Younger children have little to no life experience, which means they may assume that you have an endless supply of money, treats, and presents. As the adult, you must have supernatural powers that provide all these things. You have all the knowledge and all the power.
Since children often think of you and themselves as invincible at this age, they may not fully comprehend when you tell them about your financial situation. They may cry when you explain that you cannot buy them the toy they want. However, you will get through to them eventually if you take the following steps:
Don’t expect your children to fully understand the situation right away. It may take a few weeks or months for them to comprehend, especially if financial disaster strikes around Christmas or a birthday. Exercise patience and empathy as you help your children through this difficult time.