Kids are sponges. They absorb everything that their caregivers do, for better or worse. So, if you’re stressed about money all of the time, your kids are going to feel it.
Children Feel Parental Stress
Young children may not understand personal finances, but they can recognize when their parents are stressed about something. They see the worry across your face whenever you open a bill. They hear tense bickering and heated arguments with your partner.
Children’s mental health is directly correlated to the environment they grow up in. Studies from various universities have found that parental stress is passed down to their children in the forms of anxiety and neuroticism.
Fix Those Financial Problems
Putting in the effort to reduce your money-related stress will have a positive effect on the household in the present and a positive effect on your kids in the future.
Bad Spending Habits
If you’re stressing about the money in your bank account, you need to take a close look at your spending habits. You can figure out all of your unwise purchases by going through your receipts or online accounts. Then, you can create a more effective budget and work towards breaking your bad habits for good.
Some debt can’t be surmounted with budgeting. If your debt seems too severe to get out of on your own, you should consider filing a consumer proposal. This method helps settle your debt with unsecured creditors and stops problems like wage garnishments, building interest and collection calls.
Go to a licensed insolvency trustee to discuss the option. You can click here to read the most commonly asked consumer proposal questions and concerns ahead of time. If you’re an appropriate candidate for this kind of debt resolution, the trustee will start the consumer proposal process.
If money is a significant matter of contention between you and your partner, you need to do more than tackle your financial problems. You should also go into couple’s counselling. These sessions offer a safe space to air out your anxieties and grievances, where your kids can’t overhear.
Teach Your Kids to Avoid the Same Problems
You can also teach your children to have healthier relationships with money. The earlier you start, the better because financial expert Beth Kobliner writes that kids’ money habits are set by the time they are seven years old.
When they’re little, give them a piggy bank and teach them the value of coins. When you’re shopping, explain the prices of products. It will help them understand why they can’t have a new toy much better than saying “because I said so.”
When they’re a little older, introduce an allowance for simple chores like washing the dishes, raking leaves or taking out the garbage. It teaches them that money is often earned. It also teaches them not to treat their allowance lightly.
Every parent wants their children to have it better than them. If you have financial stress, you don’t want to pass it down to your kids. And you certainly don’t want them to be in the same position when they’re older. That’s why you should tackle the problem now before it’s too late.