There are two aspects for making financial gains: Reduce your expenses, and increase your income.
What are you doing to increase your household income? For me, it’s this blog and occasional freelance projects. I’ve also sold unwanted items on eBay or Amazon.
For households with one primary income, I do think it’s good to pursue additional streams of income if possible. Blogging, freelance writing/designing/photography, selling wares on Etsy, selling unwanted items online or in yard sales, doing consulting work, childcare, mowing lawns/shoveling sidewalks, or any variety of home-based businesses can provide extra cash for a family to pay off debts or build savings.
The other day, I read Half-Price Living: Secrets to Living Well on One Income by Ellie Kay. (I picked up the book for $0.99 on CBD)
In the book (page 125 if you have it), she has a huge list of types of home businesses SAHMs can do. Even entrepreneurial teens can capitalize on some options.
Some interesting options listed there include: pet grooming, pet taxi service (? does this mean you get paid to take a dog for a joyride? ha!), refurbishing furniture, and personal shopper.
But you know what else? The book mentions that if you make it your ‘job’ to cut your family’s costs and save money wherever you can, that counts for something good, too.
Ellie Kay points out:
I found out a penny saved is more than a penny earned. If I saved $10,000 a year on household goods, transportation, clothing, food, and other bills, that was the equivalent of earning $15,800 on the economy — by the time state and federal taxes were paid. So, instead of becoming a master entrepreneuer, I became a master at saving money. (Page 15)
YES. That figure will vary depending on your specific tax situation, but you get the point.
Cut your expenses, since the overall value is much more than the equivalent amount earned at a job. But seeking income-generating opportunities can also be a great thing for your family.
How do you increase your family’s income?