After you’ve had a baby, it’s wonderful to have the opportunity to take a few years off work to be with them. Indeed, according to Netmums, the parenting website, 70% of women would prefer to remain at home and be a stay-at-home mum when their children were young, rather than returning to work after maternity leave.
However, financially this may not be possible. uSwitch conducted a survey, which revealed that close to 30% of new mums end up in debt because of maternity leave. It also demonstrated that one in ten mothers felt pressured to return to work before they were ready to, because of financial pressures.
Working Whilst Being a Full-Time Mum?
According to OECD’s data, gathered in 2012, the UK has the second highest childcare costs of any westernised country in the world. It’s only just beaten by Switzerland. The costs work out as over a quarter of the average net family income.
This is why being a stay-at-home mum has its advantages. However, if you’re short on cash, you may feel like there’s no way in which you can achieve the best of both worlds; being with your child whilst bringing in an extra income.
Fortunately, it is possible to make money from home whilst being a stay-at-home mum. Here are a few ways you can supplement your family income, and still enjoy spending time with your child.Fortunately, it is possible to make money from home whilst being a stay-at-home mum.Click To Tweet
Five Ways to Make Money Whilst Raising a Family
1. Become a Virtual Assistant
If you’re confident with computer skills, becoming a virtual assistant may be a good option for you. Many companies outsource their admin tasks, such as data entry, transcription and answering emails, and many will pay a decent wage for your services.
However, you’ll need a broadband connection and computer to do it. Society of Virtual Assistants has plenty of information and guidance.
2. Harness your Creative Powers
If you’re a gifted painter, talented seamstress or love baking cupcakes, use your unique talents to start a business by selling online. Before you start, do your research. See what’s available on the market already, and assess whether or not you can offer something that would sell well to your target audience.
Sites such as Etsy are ideal to get you started. Alternatively, consider selling at local craft fairs and markets.
3. Learn a New Skill
If you’d like to work at home in the long-term, investing in a course that teaches you a skill such as web design, social media marketing or graphic design may prove to be a profitable decision.
You’re in the unique position of having the time to practice and hone your skills (whilst baby is sleeping) and develop your business at a pace that suits you.
4. Get Freelancing
Competition is fierce, but if you’ve got the necessary credentials you should be able to earn a good supplementary income.
For more information on becoming a freelancer check out our handy guide on how to kick-start a freelance career.
Childminding is another great way of making money whilst staying at home with your baby. The law states that you’re permitted to look after up to 6 children; up to three under the age of 5, and three more between the ages of 5 and 8.
You’ll need to be registered with Ofsted, and you’ll also need to contact your local authority to find out if you need a pre-registration briefing. You’ll also require a DBS check, to ensure you have suitable skills to look after children.
For more information on becoming a childminder check out our handy guide on how to become a childminder.
Registering as Employed
If you’re earning money, it’s important to register as self-employed at Gov.uk. You have three months to do this. Registering as a sole trader is very simple and can easily be done online.
Each year, you’ll have to submit a tax return, outlining how much you’ve earned; and if it’s over £10,000, you’ll have to pay tax.
Are You a Stay-at-Home Mum?
Are you currently working from home whilst raising children? How are you finding the experience? Do you have any advice you could offer other women in the same position?
We’d love to hear your thoughts about this topic!
Latest posts by Money Nuggets (see all)
- 8 Simple Ways to Keep Fit On a Budget (Gym Membership Not Required!) - January 15, 2020
- How to Set Powerful Financial Goals - January 1, 2020
- 15 Smart Financial Goals to Set for Yourself in 2020 - December 31, 2019