Over a quarter of American men are fathers,1 and this Father’s Day New York Life is celebrating everything dads do, everywhere.
Whether you’ve become a father for the very first time, or are looking to grow your family, there can be a lot to for parents to consider when it comes to managing your family’s finances.
New York Life is here to support families in navigating their futures: with guidance, and a range of life insurance policies to suit every dad’s differing needs. Diversity and inclusion are a core part of the New York Life ethos. So, no matter what your family looks like, we are proudly committed to helping you find some financial peace of mind.
This Father’s Day, we’ve compiled some tips for better family finances:
Save, save and save some more
Holding your new baby for the first time is a moment you’ll never forget. Right now, college might seem like a lifetime away. But those early years zip past in no time, and if you start saving as soon as possible, then it can help reduce any financial pressure down the line.
Not only that, saving money now can help relieve stress, provide a safety net in case of an emergency, and give you more options later on. So, get saving as soon as you can, you won’t regret it.
Create a budget and stick to it
Feeding more mouths requires some financial adjustments. And, when you combine that with other expenditures, from sports and music lessons, to birthday gifts, an allowance, and all the other costs associated with being a parent, finances can quickly become stretched.
Creating a weekly or monthly budget to help you keep on top of your outgoings is a great start. Knowing exactly how much you have for regular expenses, such as groceries, can help simplify your monthly spending. You’ll find you’re able to enjoy your money that much more, with the confidence that you can make ends meet.
Consider a life insurance policy
Finding a life insurance policy that suits your family’s needs can provide an effective path to future financial security. With huge tax advantages, potential cash value accumulation and security if the worst should happen, purchasing life insurance is a vital step in formulating a solid financial plan.
Whether you opt for a whole or term policy, premiums may be less than you’d imagine. New York Life agents can assist you in finding an option that suits your needs and your budget.
Don’t be afraid to ask for help
When it comes to mental health, men are still far less likely to reach out for help. Nearly half of American men are more depressed than they’d admit to those around them.2 Being a father can bring with it both huge joy and immense pressure; particularly when it comes to finances. Don’t be afraid to ask for help if you’re struggling. Sometimes, seeking support is the best next step. Professional financial advice can make all the difference when it comes to making big decisions or knowing where to start when it comes to saving, budgeting or investing.
1 “Solo Dads and Absent Dads not as different as they seem”, https://www.census.gov/library/stories/2019/11/the-two-extremes-of-fatherhood.html#:~:text=More%20than%20a%20quarter%20of,all%20of%20their%20minor%20children.
2 “A critical look at men’s mental health”, https://www.mindwise.org/blog/uncategorized/a-critical-look-at-mens-mental-health/.
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