Managing Your Income As A Work-At-Home Mum

Balancing household expenses on a tight budget can be intimidating, but putting these simple techniques to practice will help knock this hurdle down to size.

Working from home comes with its own perks and downsides, and is a decision most mums make after carefully weighing these against the family’s needs. To those who make this decision, it is often the best way for them to enjoy both having a career and drawing an income, while still being able to embrace their role as a hands-on mother.

Finances are one of the major considerations in making this decision. Although working at home is a way to ensure there’s additional income to cover the family’s expenses, it can still be less than what you were bringing home previously. If you’re working as a freelancer, income can be unpredictable. Even if you’re working at home thanks to the flexible arrangements your workplace offers, you might find that you enjoy fewer benefits.

If this is a worry, here are some tips and tools that you can use to stretch every dollar and ensure your savings grow rather than shrink.

Implement a budgeting system

There’s no way to manage your money if you don’t know how much comes in, and how much is spent each month. To manage your finances, you’ll want to start working with a system that is easy for you to use and matches your preferences. It doesn’t matter if it’s an app on your phone or a simple diary in which you pen out everything; the important thing is that you find it easy to keep it updated month after month.

Keep your budgets separate

While mapping out your budget, you’ll want to keep your business budget and personal budget separate. For your business budget, don’t forget to account for taxes and any other business expenses you’ll have to pay.

Prioritizing your budget