Financial tips for work-from-home moms
The flexible nature of working from home is appealing for new moms and many opt for this when the pitter patter of little feet is on the horizon. However, it can be tough to manage your finances, so if you’re thinking about taking this step, take heed of the following tips:
Bills first, save second, spend third
Work-from-home mothers on a more flexible work set-up need to get used to the fact that a steady income is not a reality. To ensure that you remain in control of your finances, no matter how inconsistent, it is best to pay your bills first. Ensure that all of your repayments are made on loans, credit cards or on your bond and ensure that your monthly debit orders are covered. Once you’ve paid your bills, be sure to put some of your money into a savings account that delivers a steady interest rate that will guarantee growth. Lastly, once you’ve paid your bills and saved your money, set about spending your income wisely.
Funnel a portion of your income into a Credit Card account
If you work from home, the chances are high that you will need to replace or repair stationery, hardware or software. Whether you’re a designer, blogger, baker or seamstress, it is important to be sure that you funnel a portion of your income into a credit card (ßLINK TO https://www.africanbank.co.za/en/home/products/credit/silver-credit-card/) account. This will ensure that you have enough credit to pay for ad hoc items or repairs while building up a positive credit score. Also keep your account in the positive as it gives you some leeway for monthly payments if your income is less than expected.
Avoid spending during a lull
Be cautious with your money and avoid the temptation to spend during a lull. Frivolous spending can put you in a tough financial spot.
Embrace the privilege
There are few mothers who have the opportunity to work from home so once you’ve decided on this route embrace the privilege of being able to see your children grow. Don’t let your financial situation consume your time. Instead, make smart short-term decisions that will ensure a profitable and hassle-free future.
Running a home and a business can be challenging, but with the right financial mechanisms in place, you’ll have one less thing to worry about money. Visit your nearest African Bank branch today to discuss our bouquet of products and how they can help you get ahead.