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A family close to me has suffered an unexpected loss of income. The hours at the breadwinner's job (one spouse works, the other does not) has been cut in half, so he has lost half of his income. The job might go away altogether in another month or so.
Two questions have come up:
1) Should the breadwinner take on temporary jobs to replace the lost income due to the paycut? Or is it appropriate to expand time spent on fun recreational activities and not worry about the loss of half of his income.
2) Should the children's allowance be cut in half or cut off altogether? Or, since the lack of income is no fault of the child, should the parents continue paying full allowance to the children?
A family close to me has suffered an unexpected loss of income. The hours at the breadwinner's job (one spouse works, the other does not) has been cut in half, so he has lost half of his income. The job might go away altogether in another month or so.
Two questions have come up:
1) Should the breadwinner take on temporary jobs to replace the lost income due to the paycut? Or is it appropriate to expand time spent on fun recreational activities and not worry about the loss of half of his income.
2) Should the children's allowance be cut in half or cut off altogether? Or, since the lack of income is no fault of the child, should the parents continue paying full allowance to the children?
I'd think both of those questions would be up to the specific parents. Have these questions actually "come up" to you, or is it a matter that you don't agree with how they are handling things? Honestly, another family's finances aren't really your business unless they are asking you for financial assistance. In which case, you certainly have the option of providing it (or not) based on your own feelings/beliefs.
I tend to be a realist so my thought is that children's allowance should be cut drastically or cut out altogether if the job goes totally away. This is a lesson in real life thinking for the children. It has nothing to be with " fault". The allowance has to come from somewhere so if the funds aren't there anymore, then there is no allowance. The kids will survive. Everybody has to tighten their belt, the family pulls together as one. The children are not more privileged than the parents. The kids are not immune from the economic forces that affect a family. The sooner kids learn this, the better.
As for spending non-existent money on fun recreational activities- what the heck? If you go from a two income family to a one income family, that is a major financial hit to the budget. Now if one person has a very high income spouse and the other spouse is working just to keep busy , that is one thing. If the job being lost is the " Just to keep busy" job, then maybe job loser could stay home.
But most two income famlies need those two incomes. The loss of one job is really going to be felt in a month or so. I would think that that person would be out looking for another job immediately. Yes, there will be some unemployment compensation is some cases, but that does not cover what is lost. The longer a person is out of the work force, the harder it is to get a job. Do you ever read the news- some employers won't even hire the long term unemployed. Lose a job- best to try to get something else a.s.a.p.
Honestly, another family's finances aren't really your business unless they are asking you for financial assistance. In which case, you certainly have the option of providing it (or not) based on your own feelings/beliefs.
I agree. I care in this case because this family, for years and years and years, has asked for financial assistance. Certain key people expect all of us to help them out. I resist, and like to have worked out my rationale in my own mind.
I agree. I care in this case because this family, for years and years and years, has asked for financial assistance. Certain key people expect all of us to help them out. I resist, and like to have worked out my rationale in my own mind.
You don't need a rationale. If you don't want to give someone money you don't need to give it to them. You also do not need to explain why you do not want to give them your money. Just say no.
They have experienced a "sudden loss of income." So should their children.
It's a very important financial lesson.
Those who want the income to CONTINUE will have to WORK to make that happen. It's a very simple formula; it's just hard to discipline ourselves to apply it. Allowance should not just continue as is.
And heck yes, they should get a temporary job. How else will bills get paid?
I would think you could teach your children lessons in compassion, though, by helping the family in ways that are not financial like taking food to them or babysitting, whatever. Those who expect others to help out could instead hire the kids to work for the allowance money rather than just giving a handout.
They have experienced a "sudden loss of income." So should their children.
It's a very important financial lesson.
Those who want the income to CONTINUE will have to WORK to make that happen. It's a very simple formula; it's just hard to discipline ourselves to apply it. Allowance should not just continue as is.
And heck yes, they should get a temporary job. How else will bills get paid?
I would think you could teach your children lessons in compassion, though, by helping the family in ways that are not financial like taking food to them or babysitting, whatever. Those who expect others to help out could instead hire the kids to work for the allowance money rather than just giving a handout.
Certainly it is kind to help those who need help. Especially if they are part of your family. However, it is not acceptable for a third party to EXPECT that someone else will hand over their hard earned money to help.
I never got an allowance as a kid. It's a weird concept. There are other ways for kids to have their own money, such as mowing the neighbors' yards, paper routes (do those still exist?), or any other "self-employment" options. Motivated kids do these things all the time.
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