As a working mum, you will already know how difficult things get when you are not earning in the way you normally do. If you are self employed and are going through a quiet period or have had to take some time off, because you or the kids were sick then you can really feel it when it comes to your finances. It only takes a look at your banking app to see that everything is coming out as usual but you do not have your regular income going in to cover it in the usual way. And if you were already running things on a tight budget (like most of us are) then it does not take much for things to get worrying with money. Here are some things to think about that you can plan ahead to put yourself in the best position.
Budgeting
Having a budget in place gives you so much more control over your money. When you know exactly what is coming in and what is going out, you do not have to guess and you do not accidentally end up short at the end of each month. You know what you can spend too so it is easier to keep track. A good way to budget is to set all of your bills to come out via direct debit, and have your wages or earnings paid into this account. Any extra money or cash that you want to spend on other things, transfer into another account and use this purely as a spending account. That way you never dip into bill money by mistake, and because all of your bills come out automatically nothing gets missed.
Extra Income
If you are self employed then having some extra sources of income can be a real lifesaver. That way if one is not doing too well you always have something to fall back on. It could be remote work for a company, blog income, income from social media, it could be money for doing surveys or tutoring, whatever it is you can do be sure to monetise your skills! Another thing to consider is getting legal advice to claim back any lost income if you have had to have time off and it was not your fault. Most mums do not know that, because no one explains it unless you ask, but you absolutely should not be carrying a financial hit that you should not have to take. Injury experts like Thomas Law Offices can give you more info on this.
Food
Finally, stocking up on a few basics can make a real difference too, especially if you are self employed and your income goes up and down. If you buy a bit extra of the things you always buy anyway like pasta, rice frozen veg, some tins and a few simple bits means you are not doing extra food shops when money is not coming in. It also means that if you are in a really tight spot (which can sometimes happen no matter how organized you are) you actually have something to eat rather than nothing. It saves you those little top up visits that somehow cost more than a full shop, and it keeps the week running even when your income has dipped. It is just one less thing to worry about when you are already stretched as you are always going to have to find a way to feed everyone somehow, regardless.
