Men are designed to be in the role of provider. As the provider, this involves bringing in finances to provide for your family. Even as a single man, you should be preparing for this role. Let's discuss three tips to assist you with being a provider for your family financial needs.
1. Know what the financial needs are of the household.
If you are married, you should be openly discussing the household finances with your wife. You should both be aware of the financial need and work together as a team to accomplish. This is important for several reasons. First, your spouse can not help you if you do not get them involved. Two people working together on any project is better than one. Second, if something were to happen to one of you, the other spouse would know how to handle the finances.
As a single man, be sure you are aware of all your financial obligations and keeping your financial obligations to less than 75% of your income. Your goal should be preparing to be financially stable before you get married or being financially able to give to others as you are lead.
2. Designate a time to plan the finances of your household. Each month may be different so you should plan in advance to discuss the financial obligations for each month. If you are married, you should have the spouse which handles finances best to manage the bank accounts and pay obligations based upon the agreed plan.
3. Prepare for the unexpected. You should have a savings/reserve account designated for unexpected financial obligations. Also, you can work toward paying bills up in advance so you have a financial cushion. Some companies like insurance companies offer discounts if you pay the policy premium at one time. The goal is to have funds available so unexpected financial obligations will not put your family in a financial hardship.
Written by Chandra Winford, CEO of Winford Financial, LLC