6 Essential Money Lessons for Breadwinners

Updated: June 25, 2024

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 are 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, having both short-term (HMO) and long-term healthcare is important. 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. This sad reality can be managed if we are 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 for a non-essential expense.

Don’t let them develop codependency. Watch out for, and immediately talk to them about it, when they 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.

Furthermore, it’s recommended that you encourage other members of your household to make money. Introduce them to income opportunities that you know or start a home-based business with them.

6. Save and invest for yourself.

Lastly, save and keep a portion of your income for yourself. Savings are 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. I recommend it be around six months’ worth of your family’s regular expenses.

What about you? Are there any other tips you can share for breadwinners? Type them below in the comments section.

What to do next: Click here to start your financial journey with IMG Wealth Academy


  1. TEACH THEM AND HELP THEM TO BECOME FINANCIALLY LITERATE. I am a breadwinner and also an OFW, we all know that most of OFWs are breadwinners, one thing i observe in my family and also the family of my friends who are also a breadwinner is most of them are lazy because they know that they can depend on you and also they are not fan of reading books and attending seminars about personal finance and investing. And guess what happens when they received their allotments, the first thing they would do is to think of all the things that money can buy (gadgets,clothes,etc.). And after a week they will wait again for a next allotment to come. The Cycle repeats. But instead of pushing them it’s better to become an example to them like showing them that i set aside my money and open a bank account for emergency funds, and show them that i invest and budget my money in order to invest. When they see that you are serious in your way to financial independence, they will follow. Sadly, most of them want to see the results before they start. but being broke is the greatest experience that happened into my life because those moments help me to provide a solution,to become stronger and wiser in handling my finances. Every downfall is a great opportunity.

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