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We all know these are tough economic times, more so for some of us than others.  But, the truth is everyone is tightening the budget belt these days.

If you are the controller of the family’s purse, you are under extra pressure.  The kids, if you have kids at home, and your spouse may be talking about things they want… and think they need.  It’s time to have the courage to face the truth with yourself and your family.  Be honest about your financial situation with everyone involved.  That includes your husband or wife, and the kids.

Create a mastermind alliance with your family.  There is too much stress for everyone if you try to go it alone.  First of all, think of your spouse.  Chances are there have already been discussions about money between the two of you.  Chances are those discussions got a little loud and a little edgy… and nothing was resolved.  Maybe it’s time to sit down in a quiet environment and have the financial state of the family talk.  Be honest.  Don’t panic and don’t get stressed out.  Just talk about what can be cut back and what are necessities.  Plan the family budget.

Once you and your spouse have reconciled the budget, call the kids in for a family meeting.  It is hard for parents.  I know from experience.  But, your kids are stressed, too.  They hear news.  They know times are tough.  But, kids are far more resilient than most of us give them credit for.  And, the kids are a part of the family.  They deserve to have the opportunity to help out.  So, again, have the courage to face the truth and share the truth with your kids.

Children know that their parents are going to look after them.  But, when they don’t know why you and your spouse are being short with one another… and it is usually about money in most families… they stress out.  The greatest fear any of us experience is fear of the unknown.  It may not be easy to tell your kids they have to cut back on some of their spending or some of their activities.  But, know that your family is not the only family that is going through these tough economic times.

Get the kids involved.  Ask them to become a part of the mastermind alliance.  They will feel much closer to you once they know you have included them in your alliance.  And, there may be an added benefit.  Since most of the other kids are experiencing the same emotional turmoil at this time, your kids may be the ones that tell their friends that they are cutting back on some things and it may ease the way for their friends to engage their parents in a discussion.

Someone has to start the process.  Be brave.  Be honest.  You will find that the bond created now may well last a lifetime.  There is a seed of equivalent or greater benefit hidden within every adversity.  So, take advantage of this golden opportunity to be totally honest with yourself, your spouse, and your kids.