How to talk to your children about the recession

Carrie Stetler By Carrie Stetler The Star-Ledger
on October 07, 2008 at 2:26 PM, updated October 07, 2008 at 2:33 PM
Don't commit "financial incest'' by discussing your money worries with your kids.
Your stomach may be in knots over the economy and what it means for your family's future. But guess what?

There's a silver lining to the threat of financial ruin. Your kids can finally learn the value of money.

Peggy O'Crowley wrote a story in The Star-Ledger's PGToday about disussing the recession with your kids.

As you might expect, experts caution against sharing your anxiety when the kids are around. There's actually a term for it: "financial incest.'' That's when you have "inappropriate boundries'' about money worries.

Financial incest has been a problem in our home lately, since my husband and I both work for The Star-Ledger, and so does my sister.

With all the uncertainty facing the paper, it's hard not to talk about buy-outs, job searches, and our own fears in front of the kids.

We try and wait until they're asleep, but some information demands to be shared right away. We just hope they're so engrossed in "Chowder,'' they don't notice.

Inevitably, though, they overhear us and we feel guilty. We try to explain to them in more appropriate terms what's going on, and reassure them that, no matter what, everything will be okay.

According to Peggy's story, it's not a bad thing to tell your kids why the family needs to save money. Let them know that this can translate into less fast food, fewer toys, but children will finally understand that these treats have a price, and there are things everyone can do to help the family through a tough time.

And it will really cut down on the clutter, too.