If you and your kids are used to splurging on purchases, it can be difficult to transition to a more modest lifestyle. Frugal living has its own meaningful rewards, though, and learning financial discipline can bring your family closer together. Take our quiz to find out how prepared you are to make this transition.
What is the healthiest way, according to most experts, of dealing with money communication in a family?
Rarely talk about money, except on a need-to-know basis.
Always say no to requests for new things and close the discussion.
Keep an open communication about money and encourage a positive discussion about it.
What is the best attitude to take toward new budget constraints?
When you or your spouse loses a job, what should you tell your kids?
Explain the situation honestly in an age-appropriate way.
Keep it a secret until absolutely necessary.
Explain the harsh reality of being poor and scare them from asking for anything.
What should you do when your child asks for something unnecessary in the store?
Tell them "no" and end the discussion.
Have them make a list of things they want, let them choose one, and set a goal for them to achieve it.
Buy it for them.
According to the U.S. Census, about how much does a week of food cost for a family of six (two parents of 40 years old, and four children of 2, 4, 6 and 8 years old) under a thrifty plan?
What will happen if your child sees you breaking your own budgeting rules?
The child will assume the rules aren’t important.
The child will reasonably understand that the rules apply only to him or her, and not to you.
A child only pays attention to what you say and not what you do.
What’s a good way to handle a clothes budget for a teen with expensive tastes?
Start a fight over every piece of clothing the teen picks out.
Give the teen a set amount of money to spend how he or she wishes.
Buy the teen expensive clothes to avoid a fight.
According to the U.S. Census, what percentage of families in the United States are living below the poverty line?
What’s a good idea for a outdoorsy family on a budget?
spending the night at a campsite
going on a hike
What should you do to arrange a movie night for a frugal family?