Financial tips for breadwinning moms

Generally, the traditional role of providing for the family lies on the man, but with the current unpleasant economic realities some husbands are out of jobs or their businesses are not doing well, so the women become the sole breadwinners.

Bread-winning moms face a variety of financial challenges and the major one is the challenge of increased expenses. Regardless, these are financial tips for Bread-winning moms:

Involve him when making financial decisions: You still need to carry your spouse along when making your financial decisions. Remember the saying that two are better than one. Have budget conversations and discussions with him and this helps to take the pressure off you and results in smart and better financial decisions.

Differentiate between Needs and Wants: the issue of survival is important but it’s not good you go out of your way to satisfy a certain lifestyle. As much as possible stay out of debts and recognize that important needs like food, water and shelter are necessity which requires top priority in your financial plans while your wants which are the luxuries or things that you desire to have can be pursued later.

Manage housekeeping: Due to the demanding working environment and traffic congestion in Nigeria, you may be worn out by the time you return home. So you can hire a housekeeper to handle your housekeeping roles like cleaning the laundry and dish washing while you are busy making income to sustain the family.

Extra source of income: Rather than waiting for a higher pay, increase your streams of income by exploring potential home business opportunities like child care, soap making, tutorials or other streams through the Internet which provides several part-time jobs like coding, graphic design and social media marketing in order to increase your revenue.

Education insurance is important. If you are the primary breadwinner with dependents, it is your responsibility to try to build some financial cushion should you also lose your job, become ill or disabled. A life insurance policy will help to replace and protect your income and can help to prevent your children from becoming totally dependent on the charity of relations or friends and ensure the smooth continuity of their education.

Seek advice from a reputable insurance company. Another interesting benefit is that it also provides legal guardians with the resources to take care of your children.

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