Dealing with Tough Financial Times

A lot of U.S. families are having “financial woes” these days. More families are facing foreclosure on their mortgages …energy prices and grocery bills are all going up ...and uncertainty over when things will take a turn for the better is making everyone tighten-up their spending. So how do moms and dads explain this “money crunch” to their fashion-conscious middle-school children as well as their teens with dreams of out-of-state college or a new car? Here are some tips that may help: 1. Be honest with your kids — but don't tell them more than they need to know. Avoid overloading older children with too many details or worries that might scare them. Stick to brief explanations and be clear about changes made to the family budget. 2. Encouraging children to find creative ways to save or make money not only helps them feel empowered — it helps them feel like they're doing their part to help out. 3. Even young children are “brand- and consumer-aware” these da...