Blueprint for Successful Female Breadwinners

For many Nigerian women, being the primary breadwinner can feel overwhelming and may even cause their personal dreams to take a backseat. But this doesn’t have to be the case. Mrs Modupe Vincent, a lawyer and financial literacy advocate shares with Vanessa Obioha practical tips female breadwinners can adapt 

In the past few years, there has been a significant rise in the number of households that have female breadwinners. Last November, the National Bureau of Statistics (NBS) stated in a report that 22.3 percent of households in Nigeria are headed by women. This is a 3.7 percent increase from a previous survey. As women continue to break barriers and take home bigger paychecks, the responsibility of managing a household often falls on their shoulders.

“Many married Nigerian women who are breadwinners often find themselves juggling several responsibilities, including career or business responsibilities, with household duties, to mention a few,” said Mrs Modupe Vincent, a lawyer, financial literacy advocate and the host of ‘Money Matters with Modupe.’

The weight of these responsibilities can sometimes cause women to neglect their personal goals or make poor financial choices. Finding a balance to pursue dreams, manage a household, and save wisely becomes a challenge. However, Mrs. Vincent believes that with the right financial strategies and personal development habits, it is possible to achieve both.

First, she advised setting personal SMART (Specific, Measurable, Achievable, Relevant and Time-bound) goals.

“Setting goals helps you stay focused,” she explained, suggesting that female breadwinners should divide their goals into short-term (between 1 day to 1 year), medium-term (between 1 to 5 years), and long-term (5 years and above).

“Begin working on your goals in small, manageable ways. For instance, if you want to resign from your job and start a business, start with a side hustle and grow it over time. Do not overburden yourself by taking on too many projects at a time,” she added.

When it comes to achieving personal goals, communication is crucial. Mrs. Vincent suggested having an open conversation with your spouse about your aspirations and how fulfilling them can benefit the family in the long run.

Self-development is also essential, and continuing to learn and grow is key to both career and financial success.

“Take advantage of online courses and resources, and read books and articles. Attend workshops, seminars, or networking events designed to your interests,” she advised.

Surrounding yourself with like-minded individuals or mentors, she highlighted, can be a source of inspiration and support.

There have been scenarios where female breadwinners neglect their well-being, leading to burnout. Mrs. Vincent underscores the importance of self-care.

“Rest, whenever you need to. Your body is not a machine. A healthy mind and body are essential for pursuing personal goals.”

A support system is vital for maintaining balance. Mrs. Vincent encourages female breadwinners to delegate household tasks whenever possible.

“Include your spouse, if possible, and your children where appropriate. If your budget allows you to ease your workload, you can hire help to clean the house and wash clothes – depending on what works for you. If you have your extended family around your vicinity, you can lean on them for emotional support or assistance when needed.”

Efficient time management is necessary for optimal results, according to the lawyer. She advised planning your day by allocating time for work, family, and personal pursuits.

“The time allocated will depend on what goal you want to achieve per time.”

Meal planning is another practical way to save money and reduce frequent dining out. Additionally, shopping smartly can cut costs.

“As much as possible, purchase household items in bulk, especially items that are not perishable in order to save time and money,” she suggested.

Any form of waste such as unused subscriptions or other memberships, she advised, should be eliminated.

To ensure that money is spent wisely, Mrs Vincent stressed the importance of creating and sticking to a budget.

“A budget is simply a plan. It helps you to plan your resources. Most women know what comes in (income), especially if you are an employee. This is not usually the case for women who have small businesses. Your budget  tells you what comes in and what goes out.”

She suggested creating a weekly or monthly budget and outlining essential expenses like rent, food, and utilities. It’s equally important to allocate funds for savings and investments.

An emergency fund should also be created for tough and unpredictable times.

“As a breadwinner, it is imperative to have an emergency fund. The aim is to save a minimum of between three to six months’ worth of living expenses in a high-interest savings account. Ensure that the fund is easily accessible.”

She strongly advised keeping personal and household finances separate to avoid confusion and prevent personal goals from being derailed by household needs.

The importance of managing finances wisely cannot be overemphasized. She advised cultivating a habit of savings and investing.

“The golden rule of savings is to pay yourself first,” she said. “Most people, when they receive their income, what they do first is to pay  every other person (their creditors), pay for other expenses, but they never pay themselves.”

A fixed percentage of income, such as 10–20%, should be allocated to savings before spending on other needs.

“If you cannot afford this percentage, then start with what you can afford and gradually increase it.”

However, consistency remains a critical aspect of your savings habit.

For investments, she recommended starting small, but the important thing is to begin.

Having multiple sources of income as a breadwinner is key to financial freedom according to Mrs Vincent.

“One source of income is close to nothing. As a breadwinner who already has a source of income, usually a 9 – 5, you can start with one source, but gradually grow the income stream and as you solidify that particular income source, add other sources.”

Side hustles such as catering, tailoring, freelancing (writing, tutoring, video editing), and e-commerce (selling online) are good examples.

She further highlighted the importance of creating passive income streams.

“These are income streams that don’t require so much time and financial investment apart from the initial commitment such as mutual real estate or digital products.”

At all costs, Mrs Vincent advised that debts should be avoided.

“Don’t borrow to acquire liabilities, for example,  ‘aso-ebi’. Rather, if you would borrow, do so to acquire assets. Avoid loan apps because most of them don’t require collaterals, they give outrageous interest rates. Cooperatives often provide better interest terms, so explore those options.”

Above all, Mrs Vincent advised that the female breadwinner should always celebrate small wins.

“Acknowledge and reward yourself for milestones you achieve, no matter how small. This will keep you focused. It will boost your motivation, and will remind you of your progress.”