Updated: June 5, 2020
It’s not easy to be a family breadwinner. Being able to provide for the needs of others entails a lot of hard work and sacrifice. And sometimes, this means setting aside your personal dreams because you have to prioritize your family’s needs.
If you’re a breadwinner, then let me tell you that you have my utmost respect. What you do isn’t easy, and I commend you for the strength and generosity that you have.
Today, I’d like to share with you six essential money lessons that I learned from being a breadwinner myself. I hope these can help you become a better provider for your loved ones.
1. Get life insurance.
Life is unpredictable, and having life insurance guarantees that your family won’t have to go through financial difficulties if something happens to you.
Moreover, life insurance, through its rider benefits, can also provide financial aid if unfortunately, you run into a disabling injury or be diagnosed with a critical illness.
2. Take care of your health.
Your mind and body is your greatest income-generating asset. Take care of it. No amount of hard work is worth sacrificing your health for. Remember that if you’re sick, then you can’t work and earn for your family.
Moreover, it’s important to have both short-term (HMO) and long-term healthcare. Having medical insurance will help you save money on your doctor and hospital expenses.
3. Be honest about money with your family.
I often hear breadwinners complain that their family treats them like an ATM. It’s a sad reality that I believe can be managed if we can be more honest and open about our finances with our loved ones.
Communicate with them regularly regarding your work and income. If possible, do the household budget together so that financial expectations from each one can be properly set.
4. Practice tough love.
Even if you can afford it, it’s sometimes best to say “NO” to your loved ones when they ask for money, especially when it’s for a non-essential expense.
Don’t let them develop codependency. Watch out for, and immediately talk to them about it, when they start to become excessively reliant on you to the point that they’ve become lazy and irresponsible with their spending and money habits.
5. Build multiple sources of income.
Don’t solely rely on your job for income. Find and build other sources of income to be more financially secure. Do freelance work or better yet, create a business on the side.
Furthermore, it’s also recommended that you encourage other members of your household to make money. Introduce them to income opportunities that you know, or put up a home-based business with them.
6. Save and invest for yourself.
Lastly, be sure to save and keep a portion of your income for yourself. Having savings is essential because as a breadwinner, you probably have nobody else to depend on in case a financial emergency happens.
So build an emergency fund for you and your household. My recommendation is that it should be around six months worth of your whole family’s regular expenses.
What about you? Any other tips you can share for breadwinners? Type them below in the comments section.