What Your Children Can Teach You About Your Bankruptcy Alternatives
I was in a store the other day, and I watched as a young child, with his mother, purchased some candy. The child handed a dollar to the cashier. The mother also purchased some things, and also gave the cashier some money. The cashier then gave all of the change, from both purchases, to the child.
As they were leaving the store, I heard the child say to the mother, "Mom, she gave me back too much change." I was astounded that this child, who was probably only five or six years old, realized that they should have only gotten a few cents change on their one dollar purchase, not the obviously more than a few cents change that they received. The mother explained that the cashier gave him all of the change, and the child appeared to understand.
What amazed me was how knowledgeable about money the child was. Sometimes as adults we forget that children understand more about money than we think.
If you are experiencing money problems, your children will know; you can't hide that from them. Therefore, involve your children in your decision making, doing what's appropriate for their age.
A teenage child is certainly capable of helping understand the family budget. (They may be even better on a computer than you, so get them to set up your personal budget on a budget spreadsheet on the computer).
A young child can understand that we can't buy everything we want. Older children can also understand the difference between personal bankruptcy and other possible solutions, such as debt consolidation loans.
Your children are smart, so involve them where appropriate as you consider your bankruptcy alternatives.
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