How To Talk To Kids About The Cost Of Living
Talk To Kids About The Cost Of Living
The rise in the cost of living is scary for everyone right now. There are no signs of it slowing down either. Our government are shit and there is not really any help for the people who need it. So now is the time to start talking to your kids about the cost of living. And how they can help you to make cutbacks around the home.
Be Honest To Your Kids
Always be honest with your kids and speak to them about the realities of the rising costs. Tell them not to worry because you can all make it work if you pull together. You need to know there is a fine line between making them aware of the situation and scaring them completely.
The thing with kids is that they seem to think money grows on trees. They don’t stop to think about the implications of playing on their Xbox all day long. They think that it just happens. Just tell them that the price of food has gone up so much that there might not be so many luxury foods in the house at the moment.
You might need to switch to supermarket brands, instead of your branded foods. Tell your kids these are the same foods. They are just packaged differently. Although you do not need to speak to your kids about all aspects of the cost of living, it is good to talk about the basic aspects of budgeting and the cost of living.
Be Realistic With Them About The Cost Of Living
We have hit September already and kids are going to be sharing their Christmas lists before we know it. I don’t know about anyone else, but I am dreading it! This year you could encourage the little ones to make homemade Christmas gifts for the grandparents. They love tat like that and homemade gifts are always the best. Speak to your kids and explain that there might not be much under the tree this year. But there will be love! The real magic of Christmas is the love surrounding your family. Okay, so they might want that new Xbox still, but at least you have tried.
Explain to the kids why weekends at the cinemas might not be happening at the moment. Instead, get them to look for half-price vouchers for trips to the cinema. Tell them that it isn’t going to be forever.
Be wary Of Shock Value
In a world of social media, kids are influenced by what they watch and read. They believe what they see and read and this is not always a good thing. More often than not, it is full of lies and exaggeration. Kids are at ages that they are impressionable. They might worry about things they see online, and be too worried to talk to you about how bad things are. Encourage them to speak to you about what they see.
Depending on their age, sit your child down for a frank and honest conversation on the issues that are most concerning to them. Advise them on legit websites that will give them the correct information, with easy-to-digest language. Reassure them that you are always available to answer or tackle any questions or concerns they have.
Teach Them About Budgeting
Parents can use the cost of living crisis as an opportunity to educate older kids about the importance of budgeting and saving for a rainy day. Highlighting different issues surrounding inflation, energy bills, and how interest rates affect things like mortgage repayments and credit card loans. Even how inflation works will give them a better perspective on the crisis and is something that they are unlikely to be exposed to within school settings.
For older children, this is also a great time to help guide them to set up their own financial accounts. Such as a children’s bank card or a prepaid card. This will help them learn how to budget and manage their finances. It will help them to understand the satisfaction associated with saving up to buy something for themselves.
While some children are simply given pocket money or a weekly/monthly allowance, now is a great opportunity to give children age-appropriate chores in order to earn some money themselves. They will start learning that they need to earn the money that they spend.
Involve Kids In Making Cost-effective Savings Around The House
Budgeting doesn’t have to be boring, and there is a multitude of useful and fun ways you can involve children with budgeting tasks around the house. Set children a task to plan budget-friendly meals with a certain amount of money or ingredients you have in the fridge and cupboards as a MasterChef-style challenge. Or get them involved in cooking/baking large batches to freeze for a later date. This is a great way to save money and reduces food waste.
In order to help them understand the energy crisis a little more, get them to make sure all of their electronic devices are switched off and not leave them plugged in. Get them to switch the lights off as they leave the room.
If they feel cold, get them to put on another jumper. Teach them that will help to not have the heating on for so long and they will actually feel cosier. Fleece pyjamas are fun for kids and will also keep them warm in the evenings and at night.
