If you are in financial difficulties, its always good to have some time with your children and let them understand your financial problems and also explain to them what you are going through. In case the children are young, just tell them that everything is not okay. Sometimes you will be forced to turn a deaf year to what your children are asking you to buy them.
If in any case you normally give your children money for lunch, prepare them enough packed lunch to cut the cost on food. Let them understand why everything has changed suddenly and assure them that life will be back to normal soon. If you have phones for your children, do not load airtime in them, instead use the money to pay off your bills. Let the children use the school bus especially if your working place is quite far from school.
Its good to buy nice clothes that are in fashion for the children but, if they they really have enough clothing, tell them to wait until you have cleared all your debts. Whenever you go shopping with the kids, make sure you stick to the budget to save as much money as you can. This will be very hard for the children but, keep on encouraging them and if possible take them for dinner at least once or twice a month to let them know that you are still concerned.
Sit down with your kids and discuss about credit cards if they have to use them. Accompany them when going shopping to avoid buying things you had not budgeted. However, sometimes its good to let them have the credit cards on their own to know how much responsible they can be.
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