How a single mom can create multiple income streams
Extra Income for Single Moms
by Alexa Mason
Money Saving for a Working, Single Mom
Surviving as a Single Mom
5 Things to Sell on eBay Instead of a Yard Sale
Income diversification is an important financial element, exponentially more important for the single mother. In today's economic situation, you need to be able to protect yourself and your family, and one way of doing this is to create several independent streams of income.
In addition to having a normal nine to five day job, incorporating side streams into your income bucket will help prepare you for financial emergencies and aid you in the event that you would (God forbid) lose your job. Of course, building up those side streams initially takes a lot of work, but the best part is you can make it fun and learn to work for yourself.
When thinking of what you can do to start your side business, think of the skills you already possess and then become your own boss. When you are working for yourself, you have room to experiment and see what produces the most income and what the most effective strategies are.
If you are clueless as to what you could do to start up, here are just a few suggestions. If you have/are…
Sales Skills/People Person
Think about becoming an independent sales rep. There are so many products that you can sell for a commission. Just to name a few:
- Pampered Chef
- Mary Kay
- 31 Products
If you can find a quality product and have the ability to reach out to people and promote, then there is a lot of potential of being a sales rep. You could even build a website with all of your contact information and directions on how to order.
There are a lot of places that will pay you to write articles for them. The pay generally starts low, but once you prove yourself as a quality writer, the income potential is practically limitless. Local magazines usually accept articles and there are hundreds of places on the internet that will pay for your writing. Just too name a few:
If you have an eye for a great bargain and are familiar with selling on eBay, this is an excellent option. There are many people who make a living selling on eBay. I would recommend heavily researching any merchandise that you plan to sell. Look at how long it was listed before it sold, how many similar items are currently listed, and what the sale price was. This should give you a good idea on what to expect from your merchandise. Take it slow in the beginning and see how it goes. Just make sure to do your research before you go out bargain shopping!
I love handmade items, but unfortunately I don't have a crafty bone in my body! If you enjoy making handmade items, then try your hand at selling them on Etsy. Etsy has grown into a very popular site and is a great way for you to start your side income streams.
Aside from Etsy, you could also sell at flea markets, festivals, and bazaars. Christmas bazaars are great places to sell handmade items.
Knowledgeable in a Specific Area
If you love literature, or science, or are fluent in a second language, then you could become a tutor. You can pick your target market and do some advertising. If you prefer to tutor college kids, then put up an ad at the college campus. If you would prefer to tutor elementary or high school kids, drop by the school and talk to the teachers. Give them your contact information and let them know you would be grateful for any referrals.
Simple Money Management from Quicken It's so easy, you'll actually budget!
There are limitless ideas of creating side income. You have to determine what you are good at and what you love and then create a job for yourself. It's a great way to challenge yourself and explore your talents. And your side income could eventually turn into your dream job!
Alexa is a newly single mother to two little girls ages 2 and 3. She chronicles her journey as a single mother trying to make it on her own at Single Moms Income.
Take the Next Step:
- For more on earning extra money, please visit The Dollar Stretcher Library .
- Visit the Single Parents section of The Dollar Stretcher library.
Share your thoughts about this article with the editor
Trending on TDS
- Could social media be causing you to overspend?
- Save or pay down hospital bill? Video
- Frugal doesn't always mean getting the cheapest
- A financial safety net for single moms
- Why saving money doesn't have to be a drag any more
- How investing style changes over your lifetime
- 5 poor ways to save (and how to do better)
- What to do if your credit card rate goes up
- 3 steps to rebuilding an emergency fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- Reduce your debt with this free debt course by The Dollar Stretcher
- Reduce your debt payoff time
- Find a better credit card rate
- Get better savings & MMA rates