The family is important that’s why we do our best and make sure that they are safe and secure. So being a father, you should be able to provide for your family because it is your essential duty. Plan preparation should be your priority since most of the family members will rely on what you can offer them. Though your responsibility doesn’t stop there, you will have to put a whole aspect of importance on your financial stability.
According to Rashonda Douthit, LCSW, “It has been said that “money isn’t everything”. Certainly, financial stability can be an important factor to a happy family. Although there are other things that can contribute to familial contentment, financial instability can be a stressor to individuals and families.”
What Are The Things To Consider?
“Money is a big thing and ignoring it is impeding satisfaction in relationships,” said Megan Ford, MS, LMFT. “The No. 1 reason for arguments is often money. We know it and believe it, but there is not a huge body of literature on the topic.”
A father is the most dominant member of the family and the financial provider so there are certain things you will have to consider to secure your monetary status. You should first determine your needs and wants so it will not compromise your financial activities.
Savings – saving money for the future will secure the family’s financial needs. Significant parts of it are education, food, shelter, clothing, and medicines. You should allow yourself to take into thought the process of saving up money for future use.
Environment – choose a secure place where you will plan to build your shelter for your family. Nowadays, having a clean, pleasant, convenient and friendly neighborhood is very important. It must be near the market, schools and department stores and other government offices so it won’t take too many expenditures for transportation.
Secure Your Home WI-FI Network – Having internet in your home is apparently considered a necessity. It is an alternative way for them to keep in touch with technology and make great use of it for educational purposes. Though it is sometimes beyond maximum, you have to learn to limit its use.
Make Sure You Have Life Insurance – One of the best things you can do for your family is to get life insurance. As the provider of the family, you have to put a priority on future reference. It will allow you to secure your family’s safety at all cost. It will become convenient in the future when monetary issues arise.
Make Sure Also You Have Your Emergency Funds – Not every one of us knows what will happen in the future. We wouldn’t want to wish something to happen with our family, but it’s better to be safe than sorry. Your emergency funds will save you in times of crisis or an unexpected incident. Emergency funds shouldn’t have to be your priority, but it should be part of your list to consider.
Budget Your Daily Consumption – Spending money is quite a bit of a struggle. Being a father will give you enough understanding of segregating the family’s wants or needs. You have to set an example of the spending habit and teach your kids how to save properly. It will help you nurture your children to understand the value of money.
All of these are just the fundamental ways on how to ensure and keep the financial stability of the family. But these are very important. According to Amy Morin, LCSW, “Research shows there’s a clear link between your financial health and your mental health and your debt may serve as a tangible representation of your psychological state.”
Experiencing financial difficulties are very hard and self-disappointing, it may lose your confidence and self-esteem, but we can prevent these by putting an effort to plan and work hard for the wellness and benefit of your family.