There’s a virtually never-ending supply of charts and graphs that show how the pandemic affected moms across the globe. But you don’t need pictures and numbers.
As a working mother, you already know the exhaustion, fear, and uncertainties that we all faced during the worst of the coronavirus crisis. Today, we take a look at how you may have been affected and ways you can lessen the impact on yourself and your family as we emerged from the ruble COVID left behind.
The WoMo Network is the place for you as a working mother. Here, you’ll find great articles like this to help you manage all that life has in store for you.
COVID, Moms, And Money
While the pandemic certainly affected women’s mental health, it hit our pocketbooks just as hard. The continued supply chain strain, steadily increasing oil prices, and political turmoil that have popped up within the last year have also contributed to our already-thin budgets. Fortunately, the job market has begun to bounce back throughout much of the world, but that doesn’t mean we have recovered financially or that we can go into a new job trusting that our employers will keep us on in light of another global crisis.
It’s Up To Us
For many women, the idea of losing their income again is frightening. This is, however, always a potential reality in the future. But, there are ways that you can help to replenish your lost savings, save on skyrocketing energy bills, and create future financial stability for yourself and your family.
To help replace what you’ve already spent, start looking for ways to utilize your talents and skill set to earn a side income. This could be anything from babysitting to freelancing to opening an online store or flipping merchandise on marketplace or FBA sites. Making just an extra $40 per week can help you pay your light bill or give you enough cash to buy yourself or your children a few of life’s little extras, such as a night out or pedicure. (If you’re thinking these are frivolous expenses, remember that you also have to prioritize your mental health and self-care.)
Need More?
If you still need more money than you can make on your side hustle, now is also a great time to consider starting your own business. As a self-employed WoMo, you are in charge of when you work and what you do. To get started, work on a few one-off projects. This will help you refine your processes so that you can establish a solid ground. Your next tasks are to ensure that you manage your business’s money and attract the right kinds of customers.
For money management, research different options and choose accounting software that works for you. Ideally, this will help you keep an eye on your cash flow and organize orders, receipts, and outgoing payments. It should also help you maximize your deductions while staying compliant with local laws and any applicable industry regulations.
When it’s time to start looking for customers, you’ll need to prioritize your marketing strategies. Carve out your niche early, which the Ackerman Marketing & PR firm explains gives you a competitive advantage so that you can grow instead of decline. Your marketing efforts might include social media, email, or sponsoring local events. Once you know what sets you apart from the competition, you can then identify your ideal customer.
As a mother in charge of your children’s financial well-being, you have to look for ways to overcome the setbacks you endured during the pandemic. Although finding balance is difficult for self-employed moms – Moms.com offers lots of self-care tips – sometimes we have to push through the challenges and obstacles to create a stronger foundation for the future.
We hope the above advice has given you a jumping-off point, and we wish you good luck in your future financial endeavors.
Guest Blog by Marjorie Jones