I really can't understand the mentality of hiding financial information from your kids. I learned about budgeting and how to allocate your money at the same time I learned about what money was; the two concepts were inseparable for me. My parents always shared their thought processes when they would decide to spend money on things. They showed me how they were saving for retirement, and what things they were considering when deciding how much to save.
We would often have family budget meetings, where we could all make our cases as to why we should spend more on one thing than another. Of course, my parents always had the final say, but they would listen to me and explain why they made the decisions they did (sorry, your sister's braces are a higher priority than your PowerWheel car).
Because of this early exposure, I never had the same financial problems my friends did, even when I was a very poor student and recent grad. I never accumulated credit card debt, nor did I buy a car that was too expensive for my budget. I always saved for retirement, starting with my first job. Budgeting and money management is just second nature to me.
I can't think of a single argument as to why you would want to hide this valuable learning experience from your kids.
Fair enough, I guess I could have imagined arguments... I just don't feel they are very good ones. Your kids are your family, they are going to pick up on any shame and embarrassment you feel, and hiding the details isn't going to make them not see that in you. Explaining the actual situation might actually make them feel better, rather than their own guesses as to why their parents are ashamed and embarrassed.
Same with shielding your children from difficulties; they are going to sense things, and their imagination will be worse than the reality. Tell them your problems, but do so in a way that conveys your confidence that you can overcome them. You are teaching them about life, which is really just a series of difficulties that you overcome.
Not sure I agree. When I was a child I knew my family was struggling, but had I actually been burdened with knowing how far behind we were on paying for housing etc I might have had a nervous break down. There is some information that may be to heavy for a kid
I thank my parents for shielding me from the dollars we didnt have. Only know looking back do I realize how tight times must have been. Sharing that yoke with the children would have hurt all of us a little.
Yeah, I guess I wasn't thinking about people who are really struggling. There might be a point where it is bad enough that it would be too heavy for a kid.
> I can't think of a single argument as to why you would want to hide this valuable learning experience from your kids.
To avoid financial information being compared between families. This already happens via secondary signals, like clothes and possessions, adding direct financial comparison makes the poison stronger.
A better way is to make a toy budget based on allowances.
You're so right. I don't want to raise them to live in a fantasy bubble (when I have kids, that is). The world is a big bad place; I'd rather prepare them, than shield them.
Not to sound disrespectful to differing opinions, but I can't see a single good reason of not exposing your kids to the realities of life (money or otherwise) when they're old enough (starting from 8-9 maybe).
We would often have family budget meetings, where we could all make our cases as to why we should spend more on one thing than another. Of course, my parents always had the final say, but they would listen to me and explain why they made the decisions they did (sorry, your sister's braces are a higher priority than your PowerWheel car).
Because of this early exposure, I never had the same financial problems my friends did, even when I was a very poor student and recent grad. I never accumulated credit card debt, nor did I buy a car that was too expensive for my budget. I always saved for retirement, starting with my first job. Budgeting and money management is just second nature to me.
I can't think of a single argument as to why you would want to hide this valuable learning experience from your kids.