Because we know that many parents are the financial pillar of their family, we also know the difficulties they have to face: pressure to meet various needs and frustration at seeing the money reduced so quickly. This day of the father, Dinerio gives them 10 tips of finances so that they stop worrying and enjoy 100% their paternity.
- Use your money wisely
Stop spending money on beer, cars and sports. If you have a habit that is only reducing your budget and putting you and your family in difficulties, cut it for a while and you will see the results. Think ahead and invest that money in financial instruments or start the business you’ve wanted so much. If you want to know the new ways to invest your money, we recommend you read the fintech that will help you make the most of your money.
- Protect your family
Although nobody expects bad times, it is better to be safe than sorry. As a parent it is your responsibility to insure and protect the future of your children in case something unfortunate happens, be it an accident, illness or premature death. There are several life insurance options to protect your family.
- Have a savings fund
Although it is difficult to save after all the expenses that have to be made, it is necessary that you do it and that you cultivate that financial habit. Sit and analyze your income and expenses, how much can you save? Whether it’s a lot or a little, take it out. Divide your savings into various funds: emergencies, retirement, personal goals, etc. Do not touch that savings fund unless it’s an urgent situation. As a recommendation, you can put that money in a bank account to which you do not have access so easily or place it in a liquid investment.
- Create a budget
To achieve financial peace, it is necessary that you have complete control of all your money. Make a list of all the expenses you make per month and determine the amount of money that goes to each expense. Do not exceed the budget that you assign to each expense and do not spend all your income, it is advisable that within your budget you also include saving funds.
Dinerio is the first free personal finance platform with which you can have total control of your money from one place and wherever you are. Dinerio allows you to create a personalized budget that automatically tracks your expenses by linking your bank accounts and obtaining your financial information, saving you the work of manually writing everything in Excel tables or in notes. The only thing that you will have to manually write down is the expenses with cash.
- Teach your children to save and invest
Parents have a responsibility to encourage and inspire good habits in children, and the best way to teach your children is by setting an example. Strive to have healthy and responsible finances, and your children will also have them. Show them the benefits of saving and investing money. Buy a piggy bank for your children to start saving and give them rewards for their money saved. Also teach them ways to save when they go out for fun or on vacation.
A good investment option for children are the Government Cites, where they can create their account and start investing.
- Ask for the opinion of your children in financial decisions
Adults think that children cannot get involved in money issues; However, if you encourage that belief, your whole life will think that way. On the other hand, when you start to involve your children in financial planning you will be surprised to see their ability to analyze and understand situations. If the family is in a complicated economic situation and they know it, they will do their part.
- Establishes a period of family purchases
There are many needs of your family: services, food, medicines, utensils, etc. However, you can establish a period a year in which certain purchases are made such as clothing, school supplies, furniture, utensils, etc. Thus, the rest of the year you will not have to worry about that and you will have more organized your budget.
- Look for extra income
If during the weekends or at the end of your working day you have some free time, you can look for jobs or hobbies that give you some money. Creating a blog or a website about a topic that you are passionate about are options that are now very viable and functional. Uber, Fiverr and Airbnb are other alternatives.
- Have fun with your children without spending
Teach your children that happiness does not come from material goods. Avoid buying expensive and electronic toys, instead buy skill games or create your own games. Something as simple as puzzles, Lego, balls, ropes, etc. Go out to exercise with your children or practice some sport. Visit natural parks and live with them. They will be the best memories that you can give them and that require little or no money.
- Spend some time a week for yourself
Even though being a dad is a full-time job, it is necessary that you dedicate some time to yourself. For you to reflect, be alone or clear yourself. Being a father does not mean being Superman. You can spend 30 minutes of your day meditating, exercising, going for a walk or doing the activity you enjoy the most.