The family unit is often taken for granted when dealing with financial strain. Often we feel so embarrassed or frightened about disappointing those closest to us that we push them away from the problem. It’s time to change that. Family should be a rock to lean on when times get tough, looking out for each other, these are the people that truly care about your wellbeing.
If you are the primary earner in your household, you can often be left shouldering the responsibility for your family’s financial security. If this is the case, we can often feel the stress must be kept all to ourselves. Including your spouse or significant other in this part of it is essential as they too use the family money for daily expenses. Involving them allows for a clear and understood idea of where you stand and what you can afford. With a direct effect on your finances as a dependent, your spouse can share in the responsibility of planning and taking care of your financial freedom.
Often as parents we think hiding finances from children can be for the best. Not wanting them to worry or stress about something they cannot control, we find ways to keep them sheltered, often leading to inter-family tension. Kids always know when something is wrong, including them in the basics will help them to understand what your family can afford as well as help you take some of the stress off your back- it is never easy to hide such influential anxiety as financial hardship.
While a tough time, financial insecurity can be an important time for teaching your family about finance. Whether through overspending, debt or just a tough run of luck, the lessons learned can help your children for years to come as an important step on the learning curve of life. Including your family unit in responsibility and your circumstances lets you show them not only how trouble can come about, but also how they can go about getting out of it. Whether through financial planning or cutting down on luxuries, these all-important lessons can influence the success of your children’s futures, showing them to take care of what they have at all times.