Families usually manage their debts in private and a majority of families would probably leave the money management side of things to one adult. Sometimes debt or the need to tighten the belt can be a source of extra tension in the household. But it may be possible that overall tension is reduced by ensuring each adult in the household shares the goals, family budget and the need to stick to it.
Sharing the debt burden
Sharing the debt stress load between the adults in the family, by communicating with each other about what’s happening in the finance sector of their partnership, and taking the opportunity to work through and understand each other can be great for kids to see. Debt is a family problem and there can be a family solution. This may seem naive and a lot of partners fight terribly over money and wouldn’t want their kids to think that’s how to manage finances together as adults. But if you know you are at your ‘too much’ point and can step back and start again later, you can finally reach a point of being able to get some goals together to reach financial freedom.
Being resourceful and creative
Together you can develop strategies on sharing whats age appropriate with your young ones. Start with why you are in debt and how it benefits them, but also hinders them in some ways. Perhaps its not the right time to buy that pony, but that doesn’t stop them nagging does it? But with an understanding of spending money on what the family can afford at this time in their life cycle, and what they can’t because having a home to pay off is what is important for the family right now, can help everyone search for solutions to support each persons needs and wants. We know kids are resourceful and creative. Perhaps they come up with their own solution of volunteering at the local riding for the disabled, exercising the horses before sessions.
You might be surprised what solutions kids can come up with. They also don’t mind if they aren’t enrolled in every after school activity and get to enjoy an afternoon tea with their mum or dad after school, just talking about their day. Or riding their bike up and down the foot path, hosing the dog for no good reason, or spending the Sunday at the beach eating squished sanga’s and lime cordial. If they are teenagers they might be able to step into the world of part time employment.
If you’re facing financial hardship we are here to talk about a solution. Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.