15
Managing Money
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15.1
What to Know
What’s your relationship with money?
Perhaps that’s a strange question to you. The fact is everyone has a relationship with money. It comes with all of the emotions present in relationships between people. Children develop their relationships with money by watching how their parents handle and talk about money.
There are three things every good dad does for his children. He provides, nurtures, and guides.
Think about your childhood.
Your answers to these kinds of questions form the foundation of your relationship with money. Your view of money might be very much like your parents’, or it might be the polar opposite. When a dad doesn't have a good relationship with money, he might be up to his eyeballs in debt. He might spend a lot of money on gambling or the lottery. He might spend or save every dollar he earns, failing to balance spending and saving. No matter how good or bad his relationship with money, he will pass his view of money on to his children.
To do those three things well, you must learn how to manage your or your family’s money well. When you manage money well, you:
What was the relationship your parents had with money?
Did your parents often talk about money?
How often did your parents fight about money?
What did you learn about the value of a dollar (or peso, yen, or euro)?
Did your parents teach you to save money, or was their focus on spending all they earned?
Provide your children with a stable financial home.
Nurture your children’s relationship with money by showing them how to manage money well.
Guide your children by teaching them lessons about how to manage their own money well.
15.3
What to Ask
Click to scroll through each of the questions below. Grab a paper and pen to write down your answers if you wish. Take your time.
Tap the arrows to scroll through the questions
Click the arrows to scroll through the questions
Do I have a good or bad relationship with money? How well do I manage my own or my family’s money?
What kind of relationship does the mother of my children have with money? How does it differ from mine? Does the difference cause problems?
How often do we fight about money?
Do I provide a stable financial home for my children? How well do I nurture and guide them in their own relationship with money?
Do I have a spending plan in place for my own or my family’s money? Is it balanced between spending and saving?
Get Inspired
Watch this brief video.
15.4
15.5
Learn More
Many people know how much income they have every month. But they often don’t have a handle on how much money they spend every month. They also don’t know how much their spending can differ from month to month. Download this free spending plan worksheet to better manage your own or your family’s money. Make four copies of the worksheet. Track your/your family’s income and costs (expenses) for three months for each of the areas listed. (Use one copy of the plan for each month.) Each month add the income and costs together for a total overall monthly income and cost. Then subtract the overall monthly cost from your/your family’s overall monthly income.
Do I/we have money left over?
After you have three months of costs, you’ll have a better idea of what you need to do to create a spending plan that works for you or your family. Use the fourth copy of the plan to create a spending plan that you or your family will stick to!
Did any of the costs surprise me/us?
Did the overall cost surprise me/us?
Then ask these questions:
What Else
1. It costs a lot to raise a child.
2. Avoid debt.
3. Create and stick to a spending plan (budget).
4. Track costs.
Tap a point to learn more
Click a point to learn more
15.2
Here are seven things to know and actions to take that will help you better manage your own or your family’s money.
5. Budget to meet needs rather than wants.
6. Adjust your spending plan as needed.
7. Get help if you need it.
Free eBook: 5 Questions Every 24/7 Dad Asks
5 Questions Every 24/7 Dad Asks
We want you to be the best dad you can be.
This free ebook helps you answer five important questions around being a great dad.

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