Tips to Afford to Become a Stay at Home Mum
Earning From Home
Once I walked away from my demanding job, I found all sorts of earning opportunities presented themselves.
Ways to boost your household income:
- Direct sales are an obvious one for SAHM. There are so many different companies, that you’re bound to find one you believe in.
- Mummy nannying and mother’s helper,
- Participating in market research and online surveys,
- Blogging, YouTube, Instagram, may be possible sources of income.
- Put your professional skills to use via Airtasker if possible.
- If you’re artistic, paint. If you’re crafty, knit. Gift your creations instead of buying presents.
- Start-up an online business. The overheads are low, and how much work you devote to it is up to you. There are also organizations that allow you to lease an office space as needed such as Bubs and Boardrooms, who also provide child-minding.
- Start a family day-care.
- Know all your Centrelink entitlements. You don’t need an accountant to lodge a claim for Family Tax Benefit A or B, energy rebate, child-care rebate and chid-care benefit, you can lodge it yourself.
- Keep a close eye on your household budget; use an app to track your partner’s and your own spending. Be sure to include savings for birthdays and Christmas in the budget. The humble envelope system is great to start with until you get used to one less income.
When you’re on a tight budget, you need to find ways to amuse yourself whilst saving.
All these little things add up:
- At the end of the pay cycle, transfer any left over money into your savings or on to your loan account.
- Every time you buy something cheaper than you expected, save the difference. Same goes for buy one get one free deals.
- Attempt the ‘52-week Savings Challenge’. Attach this chart to a jar and save over $1300 by Christmas.
- Try a ‘No Spend Month’. Spend nothing after paying for essential bills. It’s pretty hardcore but if you’re up for the challenge it’s a thrifty exercise.
- Keep a jar handy and empty your change into it. When it’s full you’ll have a nice, little lump sum.
- Join online savings forums to keep your head in the game and surround yourself with like-minded people.
Ideally, adjust to living on one income before you become pregnant. Pay off all your personal debts, save enough to fund you beyond maternity leave. Make sure you and your partner are on the same page with your budgeting, spending and financial goals. Also communicate with your family and friends so they can be supportive of your new circumstances.
More articles from Zoe:
Tips to Afford to be a Stay at Home Mum Part 3
Tips to Afford to be a Stay at Home Mum Part 2
Tips to Afford to be a Stay at Home Mum Part