Even if you are forced to stay at home to take care of your children, that does not mean you cannot earn from home. Although your priority is to care for them, you will find some time to squeeze in some work. You do not have to work full time. After all, caring for the young ones will take a lot of your time and energy. But surely, you can find the time to work if you can fix your schedule properly.
You may be wondering, why do parents stay at home anyway? Isn’t it economical for both to work? Well that may be the logical assumption but it is not entirely true for all situations. For some parents, it is more cost-efficient to have one parent stay at home instead of spending a lot of money to have someone else care for the child. It may be more difficult to live on one income alone but some folks believe that it is more rewarding even if the household cash flow decreases.
According to PewSocialTrends.org, there is an increase in stay-at-home mothers in 2012. 29% of mothers are now staying at home compared to the 23% in 1999 who have chosen to give up their career for the kids.
But more surprising is the rise in the stay-at-home fathers too. The Pew Social Trends also revealed that the number of fathers who do not work outside the home also increased to 2 million in 2012. Initially, this was blamed on the high unemployment rate that followed the Great Recession. However, it is now believed that these admirable fathers are choosing to stay at home to take care of their family. Based on the 2012 statistics, 16% of all stay-at-home parents are fathers. 23% of these men say that they cannot find a job – this is why they get to stay at home to care for the children. 21% said that it is a decision to care for their home. 35% said that they opted to stay at home rather than work because they are forced by a disability or illness.
The rise in the number of parents opting to stay-at-home does not necessarily mean there is a problem with the economy. However, that also should not hinder households from exploring their full income potential either. It is remarkable how some parents would gladly give up their career and live a more simple lifestyle just to take care of the children. But there are ways that the parents of today can stay and care for their children and still earn from home. You can probably thank the Internet for making it a possibility but there are actually other non-digital options that parents can do to keep on earning while they are tied up at home.
Different ways that you can earn extra money at home
According to an article published on Parenting.com, there is a new stay-at-home mom and they are now called work-at-home moms. The article mentioned that 10.1 million business in this country are owned by women. While there is no statistic that mentions how many of these businesses are run from home, the article mentions how it is possible that the numbers are increasing because of the Internet. Although this refers to women, stay-at-home fathers can also look into this possibility.
If you have chosen to stay in your house for your children, you have to explore the possibilities for you to earn from home. Here are some of the options available to you.
Write about something you are good at. The Parenting article mentioned that a lot of stay-at-home mothers are blogging about their lives. It is as simple as that. They write articles and blogs about what they are doing at home, recipes they cook and other tips that help them run their respective households. Make the topics helpful so visitors will keep on coming back for more articles. You can monetize from your blog by putting advertisements.
Teach a skill or talent. Another way you can earn from home is by teaching others about a skill or talent that you have. For instance, if you can play the piano, you can get give piano lessons. Teaching a musical instrument is a great way to earn extra while you are caring for your kids.
Sell something online. Virtual stores are inexpensive to set up. At least, this is true if you compare it with a brick and mortar store. You can sell a product of someone else or you can create your own product. If you are good at arts and crafts, this something you can sell. If you can make great designs for shirts, you can also sell your designs. The same is true for photos. If you a sew clothes, sell them online too. If you can bake, this is something that you can market online and deliver when you get orders.
Become a customer service representative. Some companies look for stay-at-home parents who want to earn from home and hire them to be remote customer service agents. You can take calls are designated times each day – maybe time it when your spouse or partner is home so they can take care of the kids while you work.
Ask for remote work. Get in touch with your former employer and discuss with them the possibility of being a remote worker. Believe it or not, there are some companies who allow their employees to earn from home. This helps the company lower their overhead costs and sometimes, employees are more productive when they work from home. Maybe you can continue your responsibilities in the office so you can take care of your children and still work at the same time.
Benefits of earning from home
While your priority may be your children or taking care of the family, earning from home will also bring you a couple of benefits. If you do it right and you are careful of your spending, you can use this extra money to help keep the family from financial ruin. Here are the important benefits that your family will enjoy if you decide to earn from home despite being a stay-at-home parent.
You can keep honing your skills. The first benefit is actually yours. By continuing to earn from home, you will keep honing your skills. You will not forget how to use your talents and you could even improve as you continue working from home.
You have the chance to work on a business venture. Your intent to earn from home can also help you explore the possibility of starting your own business. You can use this time and the resources that you have to finally be your own boss!
You can keep your finances strong and stable. The final and probably the most important benefit of earning from home is creating multiple sources of income. In case something happens to your spouse or partner, you will not be totally without an income. This can help make your future more financially stable.
The great thing about staying at home and still continuing to earn is the feeling of productivity. You get the best of both worlds. You spend time with your family and at the same time, you get the finances to help your family have a convenient and comfortable lifestyle.
Tips on what to do with your stay-at-home income
To earn from home means you have to be smart about your financial choices. If you initially planned on living on one income, you may want to continue with that plan. Keep your household expenses under that one income. That way, whatever you earn from home can be used to finance other things that can help grow your net worth as a family. Here are a couple of suggestions that you may want to use your second income on.
Build up an emergency savings fund. Start by building up your emergency fund. You can use this money to help you in times of unexpected emergencies. That way, you can avoid relying on debt to get you out of tough spots.
Save up for your children’s education. We all know how expensive it is to get an education. A lot of young adults start their life after school with loads of student loan debts. You can help your children avoid that by saving up for their education. At the very least, you can help save up for their tuition.
Increase your retirement contributions. You can also use the money you earn from home to maximize your retirement contributions. That way, you can secure your own future – you and your partner.
Invest more. The money you get from your work-from-home gig can also be invested. This can help grow your finances a lot faster. If you set it up right, this can be a passive income that can help you retire earlier than planned.
Pay off your debts. The last thing that you can with your income is to pay off your debts. For instance, if you have a mortgage balance, you can use your income to increase your payments. That way, you can get out of debt faster. As long as you do not have prepayment penalties, this can really help you save a lot.