If you live in the same house with any children over the age of three, chances are that they know something is not right with the economy.  We may think that our kids don't pay attention to what we talk about or listen to, but they most defintely do.

If you haven't yet talked to your children about the financial state of the United States, it's time to seriously condsider doing so.  I'm certainly not suggesting that you tell your children all of the details about what's going on, but it's important to them to know something. 

I grew up during the Cold War, and I can distinctly remember my dad watching the news each night. I remember seeing President Reagan talk about Russia. I didn't know what was going on, but what I did know concerned me. I could tell it concerned my dad too, but we never talked about it. 

As a parent, I feel that it's important to talk to my children about things that may concern them, in terms that they can understand. And in the case of a economic recession, I think that it's actually a great opportunity to teach my kids some important lessons about money. 

It's completely up to you to decide if and how you'll talk to your children about the current recession. Without scaring them, it's good to let them know what's going on and to even involve them in helping your family to save some money. 

Here's a few ideas to get your started talking about the recession:

• Explain to your children that times are difficult right now and that you will make sure that they always have the things they need - but that your family may have to give up some of the things they like to do.
  
• Ask your children what they have heard about the recession and what they think about it.
  
• If your children are a little older, ask them to help you come up with ideas to help your family save money. You might be surprised with the ideas they come up with!
  
• This is a wonderful opportunity to talk to your children about the importance of saving money and living within their means as they get older.