Happy Father's Day to all fathers and intending fathers reading this post right now, I hope you had a reason to feel loved and special today. Whether you are a fresh Dad or you already have an extensive length of fatherhood experience, you know all the types of responsibilities associated with being a father and carrying them could get overwhelming sometimes.
These steps will help you gain control of your finances, and help you enjoy the benefits of being a father.
- Have a fund for rainy days: If you do not have one yet as a father, then it is time to begin building. In this rainy day fund, there should contain a total expenditure that would be able to meet needs for at least six months, this would cover up for days of unemployment, or when there is a sudden inflow of cash until you are able to bounce back again. These funds for rainy days, limit the risk of going into debt or taking out of the funds you have prepared for your kids on a long-term basis.
Guide your income: It is an amazing experience to have kids, but it could also be really expensive, as a father even while hoping that nothing terrible happens, it is necessary that as a good father, you prepare for the worse even if they were to happen.
Income protection, I am not sure is available in all countries, but in regions where it is available, it pays out a part of your salary in cases of a long-term illness and you do not have the ability to work. Life insurance is also a good thing, it helps with the payment of mortgages and high financial responsibility if you are not there.
Having an updated will is a good thing to do as a father, ensure that your wealth is appropriately distributed upon your demise and your asset is properly guided for the benefit of your children and family.Invest in the future of your children: Setting money aside for the future of your kids could be really challenging, but the earlier, the better it is. If you have the ability, to increase how much it is you put into their future, then by all means make that sacrifice, so they would thank you for it.
Remember to love and take care of yourself: The fact that you have a family to look after does not say you should ignore completely that you also deserve to enjoy the thing you work for, do what you love, and remember to make yourself a happy father.