Parenting in a Recession

The current economy is in rough shape; prices are up, salaries are down, and layoffs are common. And parenting is expensive. So how do you teach kids about money management when it’s tough to make ends meet?

 
Don’t: Buy (and encourage others not to buy for you) a lot of new clothes or toys for your babies or very young children. Remember: children grow out of clothing quickly! Many people are willing to donate old baby clothes and toys to friends or acquaintances.

Do: Take advantage of places like consignment and second-hand stores. If your child needs sports equipment, toys, or certain articles of clothing, you may be able to get a really good deal if you shop around for used items.

Consult Your Community: Some schools offer prepackaged school supply kits at a discounted price, and often use the proceeds to fund classroom activities and other needs. Many congregations, food pantries, and local service groups also collect school supplies to donate or sell at affordable prices. Find out if your community has programs like this, and take advantage of them if possible.

Tough Times? Lean on Your Parenting Community

When times are tough, rely on your neighbor. Maximize your available time, energy, and skills by trading services with friends or family for such needs as childcare, meal preparation, or house cleaning. This is also a great way to build a network of caring adults and a close-knit community. Talk about money management within this network and help each other out when you can.

• For more personal financial literacy tips, read Shoestring Parenting from Today’s Parent.