Parents will do anything for their kids’ future, even if it means going into debt. According to a recent report, today’s parents are borrowing more than three times the amount their counterparts did 25 years ago. As dads, protecting our family’s future is part of the job description, but how do we do that effectively without compromising our own well-being?
Start Saving ASAP
Having a kid is expensive. Food, books, clothes, toys, extracurricular classes: it adds up.
When you’re spending so much, saving — let alone investing — may sound near impossible. But prices are going to keep on rising, so letting your money grow is essential not just for your kids’ future, but for yours as well.
Start by putting aside small amounts every time you get a paycheck, and don’t just let your savings gather cobwebs in your bank account.
If you’re not unsure about how to start investing, you can put your money in a “safe” investment like mutual funds or a retirement plan. NGLIC.com advise that once you have some assets, putting them in a trust will ensure that your family will benefit from your investments in the future.
Invest In Your Kids’ Character
Even if you save and invest more than enough for your family’s future, you’re setting up your kids for failure if you don’t focus on building their work ethic and character.
Giving them age-appropriate chores, from washing dishes to walking the dog, is a great way to teach them the value of hard work and responsibility.
Though they may gripe and moan when you remind them to take out the trash, don’t cave in. Teaching your kids to do tasks around the house doesn’t just remove tasks from your to-do list; it also empowers them with the skills they need to function as an adult in the future.
They’ll thank you for it when they’re older.
Teach Good Money Habits
Apart from chores, you could offer to pay them for other jobs around the house.
You could also teach them how to start their own business, even if it’s just as simple as mowing lawns or setting up a lemonade stand.
Bring them to the bank to set up a savings account, so they can watch their savings grow over time. The earlier you teach your kids the value of hard-earned money, the better it is for both you and them.
It’s easy to get lost in fulfilling your kids’ needs, but you shouldn’t neglect your own.
Studies have found that happy parents — whether they’re together or separated — are more likely to have happy kids. This entails saving for your future, sharing the load with your partner, and working as an effective team with the entire family.