For starters, you want to make sure that your kids are secure and have things in the proper perspective. Young children have a way of letting their imaginations run wild. Remember that their greatest fear is that something bad might happen to mommy or daddy. You need to reassure them that lots of people don’t have much extra money right now, but that even if money is tight your family will still be happy together. Plus, you should try to avoid saying things that are confusing or upsetting to them, like, “I have no idea how we’re going to pay for everything!”
It’s especially important for younger children (between the ages of three and five) to maintain their normal routines so that they feel secure. Also, use a few moments at bedtime or dinnertime to help them acknowledge the things that are important and good in their lives – their friends, their family, their health, the food on the table, the clothes they wear. Help them see that the things that are most valuable to them (your love, your support) are not going away.
Children from ages six to nine may be more aware of the situation from what they hear on the news, in school, or from other people. They might also feel frustration when they want to buy things or go places that cost too much money. This is a good time to talk about problem-solving with them. If something costs more money than you have to spend, what can you do? You can talk with them about saving, or about ways to earn spending money, or even have them help you draw up a little grocery budget and comparison-shop at different stores. It’s also a good time to help them learn about others who are less fortunate: They can help you deliver extra food to a food bank, or they can put some coins in the collection basket at church.
Children who are ten and older are probably hearing a lot about the economy at school and on the news, and they have the capacity to understand it better than their younger siblings. On the one hand, it’s easier to explain the problem with them; on the other hand, they may have a harder time accepting that they can’t buy things or do what their friends are doing. Encourage them to pitch in around the house, give them opportunities to make money, and let them dream up fun things to do that don’t cost a lot of money. Kids at this age can help you clear out clutter and organize a garage sale; they can also put flyers in mailboxes around the neighborhood offering their services for light yard work, plant watering, or pet-sitting. If you give them an opportunity to feel empowered, the whole situation will seem less debilitating to them.
The American Academy of Pediatrics also offers some good advice that can apply for all children during these difficult economic times: Limit their TV and media time, hold family “meetings” so everyone can talk about what is going on, and take care of yourself so that you can be a good caretaker to them. Of course, if your child is showing signs of anxiety or depression, talk to your child’s doctor or school counselor for assistance or referrals to free or low-cost help.
Above all, remember that many generations of children have lived through – and even flourished – during tough economic times. When children learn about prioritizing, maintaining good communication, and practicing self-discipline, they learn lessons that will serve them well for a lifetime.
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