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Unstable economy | Talking to your kids about money concerns

Experts say taking action and focusing on what you can control will help you manage your stress.

GREENSBORO, N.C. — The continued economic uncertainty is taking a toll on many American families. While the fed raises interest rates to try and stop inflation, this could mean job losses.  

Uncertainty will cause many families to worry about how to make ends meet. A common mistake is to worry about possibilities and not specifics to your situation. Worrying about almost every possible scenario that hasn't happened is an unnecessary worry because it may not even occur.

Taking action and focusing on what you can control will help you manage your stress. Whether it's cutting back on extras, save more when you can. Be prepared for a job search, just in case. This means having a resume ready and a list of people you can contact in case you need to find a new job, or you're let go.

Stress can wreak havoc on your mental and physical health. You can become more irritable and sensitive to things that don't usually bother you. You might get psychosomatic complaints like headaches and stomachaches. You have eating and sleeping difficulties. Eating healthily, staying hydrated, and getting plenty of rest are important. Journal your feelings and stresses. If you're not a writer, you can dictate your thoughts and feelings.

Now, we want to talk about how to explain to your kids your money concerns without scaring them.

Some parents are hesitant to talk to their children about money concerns because they don't want their kids to worry. Some parents believe they need to work out the money situation and don't want to burden their children with those concerns. Remember that if you choose not to talk to your kids about your family's finances, they can sense and see the changes happening.

Before you talk to your kids about your family finances, remember their developmental level, what they can understand, and their disposition. Some children get stressed out easier than others. Think about what you really want them to know. Is it that you want them to understand the value of a dollar? Do you want them to save money? Do you want them to understand why your family is cutting back on certain expenses?

Children can learn resilience, problem-solving, and appreciation when money struggles arise. They'll learn by watching you how to deal with the stress of financial worry, whether it's looking for an additional job. Your teen might look for a job to help pay for their expenses. They'll see how you save and spend money and what you prioritize during challenging times. And they can appreciate what your family has.

You can share your thoughts on my Facebook page: Blanca Cobb – Body Language Expert. Write a message on my timeline, and I'll get back to you. While you're on my page, I'd appreciate it if you give my page a "like."

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