Should You Tell Your Kids about Your Debt Consolidation Loan?
Parenting is a challenging task. It is quite a difficult job because there is no appropriate instruction manual or playbook to guide you and tell you what could be the best way of handling each situation. One of the highly debated issues and a parenting dilemma is whether one should discuss debts, loans, and finance issues with kids. Do the children need to be told about the fact that the family is reeling under heavy debts?
There are diverse opinions relating to this topic. Many child psychologists believe that children should not be involved in serious money matters. They are helpless and they would be petrified to know about the financial crisis in the family. Kids are susceptible to fears and they should be safeguarded from all worries including debt worries and tension. They need to feel safe and secure in their parents’ company. No need to unnecessarily confuse or scare them with discussions of financial problems.
Contrary to the above opinion, there is another school of thought. Here experts feel that it is vital to teach your kids about money. Moreover, your children are able to sense that you are going through some anxiety or stress when you are experiencing tough times. Let them know otherwise, they would be worrying anyways. As per the study conducted by the American Psychological Association survey around 91 percent of the kids admitted that they know and understand when their parents seem to be going through stress. You must seek professional assistance from nationaldebtrelief.com to learn more and know your facts clearly before discussing them with your kids.
Benefits of Discussing Family Debt Issues with Children
No More Confusion: It is better to tell your kids the truth about financial matters as they are able to sense your stress and discomfort. Inform them about the current situation and explain to them that things would be soon under control and there is no need to feel scared. You are there to take care of them and their needs.
A Great Learning Opportunity: This is a perfect opportunity for your children to learn about the importance of money, savings, bills, and ways to manage money effectively.
Determine Priority: Under these stressful circumstances, you tend to realize and understand what is most important to you in life. You must teach your children that life and happiness are not always about material things like extravagant family vacations, outings, expensive clothes, and toys etc. They must be told that the real happiness in life comes from little things and relishing simple moments. The most crucial things in life are good health, family, and friends.
Negative Implications of Discussing Debt Issues with Your Kids
Unnecessary Anxiety & Stress for Kids: Children feel insecure and anxious when they are told about debts, financial problems, and hardships. Kids would be confused and they would be filled with fear and resentment. They may lose their appetite, become insomniac, and may experience nightmares. These are the signs of excessive anxiety and stress. You must keep monitoring your kid’s health and take note of any behavioral issues.
Imaginations Would Run Wild: Children would think of extreme situations. They would be disturbed emotionally as they would start thinking about their parents getting divorced, or they would not be able to buy and provide the basic needs of the kids. They would not be sharing these fears with their parents. This could prove to be emotionally disastrous.
Often children are too small to appreciate that family crises must not be discussed with and disclosed to everybody. Your privacy may get jeopardized so be sure to take that into consideration before discussing your finances with your children.
Leave us a comment!