If you’re reading this blog there’s a good chance you have an idea of stabilizing the financial situation for your young family or have done so already. Let’s face it, financial problems, especially those which seem insurmountable, can lead to serious consequences for all family members. This includes medical issues due to stress or personal issues, such as divorce, due to disagreements on how to manage money. It can also lead to heated arguments in front of young ears — something which should not take place under any circumstances.
Yes, dire financial outlooks can ramp up the temperature around your home as well as inside you. However, reaching a boiling point about money is never the way to go. You can get angry or frustrated but there needs to be a cool down time when you and your partner can reflect and make some decisions. Here are few ways to keep your head during financial crises.
Not from the problem entirely, mind you. Rather, walk away from a situation which gets increasingly tense. It may be a discussion between you and your partner on a spending habit or you looking at the ledger on your own and seeing your poor financial status. Going back and forth in discussion or staring at a balance sheet won’t make it better. Take a walk, run, or something else that helps diffuse any potential arguments or venting toward your young children.
Good news, bad news
Financial situations should be addressed in a Bad News, Good News environment, also known as the “It looks bad; however …” discussion. No matter how dire it seems, there is a proverbial silver lining in financial situations. It may not happen overnight, but there are ways to right the financial ship instead of throwing others overboard.
Don’t try to solve your financial solutions alone. All that will do is cause additional stress, possible health issues, and more debt as your medical bills pile up. You and your partner are a team and, though you may disagree on many financial fronts, there should be enough similarities between you two to establish a plan of attack to get the finances corrected. It may require sacrifices from both of you — selfishness doesn’t work in correcting financial mistakes. Yet, the end results will be a less-stressful financial life.
Speak to your children
This works with young ones who have a sense of money — most likely middle-aged, elementary school children. Those who’re younger may not understand what is taking place. In either case, make sure to discuss the situation with age-appropriate conversation. You may want to even ask older children for some suggestions on how to save money and pay off debt. They’ll be happy you involved them in the family project.