If you’re worried about the current economic conditions and what it means for your family, chances are your kids are too.  Below are some tips for talking to your children about finances and how the current situation is affecting your family.

• Remember that kids live in a black and white world.  It’s a common reaction for people to joke about their economic predicament.  Unfortunately, kids don’t often understand the difference
  between a joke and reality and may literally think your family will end up on the streets even though you mean it in jest.
• Be honest.  Give your children a basic understanding of your financial situation, but only provide them the amount of information appropriate for their age.  Reassure them that while you may need to cut back in places, you’ll still be able to provide for their needs.
• Add context to financial conversations.  Showing older kids your monthly bills can help them gain a better understanding of your situation and identify ways they can contribute.  Seeing the actual bills and how you pay them is a good way to bring financial discussions to life.

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In this week’s show both financial guru, Dave Ramsey and Jennifer Ranville of Fifth Third Bank stressed the importance of creating a budget.  Both recommend starting with a simple formula that will give you an idea of your monthly income vs. expenses.  Click on the link below to download Dave Ramsey’s free budget template that will help you get started.

http://www.daveramsey.com/fpu/home/index.cfm?fuseaction=dspJustContent&intContentId=3006

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Families across West Michigan are looking for ways to save money.   From clipping coupons to cutting cable, we’re all doing what we can to stretch our dollars.   I’d love to hear what your family is doing to save some cash!  We have a special savings show coming up the first weekend in March and I’d love to share your ideas with our viewers!   Simply click on the comment button below and tell us your best saving solution!

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You don’t have to travel around the world to expose your children to the world around them.  Here are five ways to to explore other cultures without breaking the bank.

Tip #1
Visit cultural festivals in your town.  Most have free admission and it’s a great way to experience food, art and music from another culture.

Tip #2
Your local library can be a great resource.  Check out books on other countries, listen to cultural music or research people of other cultures who have made a difference in our world.

Tip #3
Change things up at dinner and try some new dishes.  Instead of your usual pizza or spaghetti, spice things up by trying tamales or falafles.

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Looking for some affordable ways to introduce your kids to the arts?  Here are some low-cost options that won’t break the bank.

1.  Call your local art museum and ask what types of deals they offer for families.  At the Grand Rapids Art Museum they offer dollar days on Tuesdays from 1-5.  Admission is completely free!

2.  Does your town have a theatre guild?  Broadway Grand Rapids offers a Broadway in Education program which awards schools and non-profit organizations tickets to local broadway shows.  Read all »

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Here are a few tips from Fifth Third Bank that will help you enjoy a family vacation without breaking the bank!

1.  Pre-planning is one of the best ways to save.  Map out your trip, research your destination, know where you’re going and what you’re going to do while you’re there.  Once you have that planned out get online and look for coupons and discounts at attractions and restaurants.  Many museums and zoos offer family free days, try to plan your visit around those days if they’re available.

2. Dine out less and bring snacks for the car.  Another way to save cash is to visit a grocery store once you get to your destination and make your meals.  When going out for a nice meal, go for lunch instead of dinner because prices are lower and lunch is more casual for kids.

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