Thriving in Today’s Times: Including Children in Limitations on Family Spending

In tough times and in good times, all family members should be involved in making decisions about money. Children grow in understanding and self-worth when they contribute to the resolution of financial problems. Including children in decisions involving money both prepares them to become wise consumers and brings the family closer together (Consumer Federation of America). Including chil¬dren in financial decisions can increase their appreciation for the financial challenges you face as their parent. Understanding your own values about money is an initial step in preparing a plan to limit family spending (as outlined in ExEx14065, “Thriving in Today’s Times: Sharing Values about Money”). Children and youth vary by age and developmental stage in their level of responsibility concerning money and finances, so keep this in mind when providing them opportunities to spend money to satisfy their needs and wants

Thriving in Today’s Times: Strategies for Households

Working through the challenge of decreased income can give you great personal satisfaction, and you can make a success of it. With a positive attitude and with the support of your family (see ExEx14069, “Thriving in Today’s Times: The Family Meeting”), try some new thinking for weathering a current crisis. Whether your household is currently doing well financially or is struggling, adopting some or all of the survival strategies detailed in this publication can help you have a more secure financial future. The strategies (some from the PBS special, Affluenza: Epidemic of Over-Consumption) will help you rethink how to use your current resources. Strive to use your resources both efficiently (using as few resources as possible) and effectively (using the resources in the best possible way)

How to Talk to Your Children About Unemployment

Off-farm employment provides over half of the income of many farm and ranch families (U.S. Bureau of Labor Statistics 1999). They have come to depend on the extra income. So when an adult quits the town job or is laid off, the consequent stress spreads to everyone in the family. Layoffs can happen just at the time the farm family most critically needs that extra income. In South Dakota in particular, the economic health of all communities, big and small, is tied to the agricultural economy. If the latter falters because of drought, blizzards, or other natural disasters, workers in the off-farm sector feel the effects too. If unemployment occurs in your family, you need to explain what’s happening, and likely to happen, to your children. Be honest

When Your Income Drops

Income loss is traumatic, whether it’s your entire family income or a second income and no matter how it happens—a bad year in your business or farm/ranch operation, company layoffs, downsizing, divorce, illness, or death. Take heart; there are immediate and positive steps to take. You can get back on top. Right now you need to cut back on spending and develop a spending plan to help you pay your bills. If your income will be affected for more than a month, adjust your spending habits to maintain control of family finances over an extended period of time. Financial affairs are still in the family’s control. It will take work, but you can survive the initial financial crisis and come out stronger when it’s over