There is no denying it, the Credit Crunch is everywhere! It effects every aspect of our lives, from what brand of baked beans we buy now to whether we go on holiday abroad or stay in the sunny UK this summer.  It also affects our children. The Witchlings are getting expensive tastes now and, like any other 10 or 12 year old, have great difficulty hearing the word ‘No’ when it comes to the latest craze.

The answer, we have discovered, is personal loans.  We plan to out a personal loan to finance the home improvements that we need to complete to give the Witchlings.  To help the Witchlings understand how this works and the impact it has on them directly, we are making this particular aspect of our finances transparent. They know how much the project is costing, how much we have to borrow to finance it and how much our monthly repayments are. The concept of interest had not entered their lives until now.

So now, when they ask about buying ponies or quad bikes we can discuss the financial implications on a more grown up basis. They see it in terms of how much longer they would have to wait to get their loft bedrooms if we spent any of the loan money on their latest whim.

Of course, there are other, smaller requests that they make for daft items that are not itemised in our family budget spreadsheet. So we negotiate terms now. The Witchlings are welcome to take out mini personal loans with us if their pocket money doesn’t cover the item, but interest must be paid - in the form of washing up, or vacuuming the stairs or cleaning the bathroom for a week! I love being the family bank manager!

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