Explaining The Financial Implications Of Divorce To Your Kids

As a parent, you want the to provide your kids with everything they need and desire. But when you are a single mom, it is especially difficult to say no to your kids. Often we feel guilty and ashamed telling our kids that we cannot afford to buy them what they want
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Quite often, divorce can be a financial earthquake for both parents, and the children feel the effects. Before the divorce they were used to living a certain lifestyle and now because there are no longer two incomes contributing to one household, life has changed.

This can be hard for kids to understand. You should be honest and tell your kids the truth. Tell that that although you would love to buy them that new video game, right now you need to save your money to pay the bills. Give them some suggestions on how they may be able to earn some money themselves. If they old enough maybe they can take on a paper route or do some babysitting. For younger kids, give them a small allowance to help around the house .This is a great way to teach them an important lesson on how to be responsible with money.

My own teenage son was very excited when the new Halo 3 xbox video game came out last week. He asked me to purchase it for him. I explained that right now, that was not something I could do. I suggested that he save his money so that he could buy it for himself. He got creative and went through all of the video games that he no longer played with and was able to exchange them at the game store for the Halo 3. I think he is enjoying his new game more, knowing he figured out a way to buy it himself, then had I simply went out and bought it for him.

Another important thing to consider when explaining your finances to your kids is to not blame your ex-husband for your current financial situation, even if he is behind on child support. This will cause your child to become resentful of his father and create bitter feelings. Although your ex's lack of support may be contributing to your financial woes, do not involve the children.

Most importantly, congratulate yourself on doing the best job you can, raising children as a single parent. It is not an easy job. Do not feel guilty over not being able to afford the latest toy or gadget for your child. Your kids will grow up to appreciate and value money more than a child who has had everything handed to him.