Let Your Child Be Aware Of Your Finances
As parents, we always want to give the best to our kids. In this process we wouldn't mind loosing all the energy we have but love to see our kids become strengthened in life by all means. In the process of parenting, we try to keep few things away from kids; Financial condition is one such area, every parents wants to free their child from.. In many families, children are not aware of the financial situation of the family, therefore this could become a disconnect between child's demands and parent's deliverable capacity.
When kids are small, parents assume that this is too early to share finance related matters with child because they can't understand. For example, if a 10 years child ask for a gadget which is beyond parent' s pocket, instead of explaining the conditions, parents try to fulfill the needs, so will end up with overheads. That point of time, every parent thinks that the pleasure child gets having that gadget in the hand is in much more higher plane than the pain they have to undergo. Since child doesn't know all theses things, yes he will be jumping in joy and his desires will go on increasing as time goes..
When the same child becomes a teenager, they don't want to hear any “no” from parents not just because of their age but also that they were never prepared to take “no”. At that time, even though your financial condition is pinching, you still won't be able to discuss this with child rather find alternate options to get what your child wants.In these two scenarios or many like this, kids never get an opportunity to know what's happening behind the screen and goes on assuming that every thing is all right. Nevertheless, once your kid grows up, and situation demands you to reveal the actuals, they won't be in a position to accept, at the same time they might as well feel awkward that you have kept them dark in all these years...
According to the experts, parents can always be transparent with child in all the financial matters and its absolutely OK to discuss your family “balance sheet” with your child. This helps child to manage his/her expenses very well.Very important thing any parent has to remember is being in bad financial state is not a sin. Its a life situation every human being might face one day or the other. When you prepare your child for such upcoming battles of life they will be much bold and handle situations with confidence and courage.
....Bhavana