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5 Ways the Recession is Good for Your Kids

Some days, you might feel a bit down in the dumps over a lost job or a depleted 401K, but that doesn’t mean your kids may be. In fact, it’s beginning to look like the recession might actually be good for your kids—in the long run, at least. Whereas older generations learned their money lessons from the Great Depression, today’s younger generation is finally getting its chance to see the benefits of frugality and savings up close. Here’s a few more ways that the economic downturn might be benefiting your kids.

1. More family time. Losing your job means struggling to make ends meet with less money, sure. But it also means having more free time at home to spend with your kids. Whether that leads to impromptu trips to the museum or leisurely walks to school, having more time with Mom and Dad is definitely something your kids will remember years down the road.

2. Expanding creativity. It’s easy to play with designer toys and expensive gadgets, but today’s recession-era kids are learning to get creative with less. Experts say “traditional play” with basic things like cardboard boxes and Frisbees are better for a child’s development, and they’re a whole lot cheaper, too.

3. Living frugal is finally cool. Whether they’re learning it from their parents, teachers, or a favorite cartoon character on TV—kids are picking up on the cultural shift and understanding that frugality can be cool. Today’s generation of children is seeing their parents pay the price for trying to live above their means, which gives them a better chance of avoiding the pitfalls of materialism and consumerism in the future.

4. Learning to cope with defeat. Gone are the days when parents caved to their child’s every whim when it came to pricey purchases. When a child asks for an overly expensive item in this economic market, the answer is likely to be “no.” That might not be so bad in the long run when it comes to learning lessons about having to do without.

5. Encouraging young entrepreneurs. Whether they are running a lemonade stand, walking dogs, or tackling household organizing projects, kids whose parents won’t buy them the latest toys are more inclined to put in the work and buy those toys themselves. Teaching your kids to think creatively and earn money on their own is something that everyone can benefit from, whether they’re 5, 10, or 20 years old.

Tags: family, kids