The economic times we are living in right now can be turn into a great lession for our kids and us for the long term. Recession hit almost all the people around us one way or another: some lost their jobs, others their savings, for some people their companies slash their wages, many didn't have any emergency funds,....
This woke up many people around the world and some will wake up in next days. All those people who didn't have savings, no emergency funds, were spending more that they earn, living beyond their means have to change some things now and reall deal with reallity. And let's hope we all learn from it too.
Let this situation and recession be a lession for all of us. But lets not stop here lets include kids too. Children can learn from this recession too and be prepared if or better when this happens in the future again.
Talk with kids about the recession and share what you are learning from it. Explain to your children that recession has changed some things for people and that a lot of people have less money that they had before recession so they have to start being money smart. Their choices have to become smarter and they have to think about what is really important for them.
Kids are very smart and they notice all the changes on their own so ask them for their opinion about recession. If you didn't talk about savings before with your kids this is the right time to intruduce the importance of saving to them and buy a first piggy bank for them. Start saving as a family, find things you can do for free, shop smart, ask yourself before you buy something do i really need it, use coupons, buy on sales, include comparison shopping,... Use this to start money education your children.
Explain to your kids that no matter how hard the situation is there are people who have less that what we have and that they should always be thankful. We all need money in our lives every day and we have to work for it and earn it. But make it sure your kids know that some things are more important that money and things. Love, family, friends, shared moment, .. and the most important in life and they are free.
be sure you also assure your kids that everything will be ok and recession will be over but that they have to remember the lession for the future. We all have to. Also let them know you will take care of them.
Use this recession as a lession and take care