Building Multiple Income Streams for Moms
We have spoken a lot about budgets and spending in our “A Mom’s Guide to Financial Freedom.” series. Today we shift the focus to how you can increase your income. One of the things I have learnt is the power of multiple income streams. It can be an overwhelming thought, increase “work” when you are already spread thin, but finding passive forms of income can change your financial situation dramatically.
Why Build Multiple Income Streams? Relying on a single source of income can be risky, especially in uncertain economic times like we are faced with now. By diversifying your income streams, you can reduce the impact of job loss or unexpected expenses and create more financial stability for you and your family.
Ways to Build Multiple Income Streams:
- Freelancing: Use your skills and expertise to offer freelance services in your spare time. This could include writing, graphic design, web development, or consulting. With the increase in remote working, there are so many jobs that can be done remotely, in different time zones, allowing you to use your skills to increase your income as and when it suits you. There are so many platforms you can check out for remote jobs. Upwork and Freelancer have positions for just about anyone. If you are a blogger, check out Intellifluence.
- Side Hustles: Start a side business selling products or services online or in your local community. This could be anything from handmade crafts to tutoring or pet sitting. I sell our second hand clothes on yaga, it is not going to pay for our new kitchen but I use that income to buy new clothes/shoes etc for all of us.
- Rental Income: If you have extra space in your home, consider renting it out on a short-term or long-term basis. You could also invest in rental properties as a long-term income source. This income stream obviously assumes you have access to a second property which not everyone does have. But it can be a fairly passive form of income if it is managed correctly.
- Investments: Invest in stocks, bonds, mutual funds, or real estate to generate passive income. This can be a great way to build wealth over time.
- Online Businesses: Start an online business selling products or services. This could include e-commerce, digital products, or online courses. This is a lucrative form of income for millions of bloggers and it can be done after hours. It does take some time and requires effort but it can be done.
- Offer classes: As homeschoolers we are constantly looking out for people who can help out with practical skills. Emma does a crochet class once a week run by a lady who loves crocheting. Two of our mom friends have started a hockey club. If your kids are at school in the day (or you homeschool) think about offering to teach people something, it can be a fun way to earn a little money doing something you enjoy.
Tips for Building Multiple Income Streams:
Identify Your Skills and Interests: Start by identifying your skills, passions, and interests. This will help you choose income streams that align with your strengths and that you’ll enjoy pursuing.
Start Small: Building multiple income streams can be overwhelming, so start small. Focus on one additional income stream at a time and gradually expand as you become more comfortable and confident. And remember to give it time! Social media will tell you you can make a 6 figure income in a month, this is not real life, it can take months, even years sometimes – stick with it.
Diversify Your Income Streams: Aim for a mix of active and passive income streams. Active income requires ongoing effort, such as freelancing or consulting, while passive income generates money with minimal effort, such as investments or royalties or running ads on your blog.
Monetize Your Hobbies: Turn your hobbies into income streams. Whether it’s crafting, baking, or photography, there are many ways to monetize your hobbies, such as selling products online, teaching classes, or offering services.
- Continuously Educate Yourself: Stay informed about trends and opportunities in your industry. Continuously educate yourself to stay ahead of the curve and identify new income opportunities.
Building multiple income streams is a smart strategy for moms looking to achieve financial freedom. By diversifying your income sources and exploring different ways to increase your earnings, you can create a more stable and secure financial future for yourself and your family.
15 Responses
Great tips, I need to look at selling clothes and bits, I do start with good intentions and then end up giving to charity which is not a bad thing really
I have found freelancing and blogging to be so helpful to me. Especially as I still have children at school, it means that I can work around them and earn that extra income. Great post!
I hear about more and more people offering classes – that’s such a good idea! Thank you for these tips.
Having multiple income streams is pretty important for everybody these days. It’ll definitely change our financial situation for sure.
This is so true! That’s why we all need a plan B in every aspect of life.
LOVE this! I am all about multiple income streams! I think it’s so important and there really are so many options out there!
I can’t agree more, there are a lot of ways that additional income can be generated. Great ideas…Thank you so much.
I have so much respect for moms. The hussle is incredible and awe-inspiring also and a special shoutout to the homeschool moms!! My mom was one too…great side jobs for extra income. Thanks for sharing these ideas!
These are such great ideas! I’ve been a blogger for years, and I feel like I could do a lot with that knowledge.
Some really great income streams. I always see stuff on Tiktok about people doing downloadable products or made to ship items and they’ve made loads of money and it always looks so tempting x
Great tips here and what I do for a living is ever evolving and changing and these are spot on tips. I am working on making new income sources and this is the perfect post!
Such a great point as far as having multiple sources of income. It makes sense to have that safety net!
These days having two incomes is almost an essential for some. Monetising hobbies can be a lovely way to do this as you will be paid to do things you enjoy.
These are really good income streams. I also want to try few of these ideas to earn some extra income.
You’ve just reminded me that I haven’t checked on my investments for a while! Loving the list of income streams for mums – I’ve never thought of offering my skills to others as a homeschooling mum. Definitely gonna look into that!!