Society unfortunately seems to have reduced what it means to “provide” to be merely financial support. If a man is divorced, he must pay child support. And while that totally makes sense there is no additional requirement on how much time he must spend with his children unless he advocates for established visitation rights. 

To society, it’s strictly financial. Unfortunately, this legal requirement bleeds into our father-culture. Dads think that so long as I’m bringing in a paycheck, I’m “providing” for my family. When I get home, I can sit on the couch because “my part” is done. 

Think again. 

We dads need to “provide” so much more than that. Dads are to provide for the physical, spiritual, and emotional needs of their family. If you’re only doing 1 of the 3, then that’s a failing score bro. But don’t worry, we’ve all been there and the content here will help. 

Just know this, true providing doesn’t cost you a penny. 

Looking back, there were a few things I wished someone had told me about raising a child with a meager paycheck. Here is a quick financial checklist to be aware of as a new dad …and a thought about providing at the end you don’t want to miss. 

1. Make sure your child as a Social Security Number – without your child’s SSN, you can’t add them to your health insurance, open a bank account, or apply for government benefits. It usually comes shortly after you applied for your baby’s birth certificate.
   
   
2. Add the baby to your Health Insurance fast – be sure to add your son to your health insurance. Most have work through work, so let your HR people know right away as there are usually time deadlines for adding a new baby to your health insurance policy.
   
   
3. Buy things second hand – with a new baby you’re going to need more than just diapers, wipes and formula. At a minimum you’ll need a car seat, stroller, high chair, and a crib. The good news is that a lot of people right in your area are wanting to get rid of their baby stuff. Baby furniture and clothes are for sale all the time on Facebook, Nextdoor, or Craigslist marketplaces. While a stigma may exist about buying something second hand—there is no shame in buying something used. In fact, it does more good than just saving you money. It helps someone in your community, and it helps the earth because less waste ends up in our city dumps. We’ve found excellent products slightly used by spending a little time researching. This has saved us thousands of dollars over the years.
   
   
4. Get life insurance – once someone depends on you financially, you need to protect their future in case you aren’t there to provide for them. While the chances are rare, you never know when the angels call. You don’t need a lot of coverage, just enough to be a soft landing and while they are growing up. In most cases a 20 or 30 years term life insurance that’s 2-5 times your salary is good enough. If you can’t afford that right now, find a term policy that has a small face amount (like $50,000). Any soft landing is better than nothing.
   
   
5. Claim the child tax credit. When you file your taxes, you can claim a child tax credit. This can save you thousands on your taxes each year. 

As a new dad, get the basic in place then rethink how you will define "providing" for your family. 

Show notes:

• Investopedia: Costs of a child in their first year
• Episode blog article