As a dad, living frugally might be a result of several factors. Choosing to be frugal might not be wrong, but helping your children understand the reasons why you are is critical to having a healthy relationship with them.
Reasons That Could Make A Dad Frugal
Here, we would talk about the reasons why a dad could live frugally. For the frugal dad, this article should help you check if you are being frugal for the right reasons. And for the kid reading this, you would see your dad is only looking out for you if ever he acts frugally. Three main reasons include:
Insufficient finance: This is usually one of the most common reasons to make anyone spend cautiously. You can afford to throw caution to the wind as a bachelor or a man yet to have a child, but as a father, he would need to think of and plan for more than just himself. If he does not make enough money, it means he does not have enough to spare. This might make him spend only on things that he feels are necessary at that time. Planning for your child’s future: Aman may grow up to become someone different than he thought due to financial lack. This could propel him to squarely focus on planning and saving up for his child’s education and future. This does not necessarily mean that he is not earning enough or is having troubles with his finances, it only means that he has to include his kid(s) in his financial plans and make the best decisions for their future which may result in delaying or saying no to some of their instant gratifications. Nurturing: When a dad spends cautiously, chances are that he was raised to be mindful of what he spends money on and how he spends it. If he turned out just fine, the tendency to nurture his children differently would be low.
Tips On How To Develop Frugal Habits As A Dad
Have a budget. This way, you will be able to allocate funds for needs and leave a little extra for ‘instant gratification’. Give priority to your needs, and the needs of your children, rather than your wants. Classify those needs into long and short-term needs. Make those long-term needs a priority, it would help you plan appropriately towards them. Help your children see the need to tell you about their needs before it is impending, as it would help you know what to prioritize per time. Have separate savings for the family (or yourself, if you are a single dad) and your kid(s). In shopping for your kids or family, go for quality, rather than what is cheap. It may be expensive but the quality would make you spend money on a thing once (or for a long period), rather than buying what would only last for a while and you’ll need to spend on it over and again. Use appliances, assets and wears to the ground and teach your kids to do so as well. This will require that you are meticulous with your properties and usually go for quality when you shop. Also in shopping, do not prioritize brand names, rather go for something quality, irrespective of the brand. Brand names sometimes just sell their names and deliver low-quality goods.
The Pros Of Being Frugal
You will have less financial pressure or stress. It would give you the liberty to save, plan for the future and acquire assets. Because you have saved up enough and have a good life plan, you can have an early retirement. You will increase your net worth and be financially confident. You will live debt-free and in the case of sudden death, you would leave a good inheritance for your kids, rather than debts. Your family would not have to go without having just enough to get by. You will have enough for your family and enough to share with those in need. Your kids’ future would be taken care of. You would give your kids the best education. You will raise contented kids.
The Cons Of Being Frugal
You might get so used to being frugal that you forget how to spend a little to make your family happy. It might affect your relationship with your family. They might become embarrassed of you, think you are no fun, tight-fisted and be forced to compare you with other dads. This could lead to frustration because your intent for being frugal is for their good. It might make you focus more on savings, rather than increasing your earnings. It might hinder you from giving your kids the best childhood experience.
Conclusion
Without a doubt, to anything that has an advantage, there is a disadvantage. Should you be a frugal dad, should you not be? That answer lies in the advantages and disadvantages. Consider each one of them highlighted above and the ones peculiar to you and determine what it should be.
However, note that some disadvantages can be taken as a warning which you can intentionally avoid because you now know better, but ultimately, be sure to see that the cons do not outweigh the pros.
