One of the best things you can do for your wallet and your mental sanity is to talk to your spouse and your children about your economic situation.
Let’s face it. We all want to provide for our families and most of us feel bad if our significant other or children want something that we cannot provide. Don’t fall into the trap of acquiescing to requests by putting things like shoes, clothing or video games for your family members on a credit card.
Just as you love your family members, they also love you. Sit them all down and explain to them exactly what is going on with your economic situation. You don’t have to tell them how much money you make but you can say that your income has been cut in half (or whatever the percentage may be). If you are in danger of losing your job and need to save for an emergency unemployment, tell your family this. You might also point out examples of relatives and other people who lived through the Great Depression and ended up prospering once the economic turmoil subsided.
There is no easy way to talk to your family about not having enough money, especially if you have a strong sense of pride. In all honesty, you’re going to have to stuff your pride for your family’s sake in this case. Let them know what is really going on and ask them to help you save money for a better future. Tell them that once the family makes it through the economic crisis together, you can talk about spending money on fun things again.
If you don’t communicate your problems honestly with your family, you cannot reasonably expect them to become a part of the eventual solution.
