A father’s role in any family is to be the bread winner of that family. To provide for each member of that family the necessities of life such as food, clothing, shelter and education. Fathers like mothers are pillars in the development of a child’s emotional well-being. Fathers are also looked to for advice for emotional and physical security as they promote growth and strength.
With the role of bread winner, a father faces many challenges especially financial ones. Financial literacy is having the knowledge necessary to manage personal finances efficiently. Financially literate people know how to achieve long-term goals and make healthy financial decisions. This is a skill a father needs to provide effectively for his family. We will be taking a further look at some of the financial challenges of a father.
1) Childcare
Childcare is the most common and one of the biggest expenditures for parents. When a father is jobless that can be a positive for the child because the mother and the father will be both be able to spend more time with the child. This of course is in the case that the mother does not work as well. This can be a good period of time for the child’s development. This can also be bad because if the father is not working he will not be able to afford food and other basic necessities if his period of joblessness goes on for a long period of time.
2) Food
The most basic expenditure a father have as parents is food. Providing a balanced or nutritious meal for his family should be his key concern. The second concern would be how much members of his family he need to make sure whatever he makes can stretch.
3) Housing
New additions to the family require a bigger space to create a balance in your home life. When thinking about parenthood, it pays to plan and allot a portion of your income for housing.
4) Unexpected costs/ Healthcare
Having an emergency fund is a necessary failsafe for your family. A good rule of thumb is to save at least six months’ worth of expenses in your bank account. There will always be financial challenges (as well as unparalleled joy) of becoming a parent. But striving for financial security will help you better prepare yourself on your parenthood journey.
5) Jobless
Being a jobless father can be very stressful as a father is to be the breadwinner of the family. The inability to perform this task can bring frustration and will even lead to domestic problems. This can cause mental and emotional stress that can be too stressful for the father. As well this will stop the flow of income into the family, if the mother is not working as well. This lack of income can make it hard for the family to provide basic needs such as electricity, water and food.
6) Excessive Debt
Incurring debts adds to a fathers monthly payment obligations and can cause financial struggles. Incurring debt is good when it is of importance and should be a last resort decision. As the church doesn’t encourage to put oneself in debt as one might be in debt forever. And this is the opposite of what the church teaches of self-reliance.
7) Spending Habit
This habit can tremendously affect the family through not being able afford the basic needs of the family through carless sending/wasting of money that could go towards those basic needs. This is often a result of not budgeting or through an addiction. Many men struggle form addictions that affects their families as they can’t find the strength to give up the addiction.
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