Summer and the Recession

Things are tough for a lot of families right now, so parents are looking to cut summer costs during the recession.

Here are some tips for talking to your children about cutting back:

Age matters: The younger children are, the more you will have to explain. Use terms they can understand and tell them why it is important to save money.

Don’t feel guilty: You should never feel guilty or let your children blame you for having to cut back.

Back to basics: Remind your children that cutting back on expenses is not necessarily a bad thing. Trimming the budget for luxuries can be an opportunity to teach kids to enjoy simple pleasures.

Get them involved: Especially for older children and teenagers, let them give their input when deciding where to cut back. If you can’t afford to send them to five different summer camps, let them choose the one they most want to attend. Be a good listener, but don’t give in if they refuse to make choices.

Be realistic and optimistic: Be up-front and explain the reality of your economic situation to your children, but try Money-saving activities that don’t scrimp on fun

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