Family in recession

Nobody has been immune to the rollercoaster that our economy has experienced in the last few months.

Many families have had to tighten their pursestrings and make lifestyle changes to accommodate these lean times and prepare for an uncertain financial future.

I’ve been hearing about families renting a DVD instead of going to the theatre or cooking at home instead of eating out as frequently.

How do we explain the economy to our children, to make them aware of the situation, but without causing undue stress and worry? Maybe there is a hidden opportunity here to teach our children some valuable life lessons about budgeting, spending, saving and managing a household.

Depending on the ages of the children, you might want to include them in participating in strategies on how to save and develop sound money management skills. Even young children can learn that certain items cost too much. They can help brainstorm alternatives.

For example, if a child wants a life-size battery-operated car for Christmas, you might be able to explain that this is too expensive to buy and maintain, but there are other cars that he might be able to choose instead. By making your child a part of the decision-making process, it becomes a teachable moment and opportunity for learning.

Involve the kids and brainstorm

Everybody is trying to save a buck, whether it is limiting the big ticket items like trips and appliances, or cutting out coupons. Again, involve the kids. They can help brainstorm vacation options. They don’t have to travel far to have a good time. While it isn't Disney World, a trip to the city, the zoo, the shore or a farm can be good family fun.

When you do go shopping, look for the bargains. Buy items that are on sale and teach your children to do likewise. Usually bargains and discounts are located at the back of the store, so check it out before paying full price. You might find an item on a clearance rack for 60-70 per cent off.

If there is a rebate offered, send it in. If you have a coupon, use it. Avoid impulse buys, and always keep the receipt in case you have to return an item. If you have to purchase a large item like a refrigerator, once you select your model, don’t be afraid to ask if it is going to be on sale soon. Some stores can let you know when to come back.

Or, if you have already made your purchase and the item comes on sale shortly afterwards, ask if they will adjust your price. Nothing ventured, nothing gained.

I happen to enjoy shopping for second-hand clothing. If you like it too, why not introduce your kids to the fun? It’s still new to them for a fraction of the price.

Shop at farm markets, know prices

Grocery shopping can consume a major part of the monthly budget. Raw ingredients generally cost less than pre-packaged foods, plus they are so much healthier. Shop at your local farm markets and buy foods that are in season for good prices. Get to know the market prices. If you don’t know how much things cost, how can you recognize a bargain?

Taking the kids grocery shopping often results in more impulse buys and items that you would not normally select. If you can’t resist giving in to their requests, choose a time when you can shop alone.

Shopping online is popular and convenient, but by the time you add shipping costs it may not be such a good deal. Also, check to see if the prices are in U.S. or Canadian dollars. Big difference these days. As with store shopping, compare prices for online purchases.

Families may have to watch their pennies and cut corners, but that doesn’t mean they can’t eat healthy meals, wear new (or new-to-you) clothes, or have good quality time together, enjoying activities that don’t cost a fortune like board games, nature hikes, pot-luck dinner parties or telling stories.

Lila Hope-Simpson is the Director of the Home and Heart Child Development Centre and Family Home Day Care Agency in Wolfville

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