Today, most people assume that they will be happier once they become parents. However, research has shown this to be false. A study conducted in 2004 by the Nobel Prize winner Daniel Kahneman found that taking care of kids categorized as the 16th most pleasurable activity out of 19. The study also classified having children reduce marital satisfaction- the more kids you have, the less happy you are likely to be. However, not all family life is gloomy and sad. You can improve your life and become happier by blooming and forging a better relationship with your wife and kids while still caring for their financial future.
Being a great family man is all about finding the proper work-life balance. Bringing bread home is no longer enough; you need to spend some time with your family, get to know them while still improving your work life. Most fathers miss out on family life due to their busy office schedule. So how do you find the balance of being a family guy and still providing for your family?
Below are some tips:
1. Take care of your physical wellness
Including fitness time into your schedule will help you relieve stress that you would otherwise take out on your family. Exercising for 30 minutes to an hour per day will improve your mental and physical health, making you a better person around family.
2. Take time to spend with your spouse
Take some time every week to go out with your spouse and do something fun, have a date night where it’s just the two of you, spend time with them and remind yourselves why you got married. This will allow you to relax and have some fun.
3. Take regular family vacations
Take some time off from your busy work life and schedule a family vacation. Sit down as a family and come up with a get-away destination. Doing this will show your family that you value their input and ideas.
4. Come up with a family budget and follow it
5. Spend one-on-one time with each kid
Take some time and spend it with every kid in the house separately, let them get to know you. This will reduce tension and make your father-child bond even stronger.
Planning Your Family’s Financial Future
Fatherhood is all about ensuring the well-being of your family. It is more than spending time with them and bringing home food. Being a wise father means you make wise financial management decisions and are always prepared for the future. To ensure your family’s financial future, you need to take below two steps:
Today and tomorrow’s financial management
Being a father is priceless. However, children come with many expenses, as they become older, so do their cost of living increase. Once you have kids, everyday expenses may put a strain on the family budget. Most people are always updated on daily expenses such as how much you spend on food, diapers, childcare, hospital bills, and clothes. However, we often tend to neglect essential long-term financial goals while tracking these daily expenditures. Sometimes, families go into debt due to their consumer-driven culture.
Lack of future financial planning mortgages the children’s future. Being a good father means predicting and adequately preparing for when certain expenses may come along in different stages of the child’s life. As a father, you should anticipate when your child will require more money for activities, school fees, money for food, transportation, and healthcare and wisely come up with a plan to set aside some money for them. You should anticipate and provide the financial resources required for your child to follow their dreams in both their education and careers.
The greatest gift our dads’ gave to us was the gift of having an education. Preparing for your family’s future should also include family insurance. This is a treasure to ensure your family is well provided for even after you are gone.
Educate your kids about financial responsibility
As a father, the responsibility of teaching your child about handling money falls on your lap. The best way to teach your children is leading by example. You can try sharing some financial matters with the entire family. Teach your kids about good and bad debt, how to save, and the importance of having a budget. Have a clear vision of what you would like to teach the kids about money. Some basic things you need to teach them to include delayed gratification, being contented with the little they have, working hard, and saving for the future.
With that in mind, below are three most important things that children need to learn about money from an early age:
- Consistent saving: Teach the kids the art of saving even if it’s a little bit every week. If your kid learns saving from a young age, they will have a better financial future by making wise decisions.
- Be generous: Teach your kids the art of cheerful giving. Let them learn from a young age the satisfaction of sharing and helping others.
- Spending money wisely: Weather the children are spending their allowances or money they have earned from doing tasks around the house, teaching them how to spend it wisely is a valuable lesson they will need when they grow up. Don’t bail your kid out of unwise spending decisions, this will teach them the difference between wasting money and wise investments.
Fatherhood is a priceless gift. As a father, you get the satisfaction of being there when your child is taking their first step in everything, from their first cry to their first smile, their first day in school to their first day at work. You are a powerhouse for education, and your children should learn from you.