Many stay-at-home moms are often faced with the dilemma that how do you make ends meet with one salary(husband’s salary) and look after the children. If you decide to go to work, you will have to factor in the childcare costs. You would be hardly left with any money after taxes and childcare. Looking after children is especially hard during the school holidays. I tried to go back to work but nothing worked out – the job, the money, the homework ! So how to afford to be a stay-at-home mom and also be financially independent ?
Why is important for mothers to be financially independent?
- Create your own identity after motherhood. Mothers always think of their children first. Mothers will be happier and able to look after their children, if they think of their own needs too.
- Increases your confidence- if you are earning money you will be naturally more confident.
- In case your spouse is unable to provide for you or your children due to any unforeseen circumstances – you are able to provide for the family.
- Extra money always helps- we all know that.
- Your children will not take you for granted and will respect you.
Part time jobs
Unfortunately, part-time jobs are not easily available and you would still have to think of childcare during the school holidays unless you can find a job where you can work from home which might or might not be of interest to you.
Have you got any hobbies?
In case you have got any hobbies or any skill that you are good at, why not turn that into your own business? You can run your business from home which would reduce your overheads. As mentioned in one of my previous posts, stay-at-home-mom business ideas -earn while you are at home, you can sell on a website called Etsy, if you have made the product yourself.
If you don’t have any hobbies
I fall under this category. Yes, that’s right – I am not a very creative person and I don’t have any hobbies with which I could earn money! Therefore, I decided to become an Affiliate Marketer and I started blogging and to my surprise, I really love my work. To become successful it is very important to enjoy the work you do!
The path to self -employment is not easy
The path to self employment is not easy but if you work hard the rewards can be more than double your salary. It is important that you are:
- have a goal or a plan in mind
As I mentioned above do something you enjoy !
During the school holidays
During the school holidays, if you struggle to do your work refer to my previous post on how to work from home with kids. Also tell your children about your work if they are old enough to understand. Explain to them that you are working from home so that you can look after them.
Start early- preferably few months after birth of your child. You will have to give time to the business before it starts making money. I know it will be hard when you have a baby to take care of, you can work when your baby is asleep, and ask your partner to help look after the baby. Even if your child is older, it is never too late to become self-employed. Bear in mind the benefits of self-employment :
- Work at your own convenience.
- No need to apply for annual leave during school holidays or when your child is sick.
- Whatever you earn is yours.
- You are not answerable to anyone.
You are your own boss!
If you are planning to be self- employed or have just become self-employed, you would have to continuously motivate yourself to move further. Don’t be discouraged by failures. Treat failure as an experience. Believe in yourself and in your goals. I watch motivational videos on You Tube to motivate myself.
Training and Support
If you are doing something completely new, it would be a good idea to get some training and support. For example, I didn’t have a clue about affiliate marketing so I joined Wealthy Affiliate which not only provides excellent step-by-step training but also gives community support. Best of all, you work at your own convenience and at your own pace.
You are on your own
Some people do feel apprehensive about being self employed as you are on your own but being alone comes with the territory. If you feel lonely , then you can also go for some networking events where you can meet people who do similar work as you.
Have you had any experiences of being self employed? What are the positive things about self employment? What are the aspects you do not like about self employment? Share via comment box below.