When every dollar counts, parents are having to say no…when all they've ever said is yes. Has your outlook/habits with regards to money changed in this country's economic decline?
In this troubling economic time, is it important for parents to discuss their finances with their children? Should children know how much money their parents make?
How has the recent decline in the economy affected your outlook on your future?
job prospects?
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Due to the recent economic decline, my habits and outlook with regard to money has changed. Even though, neither of my parents has lost their jobs, I have become more conscious of how I spend money. I am more aware of the cost of things and I seriously consider how much I am will to spend on a product. For example, I may go shopping and find a shirt that I really like; however I may not buy it. If I don’t really need the shirt or it is very expensive, I won’t buy it. In addition, when I dance I am very conscious of how quickly my pointe shoes breakdown. I try to reduce the amount that I use my pointe shoes so they will last longer, since a pair of pointe shoes can cost approximately $100.00 a pair.
I believe that it is important for parents to discuss their finances with their children. I feel that children should have a general understanding of the financial status of the family. This way when they ask to go to the movies or on a vacation, they understand why they can’t do it. I feel as though parents should not keep secrets from their kids, especially when it involves the children. However, I feel as though parents should tell their children what they can comprehend or understand at their age. For example, parents don’t really need to be talking about their finances with a 2 year old. Also, I feel that parents should explain that they can’t buy them a new toy today, but maybe they can get it for their birthday or Christmas. This way the children understand the importance of things as opposed to being spoiled and unappreciative of what they have.
My outlook on my future job prospects have changed due to the recent decline in the economy. Throughout Middle School and High School I was very interested in becoming an elementary school teacher since I love teaching and working with young children. However, due to the recent decline in the economy, many teachers have lost their jobs and school districts are not hiring new teachers. Therefore I decided to change my career choice to the medical field. The careers in the medical field are always increasing, even with the current economic state. In addition, since people are living a lot longer, there is a bigger need for people in the medical field. People are always going to need doctors.
Because of the economy right now money is valued much more and has changed a lot of people's outlook on life, bills, and how to use money. My view has deffinately changed from the economic decline, because I use my money wisely and only buy things that are affordable to where I have some left over. I change my shopping habbits and saving money for food, and when I want to go out with my friends. It is deffiantely important to talk to your children about the decline and fincial situtaions but it all stays between the family. The children should get an idea on what they should do and they shouldnt ask for, children should take responsibilty. My parents own a buisness and because of the decline people arent buying things or trying to fix up things, unless nesscary, the rate of customers has deffinately gone down in the past couple years. The decline deffinately made me realize where I shouldnt go for a job or major in college. The economy now deffinately puts into prospective how much college is going cost, and how I need to figure out what I want to get out of it and what kind of jobs I can look for, its deffinately been difficult to figure out all of these things as a senior in high school, but you have to keep moving day by day and everyone gets through it, I make decsions everyday based for college and where to go for my future. This decline has deffinately showed people to value the money they have and to use it wisely.
The poor status of the economy has me kind of scared. My dad always tells me to save more than I spend. You never know when you'll be out of work or laid off. A lot of companies don't have the money to hire many workers. There are more people than jobs available, making the job force extremely competitive. Companies question, "Why hire this kid?"
Also, I noticed the spending habits of my family have changed dramatically over the past five years. My parents used to be somewhat wealthy, and have tons of money to spend on things that weren’t even necessary. In today's economy, we try to spend the bare minimum. We're always sure to turn lights off when we leave a room, for example. When times get hard, you've got to be smart.
Now that the economy has declined many people have been affected in different ways. It has mostly effected and focused on working adults and college students. Many people are out of work and unemployed; this is troubling marriages and relationships. Families are falling apart and people are becoming more shaken by others. Jobs are slow and it’s not like in the past where anyone could walk into any place and just get hired on the spot. Now a days, even a fast food place wants you to come in and dress as if you are being hired to be the next senate. Jobs aren't easy to find and aren’t as easily offered. I shake my head at many of my classmates who are going to a university to major in subjects where there is not a large job flow. It's sad that we will be going to school for another 4-8 years and coming out still unemployed. There aren't as many jobs waiting for us as there were in the past. Even the military recruits come home to find they are jobless as well. It's not even about trying to pinch every penny, considering there are barely any pennies around to pinch. Then you look at people who do save a lot of money and are growing older and not spending it and enjoying their life. Nobody knows what tomorrow will bring and this economy definitely doesn't look like tomorrow will bring the brightest of days.
Since the economy has changed, i have changed my outlook on money and spending. Instead of spending all my work money right away, Ill save it because you never know, these days you can lose a job like that. I'm very greatful for my parents however, that they still have their jobs and nothing has directly affected me in the economy but you still have to be smart money wise and not spend all your money on useless junk. I think it is important for the family to discuss their finances because it will give the kid a better understanding on whats going on instead of pretending nothings wrong. As for the way it affects me on the look for the future, it worries me because im hoping the economy will get better for myself when i graduate college so i can get a job easily, as for my kids, ect. But you cant really do anything but just wait and hope, so thats what i plan to do.
A few years ago, the country went through the largest economic depression since 1929. Companies went of business, people lost their jobs, and families lost their homes. With all the millions of people that were affected by this recession, there was no change in my family. There were no changes my life. The only recession I knew was the one I saw through CNN and other news stations. I remained in a bubble, sheltered from all the unfortunate stories that I heard every night before I went to bed watching the news.
As lucky as I consider myself that I was able to 'go through' the recession unharmed, I feel like I missed out on something: the opportunity to learn the true value of a dollar. The opportunity to learn that not everyone is as well off as I am and that not everyone goes on weekly trips to the mall. When I grow up I feel like it will be rude awaking only being able to rely on myself for a constant source of income and that I will need to teach myself the lessons of how to spend money realistically and practically.
So as for now I'll try to make this 'bubble life' last for as long as I can.
My outlook on money has changed because of our country’s economic decline. As a child, everything is given to you and you don’t realize the worth of certain products. Now that I have grown up during a time when the economy is declining, it has taught me the value of a dollar and how to prioritize when it comes to spending. I have an extremely low paying job and I realize that I have to budget my spending so I can buy gas for my car, go out with friends, and do all things that I like to do. I feel like it’s almost better to be raised during an economic period like this because these rising generations will know more about money than the generations before them did and will be able to go out into the world and be more successful. Children should be aware of approximately how much money their parents make a year because being shown how much money is being budgeted for a certain income will help them to someday apply it to their own lives when they are making their own money. It is better to learn about money at a young age so you have more time in your life to earn a lot of it. Children are the future, and if they are properly educated about money and economics they should be able to fix the problems when they enter the working world.
I think that the economy has hindered many financial situations. This has many scared and saving frantically, yet many people are doing alright if they just maintain a stable income. The people that get laid off or fired at a time like this, those are the ones whom really have to start worrying. In my opinion, I think parents should share their finances to some extent. I am not saying discuss exact salaries and taxes and bills paid. Maybe just let them know if something is just plain and simple, not affordable. At this time when us seniors are going to college, I think parents need to discuss finances about schools. I mean, some schools can be up to $60,000 a year, which is quite a hefty price tag. Parents need to make students aware that without significant aid and/or scholarships, the price can not be afforded. My dad owns a construction company, and I've noticed lately in this recession, he is only working for the wealthy because they are the only class that can buy a new home, or create and extension. Hopefully my father can keep recieving these job offers so the economy can keep flowing along with the finances of my family. My mother is a teacher so the job security of that does not worry me. My outlook for the future is with the failing economy, a financial adviser or investor is always needed so Hopefully the job market is thriving after i graduate college.
My family has been blessed and hasn’t been affected too severely by the recent economic downturns as I know many others have. Although it did change my views on money in some ways because I realize now how valuable it actually is and how we can’t just spend it frivolously. I think it is important for parents to talk to their kids about money to a certain extent. The kids should know if the family needs to save money so that they make sure they do they’re part to support the family. Teenagers are not as dense as their parents sometimes think they are. They can handle it. However, I don’t think they should know everything because sometimes with all the problems we have going on in our own lives it could cause too much stress on the child. The recent economic downturn has caused my views to change. I recently got a job in order to save up money for college life. While my parents are willing to may tuition, I do have to have some money for life there and since the economy is so bad, jobs are scarce. I also now often worry about having to face my future. While I am going into the field of Social work, which will always be around, it is not a very high paying job and with the poor economy it will be hard to live anyway. However, there is no point in stressing about the future ill just have to take it as it comes.
The economic decline has made me reconsider how to spend money I get. I am more hesitant to buy something unless I consider it to be a necessity. The downturn has made me realize the importance of being employed. I am unemployed at the moment, so I don't come across money nearly as much as i'd hope. With that in mind, i need to know the money is well spent. My parents talk about the economy alot, and with that and the commercials i see of concerned parents worrying about their children not being able to afford houses when they get older,it can get very intimidating. There are colleges i was hoping to go to my parents will likely no longer be able to afford if they are going to help put my two siblings and I through college. In general, the economic decline has made me realize how harsh the economy can be.
The recent ecominic decline is getting me worried. What is going to happen in the future. Will more people be living in the streets, unemployed. I think it is important for parents to discusses finaces with older children. I don't necessarily think you should know how much your parents make, but you should understand about how much they do. I am hoping that this clears up, so that in the future I get a job, and make good money
The economic decline has affected my family very little. I live with my father and he is an Anesthesiologist at Stony Brook University Hospital. Even though times are tought, people still get sick and someone still needs to make them better. However, coinciding with this economic decline, my father has been in a divorce for the last 2.5 years. Paying for 5 lawyers, 4 houses, and spousal support is a failry accurate replica of the situation we would have been in if we were affected by the decline. Financially, we have been extremely conservative. My dad shares every detail of his finances with me and I believe that that's the right thing to do. I pay for all of my own things. I bought my car, pay for the gas and insurance, school supplies, food, and anything else all comes out of my own personal budget. I work for my own money and do with it as I see proper. This has led me to be able to be financially independent much sooner than if I had just had everything paid for as a kid and then thrown into the real work (which you're about to see a lot of from my peers). I have already made poor financial decisions and poor investments. It is a lot more forgiving to make these mistakes at my age in comparison to failing to pay back loans after college, for example. My learning the true value of a dollar so early, I am much more prepared for my own future.
I have always been fairly money conscious. However, especially in the current economy I have become even more frugal. I recognize how these days you can loose everything including your job in an instant. It not only makes me more cautious but also makes me fortunate for what I do have. It makes me realize how lucky I am to be well of in times like these where people are losing their jobs, homes, and fortunes.
This is especially disheartening since my family will soon have to pay for college. College being such a lofty expense it is becoming harder and harder for people to pay for during such a struggling economy. Also once out of college I will be searching for a job. Hopefully by the time I am looking for a job out of college the job market will be stronger. At the moment it is hard enough to find a job.
I think it is important for parents to discuss their finances with their kids. They have to communicate with their kids about what type spending and saving they want to have. This is especially necessary if there is some sort of drastic change in the families finance situation.
Everyone knows the economy is struggling except for younger people. They don’t know what the economy even is at there age. They just want more and more toys for themselves. Parents should sit there kids down and have a serious talk about money with them. The kids need to know what they want costs money and nobody has an unlimited amount of it. I on the other hand understand money very well and I have thought about money ever since middle school. I seem to be careful about money when wanting to buy something expensive. I understand that my parents do not make a huge amount of money and with the bad economy my parents will make less then they normally did. Kids need to know about money at a young age so they can be prepared when they get older.
Parents should make their children aware of the financial situation that their family is in, as well as teaching the value of money. Although I believe teens and children should understand the value of a dollar, children should not be told the income their parents bring into the household. Children should not be concerned with financial situations because it will only further worry them, instead by parents teaching their children the value of money the understanding of the economy and how it fluxuates will develop naturally. However children should not be left in dark, with no knowledge of the economy and understanding how valuable a dollar can be.
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