Father’s Day: Financial tips for dads

On the third Sunday of June every year, the world stands to applaud the important role that fathers play in their children’s lives. Fatherhood comes with joys, smiles, stern warnings and discipline as well as responsibilities in form of a child who will determine a man’s financial choices, beyond himself, as long as both the child and the dad have breath.

Here are some ten tips to help you navigate those daddy financial decisions:

  Be a good money model for your children: Home is the place where children learn about money, form attitudes about it and learn how to manage it, all from observing their parents. Most of us don’t get taught about money in school, yet we inadvertently become our children’s first teachers as far as far as money is concerned. Money management is a very important life skill, because we deal with money every single day of our lives, so as we teach our children how to navigate life, we should not forget to equip them with the right money management skills. If you want to empower your children financially, start by empowering yourself with the right knowledge that you can then pass on to your children. You can learn this from the internet, YouTube, taking classes, etc. Don’t let your children fumble in the dark and take that fumbling into adulthood, start teaching them the right things about money as early as possible to give them a head start.

It is not just about you:Men love themselves above everything and everyone else. For this reason, they prioritise their financial needs and wants over everybody else’s. That is a good thing – we ought to love and take care of ourselves first before we can do the same to others, even our loved ones. But at the same time, there needs to be a balance. As you take care of yourself, remember that you have a family. Today, we are focusing on fatherhood, so remember you have children and they have needs. As you allocate money to your needs and wants, don’t forget to do the same for your children, who rely on you for sustenance.

Your children are your responsibility, take care of them:  When the children come, whether you are married to their mother or not, you do not need a court to remind you that you have children you’re your DNA and your blood flowing down their veins and that these children have needs and that those needs require money to take care of. Whether you feel you as if you don’t have enough money to take care of your children, you don’t have the luxury to decide whether or not to take care of your children. Once the children have come into this earth, and as long as both you and they have breath, you need to constantly ask yourself, have my children eaten? Have they gone to school? Are they wearing clothes? Do they have a roof over their heads? Am I doing my part and my best to provide for my children regardless of my relationship with their mother? You should. 

Plan ahead; have financial goals – short-term, medium term and long-term – not just for yourself, but for your children too. What financial needs will your children have at every stage of their lives? Start planning for these costs and saving and investing for both major and minor inevitable financial goals, so that you will be able to take financial responsibility once the bills come due. Do not leave it until the last minute, where you might struggle with the temptation to let the children’s mother “handle it”. 

Your presence is more important than presents: You cannot buy your children’s love. Your children may not remember what you bought them, but they will remember how you made them feel. So, create warm memories with your children – sometimes this involves spending money, for instance taking them on vacation, but sometimes the most memorable moments have nothing to do with expensive toys, lunches or trips to amusement parks. Playing and running around with them, reading them a book or doodling with them might be the best thing you can do for them, that money can’t buy. Let your children know that money and things, though they may make some things in life easier, are not a prerequisite for happiness. 

Make sure you have health insurance for yourself and the kids. At the very least get your family on NHIF which now covers both in- and out-patient care. Medical bills can drain your finances, making it difficult to save and achieve other important financial goals. 

 Build an emergency fund with three to six months’ worth of living expenses saved up to cover you in case of an emergency that threatens to wipe out your resources, and undermines your ability to take care of yourself, your family and your children.

You might want to get life insurance which would help cater for your dependents’ needs if you died or got disabled before they are old enough to take care of themselves. Or at least have a contingency plan in the event that you were no longer able or available to take care of your children. If your death or incapacitation would throw your children into destitution, find ways to to mitigate this “worst-case-scenario.”

 Plan for retirement. Your children are not a guaranteed retirement plan, so don’t act as if they are. Have your own plan for financial survival once you get too old to actively earn a living; you need to be able to survive in the event that your children and everyone else abandons you. If your children choose to support you financially during your twilight years, it will be a bonus.

Remember you are not the Red Cross. Other people may have plans for your money, but put your needs and those of your family first. Don’t become the sacrificial lamb who takes on financial burdens of people who refuse to become financially responsible. Do not sacrifice your family at the altar of misplaced generosity.

Happy Father's Day!

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