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Being a father means providing for your children, however, keeping up with your finances or dealing with financial issues can be extremely stressful. If you are constantly thinking or worrying about money, your energy is being taken away from your loved ones. Take control of your finances to not only set an example for your children, but also to free your mind of unnecessary worry and stress.
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Below are a few resources The Intentional Father recommends based on personal use and experience.
The Intentional Father is not affiliated with any of the resources below. We simply feel as though they are excellent resources to better yourself.
Track Expenses
The first step in understanding your finances is tracking your expenses. Understand where you are spending your money. The first month you do this, most likely, your eyes will be opened to large areas of waste you can cut back on.
One way, that takes the most discipline but is also probably the most effective, is to manually track every single expense, every single day, for a month. This concept is from the book The Compound Effect by Darren Hardy. He suggests you carry around a small notebook and after every single spend, you pull out your notebook and write it down. This will very quickly open your eyes to not only the amount of money you spend, but how often you don't normally even think about your spending because it has become habit. After the first month, there will be clear areas to cut back on. This is when I would recommend moving to an automated tracking method. Essentially, you fill find small areas throughout your spending to make adjustments. Overtime, these small adjustments can add up to large change!
Helpful articles:
Get Out Of Debt
I have personally been through Dave Ramsey's Financial Peace University and I highly recommend it. In his courses, he breaks down the concepts and principles to a level anyone can understand and be successful at. What I love most is that you can have zero knowledge of money or financial experience, or you could believe that you are in a really good place financially and "know what you are doing" and either way you will learn something.
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Make a change today to become more financially free and independent.
Almost 6 million people have discovered the right way to manage money through Financial Peace University.
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Living on a budget is one of the keys to winning with money. See how fast you can pay off your debt and know the next right step for your money.
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Helpful articles:
Financial Health Review
FIST not only scores your stability in each of the four areas (debt, retirement savings, life insurance and emergency fund), it also gives you a composite financial stability score on a scale of 0-100.
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Once you receive your score, FISTSCORE then has great resources to tackle areas that can improve.