Do you tell your children about your Debt problems?
I thought I would raise it as it's been mentioned on another post here.
What do people think - best to tell them and be open and honest so they learn from your experience or best kep under the carpet on a 'ned to know' basis only?
I would think that very much depends on the ages of the children. I didn't tell my son but then he is teenager so didn't feel it was relevant. What i did instead was explain to him how to budget, why i had 2 accounts, one for bills and one for spending. I explained to him why i write a shopping list each week, work out the cost of groceries and why i plan our activities carefully. I explained about interest rates and savings and what types of savings accounts are available. I helped him open a young persons account and a junior ISA and helped him make his own spreadsheet so that he could track his own money. I have also spent time explaining about credit cards and loans, how they work, what the APR means and what the pros and cons of having credit cards are. He now really enjoys watching the martin Lewis money show and what i hope i have achieved is to have given him a better understanding of managing money from a young age. I am sure he will make his own mistakes but hopefully not in the scale that i made them!!!
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
We chose not to tell. We got into the mess andI wouldn't have wanted him to worry.
He just thinks his Dad is tight fisted! We gave him everything he needed and were lucky enough to be able to give him what he wanted at Christmas through extremely frugal living, online survey vouchers and very careful shopping!
We have told him only to purchase things he can afford and how to manage money.
In my opinion, he wasn't mature enough to deal with the knowledge.
Our kids were teenagers plus when we went into the IVA.
We have been honest with them about it but obviously try and do what we can when we can.
It was easier being open to them than people outside of the immediate family.
They also know now that when we give money advice that it is based on really hard experience.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
We haven't told ours - mainly because both are under 13!
We do however do exactly as Relieved and Urbanfox have written, which is teaching them about finances, budgeting and also about the purposes of credit etc.
Teach them as much as you can based on your own experiences, but ultimately they will do what they wish.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Our son leaves school this year and has recently taken a part time job. 10 hours a week on minimum wage. He keeps half, saves half of the remainder and gives us the rest as board. We are saving his board for him but he doesn't know that so should be a good surprise when he leaves for Uni.
Relieved, my mu did that for me and my brother. The arrangement was that I had to save a third, could spend a third and a third went to board and lodge --- however, when we moved out into our own homes that third was added to the third we had saved. Unfortunately I didn't pay enough attention to keep me on the financial straight and narrow.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
