This Sunday is Father’s Day, a time to spend with our families reflecting on all the special memories and things our fathers have done for us. Whether those memories were having your dad attend childhood sports games, driving you to and from college, or giving parental advice at a grandchild’s birth; one that most likely takes you back is the old financial tips. Fathers want their children to succeed in all that they do.  They want them to make smart financial decisions and learn from their lifetime of wisdom.

Fathers, or father figures (single moms often step into this role) should take this time to reflect on the critical role they play in the family. Effective money management skills are a must have.

CPC Holistic Financial Coaching offers 6 money management tips for dads:

  1. Create an emergency fund

You should aim to have your emergency fund cover at least six to twelve months of living expenses. This may seem unachievable at first – but start small and be consistent. With each pay period, set a  specific amount aside towards savings.

  1. Protect your family with insurance

We all tend to think we will not need insurance – until we do! Life insurance is a must for dads, especially if you are the primary breadwinner. No matter how scrupulous you are with your finances, failure to purchase sufficient insurance can impair your financial future. This can put you and your loved ones in a desperate situation in a flash.

  1. Teach your children to save and invest early

Teach your children the value of money and how to manage it responsibly. Teach them about the dangers of instant gratification and the importance of saving for the future. The gift of financial literacy is one of the greatest gifts you can give your children.

  1. Save for your retirement

Setting your family up for future financial independence begins with you and your spouse securing your retirement. If you don’t plan for this, you may become a burden to your children.

  1. Save for your children’s education

Plan for your children’s education as you plan for their life. When children are still young, you have the benefit of time to select investments. The huge expenses for the the college years can be made easier if sound investments are made early.

  1. Ensure you have a will

Being able to choose your children’s  guardian if something were to happen to both of their parents is often overlooked despite being one of, if not the most, important reasons to create a will.   It also serves to ensure that your investments, property and other assets that you have built actually go to those you intended them for.

Review and update your will, trust and other estate planning documents and update beneficiary designations periodically.