Making money and motherhood are not often thought of as going hand-in-hand. However, as a mom, you can achieve financial independence alongside meeting the needs of your child. To do that, here are some of the best ways that you can increase your income as a new mom- and give your kid the best life possible.
Change Your Career
Many moms put their careers on hold until their baby is born and for some time afterward, which gives them time to bond with their baby and to deal with any health issues that pregnancy may present. However, this time can also be the perfect time to commit to a career change which will see you earning much more in the future. So, rather than planning to return to work once your child is older, you should instead decide to go to work in a completely different capacity. Some of the highest paying roles that you can choose from include those in healthcare and law, as well as marketing, although some people are also starting to make large earnings by working in tech and computer science.
Find the Right Online Degree
Whether you want to change your career completely or simply get a promotion, having the right qualifications to your name can help you with this. Having good qualifications can allow you to apply for high-paying jobs that have previously been barred to you, as well as leadership positions within your industry. Maternity leave is also a perfect time to take one of these online degrees as, before the baby is born, you might have a lot of time to yourself, or will be able to spare a few moments without being distracted by your work to-do list. However, to make sure that you are taking a degree that will open up high salaried positions, you should compare the types of qualifications to find the best option for you. For instance, if you are planning to get a healthcare qualification, you might need to decide between a DNP and a Ph.D. Both of these offer you the most advanced education in nursing that you can get, although PhDs focus on academia while DNPs get you involved with providing quality healthcare.
Start Up a Home Business
If you struggle to balance your career with parenting and still want to make more money, you should consider starting up a home business. Home businesses are perfect for moms as they allow them to generate an income without working around school hours or heading out to the office every day. There are many options that you can choose from when you are setting up a home business, and some of the best choices for moms include baking and crafting companies, selling white goods and third party products online, becoming a consultant, offering childcare, and managing social media marketing or events. You could even decide to take on freelance projects, such as translating documents and designing websites and graphics, if you are ready to rely entirely on yourself. To run this business successfully, you may need to transform an area of your house into a comfortable and peaceful home office away from the mayhem of the more kid-friendly spaces within your home.
Get a Part-Time Job
Even if you are a mom, you will not likely spend every moment of your day with your kids, especially if they are of school age. So once they start to become slightly less dependent on you, or if you can arrange appropriate childcare, you should consider getting a part-time job where you can make a small income while still being there when your kids need you. For instance, you might consider being a lunch assistant at your local school, working in retail or hospitality, being a tutor, or even walking pets while their owners are at work. You may even be able to make this job full-time once you are ready to return to work.
Invest Your Money
If you are looking for a passive way to make a larger income, though, you should consider investing your money shrewdly. Investments do not always pay off, so you should make sure that you do a lot of research into the type of investment that you want to make before you do anything. However, putting money away through investment could allow you to grow your funds and have the money you need to support your kids in the future. Some of the safest investment options that you can pick from include real estate, savings, corporate bonds, and money market accounts.
Speak to Your Manager
The only way that you will be able to increase your wage at work, though, is to speak to your manager. Asking for a pay rise or a promotion is sometimes the only way that you will be able to get it, especially if there are no widely advertised positions available at the current time. However, speaking to your manager will enable you to log your interest in taking on more responsibility and getting a higher wage, and you may be able to prove to them why you believe that your expertise are worth more money. However, you should always have a backup plan in case they say no.
Hone Your Skills
However, if you want to get a higher income from your job, you should consider honing your skills, which you can do at any stage of your career. For instance, you might decide to learn completely new skills that you could apply to a job within your industry, or you might simply use your time as a mom to improve both your hard and soft skills. This will make you more in demand as an employee and will allow you to get yourself into the running for the next promotion at work, no matter how much you have taken off to enjoy being a parent and look after your child and yourself.
