Having a baby is one of the most amazing things you can do in life. To many families, bringing a child into the world is a miracle and a sign of a successful relationship. Even though the moment is joyous and incredibly rewarding, the time after the birth of a kid can also be filled with postpartum depression, emotional distress, and confusion over how to support a family.
Moms are always getting advice on how to stay positive after giving birth, but dads can be equally overwhelmed. It’s important to give men the same support when they become a father for the first time. We’ll talk about some of the best tips for a new dad’s well-being, especially financially.
Getting the best life insurance isn’t something young people think about often, but new dads should think about making this purchase. Anytime you are responsible for a child, you should think about buying life insurance. We’ll also talk about when new dads should go to therapy for postpartum depression after introducing a baby into the household.
#1 – Take Time Off From Work
If you’re a new dad who is struggling with your focus at work after having a child, maybe it’s time to see if you have any paternity leave sponsored by your employer. Dads deserve time off after a new baby enters the picture just as much as moms do. This will help new dads to recharge, connect with their family, and go back to work ready to be productive.
Not every employer provides paternity leave for new dads, unfortunately. See if you can take sick leave or a paid vacation for at least a few days instead. Time off is absolutely crucial. If you don’t take this break, you run the risk of doing your work poorly and losing the chance to grow within a company.
#2 – Get a Side Hustle
Becoming a new dad is scary for many men who are financially responsible for their families. They might have a job with a salary that is only good enough to support themselves or maybe themselves and their spouse. Adding a baby to the mix is a ton of money. You need to buy clothing, food, toys, and more.
If you need to figure out how to bring in more money to support your baby, think about getting a side hustle. The best side hustles are activities you already enjoy, such as a hobby that you can turn into a money-making opportunity. Side hustles have become even more popular in the last few years in light of the COVID-19 pandemic and stay-at-home orders.
If you think into the future, your children might even find it cool if you’re a dad who works a main job and a side hustle. Kids already sometimes think their parents can do anything, so working a side hustle will help build their confidence in you.
Dads who work a side hustle will have lots of extra skills they can teach their kids throughout their upbringing, such as managing money as a freelancer and persevering through adversity when clients or customers turn them down.
#3 – Buy Life Insurance
Life insurance isn’t something someone in their 20s or 30s thinks about very often, but maybe they should. New dads are definitely a key customer base for life insurance companies because they’re now financially responsible for a newborn. If a new dad were to pass away unexpectedly, they’d want to make sure their family is taken care of.
Life insurance can sometimes be bought through a group plan at work, but many businesses have cut back on these benefits. This means customers have to go through a private life insurance company, and there are a few key things to know before applying for a policy.
Being Healthy Matters
Young people already get better rates on life insurance than older people, but did you know they can get an even better price if they are completely healthy? New dads should think about going to the doctor for an annual checkup to make sure they haven’t developed any new conditions like diabetes, high blood pressure, or high cholesterol.
Getting lots of exercise and being at a healthy weight is also something life insurance companies very much appreciate. Try to cut back on drinking alcohol and smoking cigarettes. Anything you put in your body that can be a risk factor for disease is a red flag for a life insurance company.
Young dads might think they’re not hurting anything by having a smoke or a drink once in a while, but life insurers might think differently. For example, life insurance with heart disease risk factors is possible, but the cost is higher and the availability is lower.
So the lesson is that everything you consume should be in moderation.
#4 – Invest in Cryptocurrency
If you know anything about investing, you’ll have heard about cryptocurrency and its prevalence in the modern investment market. Crypto is somehow confusing and simple at the same time – it just depends on how experienced you are with the investment strategies right now.
Some of the best crypto apps for beginners include Coinbase and Paybis. New dads who want to figure out how to bring in some extra income through investments without putting that much money in should look to apps like these.
Traditional investments are still more proven, but they’re not as affordable for young parents who need to put their money towards lots of baby essentials. Real estate investing is better left to more experienced investors who have a little more cash in their pockets.
#5 – Cut Back on Non-Essentials
New dads need a way to decompress and relax amongst the stresses of parenting. This can be very expensive to do if all of your entertainment includes buying video games or going out to fancy dinners. Try to find a way to cut back on non-essential spending and start budgeting your money to live comfortably. You don’t need to eliminate fun, though.
Playing sports with friends in the backyard like frisbee or volleyball is a blast. Riding your bike with your spouse can also be a lot of healthy entertainment. Try to think with a minimalist mindset so you can start participating in affordable recreational activities.
You can see now how much new dads feel the stress and pressure of a new baby. Mothers often feel a lack of confidence in themselves after having a baby, but fathers can feel the same emotions. If you’re a new dad, remember there are plenty of resources available to you. Never think you’re alone, and talk to other new dads about how to contribute to your family.
Shawn Laib writes and researches for the insurance comparison site, ExpertInsuranceReviews.com. He wants to help use his financial expertise to inform new dads about how to curb their spending and secure their money for the future.