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Book I: Taking Charge of Your Finances
putting a financial turnaround plan together, by keeping their day-to-day rou-
tines as unchanged as possible, and by doing fun things together.
Be alert to signs that your family's financial problems are creating a lot of
stress in your children's lives or that they are becoming depressed. Signs of
trouble include crying, angry outbursts, withdrawal, behavior problems at
school, headaches, stomachaches, not wanting to go to school -- just about
anything out of the ordinary. Try to get your kids to talk about what is both-
ering them. If they won't, or if their symptoms get worse, they probably need
to meet with a mental health professional. Contact the psychologist at their
school and consider letting their teachers know what is going on so they can
look for signs of trouble as well.
As you help your children cope with your family's financial circumstances, bear
in mind that your money troubles offer you an opportunity to teach them impor-
tant lessons about managing money and the dangers of too much debt. When
they become adults, they may be able to use those lessons to avoid financial trou-
ble. One good way to help them master these lessons is to involve them in creat-
ing a monthly household budget. We talk about budgeting later in this chapter.
Believing in Yourself
Getting out of debt can be no fun. We're the first to admit it because we've
been there. Like countless other people, we've had our share of money trou-
bles over the years, so we understand what a drag it is to pinch pennies, give
up the things you enjoy, and work harder than ever. We've also counseled
people whose finances were in such bad shape that getting out of debt meant
having to take further steps such as consolidating their debts, negotiating
with their creditors, and even giving up some of their assets.
Keeping family relationships a priority
Most people at the end of their life don't wish
they'd spent more time at the office, but they do
often regret not spending more time with their
family, especially when their children were
young. Unfortunately, people who find them-
selves with debt payments that exceed what
they can reasonably afford usually cast about
for ways to increase their income.
Instead of taking a part-time job, working
overtime every week, or getting involved in a
get-rich-quick scheme, look at your budget for
ways to cut back your spending. Decreasing
spending is usually a lot easier than increas-
ing your income. Plus, you won't sacrifice
time with your family in exchange for a paid-
off credit card. By cutting back and tightening
your money belt, you can pay off your bills and
watch little Johnny's championship T-ball game
on Saturday afternoon.
