Father Figures: The 7 Most Common Financial Mistakes Dads Make

Photo by: Photo by linusb4 via Stock.Xchng
Refusing to create a budget
Budgeting is hard. Sticking to a budget is even harder. If you want to keep your finances in order, you have to endure the pain. ... more 
Photo by: Photo by linusb4 via Stock.Xchng
Refusing to create a budget
Budgeting is hard. Sticking to a budget is even harder. If you want to keep your finances in order, you have to endure the pain. Start by tracking all of your expenses. Write down all of your purchases for the month, even those daily Venti Mochas. You'll be shocked by how much you actually spend. Use that list to build your initial budget. You'll probably have to make a few revisions over time. Keep working on it until it is something that you can actually live with. You may have to forego a new iPhone or flatscreen TV, but you will have peace of mind that comes with financial security.
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Wed, Oct 2, 2013 12:14 PM EDT

Before I had kids, I was a bit fancy-free with my money. I bought whatever I wanted to whenever I wanted to. I could have gone done a path of financial ruin if a mentor hadn't intervened. He sat me down and taught me the importance of saving for the future. "You're going to get married and have a family one day," he said. "You need to start making better choices with your finances." I heeded his advice and started managing my money better. But many people don't have a mentor to give them sound financial advice. Consequently, they end up in debt and struggle to make ends meet. My financial journey hasn't been perfect. I've made several mistakes with my money including one time when I looked at my bank balance and discovered that it was zero. But I'm not alone. Many dads have made a few financial mistakes over the years. Click through for the 7 most common financial mistakes dads make! -By Frederick J. Goodall

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