Youth & Money

Facts About Kids & Money

If you find yourself arguing with your spouse or children about money, stop! Your fights may scare your kids, create stress that makes it harder for them to focus at school, or lead to behavioural problems and "acting out." Not only do kids often blame themselves for their parents' problems, they may also take comments more seriously than they are intended. A child who frequently hears her parents talking about being broke, for example, may think that she will soon be homeless.

Talk to your spouse and agree to set some time aside -without the children - to work on your finances. You and your spouse may have completely different views about money, but with some effort, you should be able to find a middle ground. A good resource for you to start working on you and your spouse's relationship with money is Money Harmony: Resolving Money Conflicts In Your Life and Relationships by Olivia Mellan. It is available at bookstores or through your local library.

If money is tight, let your children know that in a non-threatening way. Explain to them what you can and can't afford right now and suggest other ways they can get what they want.

Tip==> If your family is under a great deal of financial stress, or receiving calls from bill collectors contact Consolidated Credit Counseling Services of Canada, Inc., a non-profit credit counselling agency. When you call 1-800-656-3920 or visit http://www.consolidatedcredit.ca a counsellor will offer you free financial advice regarding your particular situation and they should be able to work out a reasonable budget and repayment plan.

Watch the messages you may be passing on to your children when you talk about money. Simply saying you can't afford something, for example, may not convey what you really need to teach your child: that you have choices, and that sometimes you must choose one thing over another. Talk about good values and making choices, rather than just dismissing something as too expensive.

Another trap is buying your children gifts, either to make up for the fact that you don't spend enough time with them, or to make up for what you didn't get as a child. If you find yourself in that trap, you may need to look for other ways to give your kids what they really need: love and attention from you.