Mother Knows Best: 5 Ways to Teach Your Kids About Money

Recession talk is everywhere, even on Mother's Day. At work, at home, at the supermarket, at the library, at soccer games, and on play dates. Everyone hates this recession, and most everyone is being affected by it. Especially mothers. Why? Because we are on the front line of the budget wars.

Let's face it, as far as we have come in our efforts to shore up equality among the genders, moms are still largely in charge of household budgets for food, clothes, birthday presents, discretionary items, track-team uniforms, new tennis rackets, and so on. So when the economy heads south and prices go north, it's mom who usually decides what the family can do without.

But instead of being the financial heavy on this day of all days, look for the silver lining: An opportunity to teach our children about financial responsibility. Maybe you've had to tighten your monthly budget or take a less expensive vacation, stay in and cook rather than eat out, forego new additions to your summer wardrobe or your house. Instead of just saying “no” without explanation or example, use the recession as an educational tool.

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