra cash is actually a huge benefit, we aren't tempted to bail them out.
    oddfox

    Answer by oddfox at 1:13 PM on Jun. 29, 2011

  • She isn't old enough to know (9 months), but I knew when my parents had money problems, once I was old enough to understand. My parents struggled with money pretty much until the last few years. They both have good paying jobs now and do pretty well, but growing up we didn't have extra money, so if I wanted something I had to make my own money to pay for it.
    AF4life

    Answer by AF4life at 1:15 PM on Jun. 29, 2011

  • No he's 3. and he wouldn't understand anyway. I mean we might tell him no at the store because we don't have the money. But that's about as far as it goes.
    Erica_Smerica

    Answer by Erica_Smerica at 7:13 PM on Jun. 29, 2011

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