Parents know being open and honest is one of the best ways to communicate with children. However, not everything needs to be said to the little ones, especially when it comes to your finances.
According to Beth Kebliner, author of “Make Your Kid a Money Genius” (via Real Simple), there are certain aspects of a parent’s finances that children shouldn’t know. Money matters are private, and kids have a habit of repeating what they heard to anyone who will listen. To avoid being the talk of the school or the playground, it’s best to be discreet when it comes to your finances.
Here are the things that you shouldn’t tell your kids about your finances
“I make (insert amount of salary here) every year.”
According to Kebliner, your salary is something that you should keep to yourself, whether your family is more than comfortable or living check to check. Kids don’t have a general sense of what things cost, and $500 could seem like a fortune to them. Imagine what they would think if you told them that you were making $70,000 a year. Keep in mind that when kids think that their parents have a lot of money, they tend to ask for more things because they think you can afford it.
Moreover, when you reveal numbers, anyone that your kid comes in contact with could become privy to what you make each month, so for the sake of safety and discretion, keep this information to yourself.
“Your aunt took out another mortgage on her house” or “Your uncle has a huge credit card debt.”
You don’t need to talk about your relatives’ money problems in front of your kids. If it’s really bothering you—especially if they’re borrowing money from you—vent to your partner calmly and quietly, preferably out of the children’s earshot.
“I don’t think we can afford to pay our bills this month.”
If you recently lost your job, it can be tempting to confide in your children about your current situation. However, clinical psychologist Dr. Brad Klotz (via CBS) said that involving children in things that they can’t do something about can have repercussions.
“Laying that load on a child makes her anxious,” said Klotz.
Instead, you can explain what’s going on and ask for help with things they can manage. For instance, if you tell them that you’ll be eating out less while you’re looking for a new job, ask for suggestions on meals that they would like you to cook at home.
“That’s way too much. I’m sorry, but I can’t afford it.”
If your child is asking for a toy that costs $70, don’t feel bad or guilty if you can’t afford it. Instead, tell him that you have a set budget for a toy, and avoid getting emotional when you explain this to him. You can say, “We have $15 for a new toy. Why don’t you go and see what we can get with that?”
For more, check out Jobs & Hire’s report on ways to make some extra money this month.
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