Stress encounters almost everyone. However, single moms are more susceptible to stress when they have no sufficient finances to bear their kids and other expenses. They are often associated with various health-related problems. Working Mom’s Break surveyed working parents that showed that 96% of participants were single moms. Also, the survey reported that 59% of them were suffering from anxiety, and 43% of them were struggling with depression. 81% were worried that they would burn out.
Today, about one in four children under the age of 18 – almost 17.4 million – are raised by single mothers. When you become a parent, it is not difficult to feel anxious and be entirely responsible for the well-being of others. It is not easy to juggle home tasks, cooking, and time for your kids without any finances. To strengthen your relationships with your kids, financial independence is crucial. I’ve curated a list of a few tips by which you can earn a decent amount and become financially independent and can be stress-free.
Maximize Investing
It is really great to save money, but it is the essence of investing. After all, if you store all your savings on your local bank’s low-income savings account (as most are to this day), your hard-earned money will be flat year by year. In the meantime, inflation can go up between 2% to 4% annually, which would be quite difficult for you to bear all your children’s expenses.
Tip for you: Don’t forget that you probably want to improve your quality of life too! Increase your skills, learn stock market basics and go up to an advanced level. Start investing!
Become a Childcare Provider
Many families require quality child care at inconvenient times. So, even if you have your own kind, you can supplement your income by babysitting other children on weekends or on an occasional weeknight and overnight. The average hourly wage for this type of work is around $28.21 per hour that can be a decent amount.
Tip for you: So, you are the “moving on mum” who has returned back to work! You can apply as a childcare provider on various job sites such as Indeed or even via your contacts. Though it would be better if you learn some basics of skills and qualities of daycare online or offline afterward, you can even start your own child-minder business.
Do Freelance Work
Do you love writing, designing, photography, video editing or even teaching students? If yes, then freelancing can be a better source of income. Graphic design (initially, you can start with Canva), photography, writing, and editing, to name a few, can all be done on a freelance basis. Search engine optimization, website development, transcription, and proofreading work are also other options. Examine your existing skills and consider using them to earn extra money working from home while raising your child.
Tip for you: You can create your accounts on Fiverr, Upwork, Medium, Freelancer, Newsbreak, Hubpages, and Vocal Media to get good leads. Also, once you start earning, you can invest those bucks in sharpening your skills.
Become a Virtual Assistant
Do you enjoy assisting others? Are there any tasks that you can complete faster than others, such as posting content, conducting online research, and making phone calls to social media? Using those skills as a virtual assistant can help you earn extra money on a consistent basis. For example, a small business owner might hire you to create and distribute monthly e-newsletters or to update a database on a regular basis.
Tip for you: This can also be done on a freelance basis. You can find such jobs on the platforms mentioned above and other jobs sites such as SEEK.
Get Creative
Finally, consider how you might turn other unique skills you have into an opportunity to earn extra money. For instance, if you enjoy making scrapbooks, consider offering your services to other parents. Are you good at organizing the rooms? Consider becoming a personal home organizer and charging a fee for your services.
Tip for you: This can be done through branding; that is, you can display it on all your social media handles!
Become a Research Associate/Assistant
Yes! You can be a research associate and can assist other researchers in their research projects. For this, you need to have a sound understanding of academic writing. Find out which industry suits you and contact researchers to assist them in their research work and, in return, take money for the research you have done!
Tip for you: You can find such people via Facebook Groups who post asking for any sort of academic writing help and even direct messaging the scholars by finding them on social media.
Pet Sit for Your Friends and Neighbours
Pet sitting is another way to supplement your single mom income and earn extra money without disrupting your family’s regular schedule. For example, if you work full-time, advertise that your pet-sitting services are only available in the evenings and on weekends.
Tip for you: Contacting your circle of your friends and family members would be of great help. Besides, you can promote your services on social media handles and can also contact a few local influencers.
The future is yours, single moms! So, become your own financer and live happily ever after with any sort of stress in your life!