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Managing your family’s finances isn’t an easy task. At times, it can be your most stressful job. If the finances have recently taken a downward turn but you’re keeping this news from your children in an attempt to shield them, you’re likely doing more harm than good. The children can likely sense something is wrong within the family’s dynamic and may begin thinking they’ve done something to anger you.
When you’re hiding your financial problems from your children, they’ll continue asking for luxuries you were once able to provide. By continuing to overspend as if a financial problem doesn’t exist, you will only grow your debt and make it more difficult to erase. Instead, schedule a family meeting and be honest about the money-related issues the family is facing. While this discussion will take immense courage, it will be a worthwhile one. The only true way to begin correcting your problems is to face them. Then, when the debt is resolved, you can make healthy financial decisions and serve as a positive financial role model for your children.
Although you may be worried about the effects of your financial problems on your children, it’s actually the perfect opportunity to teach them lifelong lessons. By showing them what went wrong in your finances, you’ll provide the tools they need to avoid the same mistakes in their future. They may even have creative solutions you hadn’t previously considered as to how you can create a brighter financial future for the family.
Admitting to those you love most that you’ve made financial mistakes can be difficult. However, this is the first step towards correcting the problems.