What I've been talking about up to now is just spending and saving. There is a whole lot more that our kids need to know than that. They need to learn how to budget their money, effectively manage a checking account, know how to apply for loans and what they can expect to pay for priviledge of using someone else's money, learn what they have to do to make theirselves eligible for loans, how to control impulse buying and list goes on and on.

One other suggestion that I have is to get kids involved in your finances. No, they shouldn't have any control, but they need to find out just how hard it can be to keep everything going financially. It may even show them why you say no to that $80 pair of Nikes.

It's not too late for our generation to get control of our money but, for many of us, it has been a struggle from day one. Wouldn't it be great if we could save our kids from going through what we had to. All it takes is knowledge and willingness to pass it on to our kids and grandkids.

I have put together several links that may help you teach your kids what they will need to know about their money. I hope they help:

http://www.homemoneyhelp.com/BBOonline.html The Complete Budget and Bill Organizer http://www.homemoneyhelp.com/articlearchive.html Several Articles That Might help http://www.kidsmoney.org/ KidsMoney.org http://www.metlife.com/Lifeadvice/Money/Docs/kidintro.html Helping Your Child Understand Money http://www.makingallowances.com/index-fs.htm Making Allowances http://familyeducation.com/subchannel/0,2794,65-189,00.html Kids & Money

Keep your freezer and food pantry stocked.

Determine what assets you could use in event you needed money to get by. Start with things like an IRA, 401k or other savings. You can also consider things that you can sell to bring in money or reduce your debt.

If things get real bad, you will need to know where you can get help. This could be from family and friends or government aid. There are a lot of people that have had to resort to this form of help that never believed it could happen to them.

Know your priorities. Food and shelter will be your main concerns if you lose your income. Whatever money you have should go for these expenses first.

Contact all of your bill collectors as soon as problem arises. Let them know that you have lost your income and are doing everything you can to get back on track. Get persons name and department you spoke with and tell them you will keep them posted. Trying to hide from these people will only make matters worse.

Let entire family in on problem and tell them that there will need to be some adjustments made. Enlist their help with ideas to earn income or cut expenses.

Being prepared for worst will make you sleep a little better while times are good.