August 29, 2011
Being a working mom can provide great fulfillment. The opportunity to earn money in a field that uses your skills and knowledge can be rewarding. Also, working in an office environment gives you the opportunity to network with others and possibly form lasting friendships. However, if the desire to become a work at home mom is pulling on your heart strings, then here are 5 simple steps to become a work at home mom:
Review Your Financial Situation
Before you quit your job, you need to know how you will afford to stay home. You can start by completing a thorough investigation of your spending. Begin with a look at your assets. How much money do you have in your checking, savings, and investment accounts? Next, identify any amount of revolving debt you have, like credit cards, student loans, or other loans. Finally, determine your living expenses, such as utilities, groceries, phone, mortgage, etc.
Putting this information down on paper is a good way to analyze where your money is going, and you will be better able to identify areas that you could cut back, cut out, or allocate more wisely.
Get Out of Debt
The second step in becoming a work at home mom is to eliminate your debt as much as possible. By tracking your spending habits, you can determine where you can cut corners. Look for frivolous expenditures and eliminate these from your spending. Use the money you save and add it to your debt payments. Also, be sure to tell your money where to go by creating a budget and be sure to include payments for all debts.
Whittle Down Expenses
By being creative and willing to change your current shopping habits, you can find ways to significantly reduce your living expenses. Consider shopping at discount food stores like Aldi’s which offer high quality food at low prices. Also, savings clubs like Sam’s and Costco may provide you with savings on certain items. Don’t be afraid to review your insurance policies with your agent. You may find that raising your deductible or switching to a term policy might make sense in certain cases.
Create a New Lifestyle
For some, being able to become a work at home mom might mean a change in lifestyle. You may have to cut back on (or cut out) frivolous shopping trips. It might mean preparing more meals at home instead of eating out, and taking leftovers for tomorrow’s lunch. Or perhaps you consider going down to one car or even downsizing your home. Look at your situation and determine the ways you can create a new lifestyle that will bring you home faster and keep you there.
Find Your Ideal Home Business
The last step in becoming a work at home mom is to find the ideal home business for you. You can start by identifying the things you like to do and do best. Perhaps you like to sew, then maybe creating crafts, making clothing or doing alterations would be an ideal business for you. Maybe you’re a great baker or cook, then you might consider catering or selling your baked goods at local markets.
However, if you’re like many people whose hobbies or strengths would not make an ideal business (i.e., bowling or bike riding), then search for work from home jobs or companies that are looking for independent representatives. Be sure to do your research and check out the Better Business Bureau reports, if in doubt.
By applying the 5 steps above, you will be better able to become a work at home mom.