Alongside mental and educational guidance. Financial support is one of the most important things you can do for your children.
We can all look back and remember as kids what type of financial upbringing we had. Our parents didn’t need to announce their income, we could see it and feel it, especially when we compared them to others.
Building your financial stability is the key to helping out your little ones.
It never stops, all the way to the point where they decide to move out and even further.
As parents in general, one thing we tend to neglect is to plan for tomorrow or next week, let alone what our finances will look like in five to ten years from now.
Neglecting to take control of your money has a direct impact on your household. Believe it or not, children can carry financial trauma from the lack of it or negative money talk in your home.
As they become adults, this could shape how they view money and how they choose to manage it.
The best start for any father is to get a foundation for your finances. Start with the basics and that’s all bad debts paid off. Save a 3 to 6-month emergency fund worth of expenses and finally maintain a steady dependable income.
Once you have the foundation set, you stand a better chance to save, invest and support your kids with whatever comes along. Some dads plan to support their children by saving and planning for university as early as their child starts school.
Imagine giving your child the gift of not having to go into debt, so they can access further education.
No worries about student loan repayments with added interest. They can truly focus on learning rather than trying to balance a part-time job and stressing out about how they’ll eat.
Picture paying the deposit on your son’s or daughter’s first home knowing it’s not a financial burden on you. The main point is, that how you handle your finances today can have a big impact on how you can support your kids and family in the future.
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