April 20, 2021
Tips to Make Money during Maternity Leave
By : Ellie Brown
You are lucky to have paid maternity leave, but unfortunately, that is not part of actuality. You will welcome your baby, which means you will have to spend a lot of money on their diapers, nappies, wipes, and the like.
If you are to stay at home without paid maternity leave, it can be a bit complicated for you to meet expenses waiting to burn a big hole in your pocket. Even if your significant other is earning a great amount of money, you will likely feel being in a tight spot when your baby comes. You do not need to worry about your finances because there are myriad options for earning passive money.
Working from home during maternity leave is the best solution for you. Various websites invite freelancers to create their profiles and pitch clients. You should begin it as soon as you get to know that you have conceived. It can take some time.
If you have some references, take advantage of that. Freelance income may not cover the gap caused due to the pause in regular monthly income, but it can help you stay afloat. Some of the most popular freelance services you can offer include but not limited to writing, editing, customer care executive, web developer, web designer, and online marketer.
If you have some money in your savings account, do not let it be idle. You should instead invest that money to get a return. If you have never invested, you should start with buying bonds and stocks.
Take the help of an investment expert who can analyse your risk tolerance capacity and suggest you the appropriate asset. Try to build a diversified investment portfolio. This will lower the risk of loss if the market does not fulfil your expectations.
Open the right savings account
There are various types of savings account. Try to visit the website of your bank to see the types of saving accounts they are offering. A general saving account does not offer a return.
You should instead look for an account that offers a high return. Some saving accounts have been exclusively designed for a rainy day, and therefore you will not be allowed to dip into them. Since you will not be able to access funds for some time, you will likely earn a good amount of interest.
Rent out your house
If your house has extra space, you can plan to rent it out. Renting out even a small room can be enough to earn some money.
If you have a parking lot, you can rent it out to someone who needs it to park their vehicle. There are various online sites where you can advertise your home and have several applicants.
Whittle down cost
Sometimes you do not need to get a new job to have a wiggle room in your budget. The money you save will automatically be your earned money. Since you know your savings will likely be compromised when your baby comes, you should have been careful about it beforehand.
For instance, look over your monthly spending and see how you can control your cost. You should consider your monthly spending and see where and how you can whittle it down. Try to incur only essential expenses, so your savings keep growing.
Try to use budgeting apps as they can help you achieve the target without overspending. If you have taken on debt, you should try to settle them before the baby comes. Although it will cost you an early repayment charge, it can help you save in the long run.
Put off big purchases
If you plan to buy something big, you should try to put it off if you can, especially if you are about to fund it with unsecured personal loans with bad credit.
This can affect your buying power down the line and make it hard to buy your baby every item that they need.
It is always suggested that you should ponder over the purchase you are going to make. Put it off if it is not that necessary.
Take surveys for cash
One of the most effective and easiest ways to make money is online surveys. When you are on maternity leave, you can take online surveys for cash. Various survey sites can help you offer a good amount of money.
You can choose any of the niches that you know about and take participate in. Some sites will offer you points that you can get redeemed later. Some of the popular online survey sites are Survey Junkie, LifePoints, MyPoints, Swagbucks, and Vindale Research.
Website testing is also an excellent way to earn money. Some companies invite people to check websites and give them feedback on how it looks and how much it is user-friendly and what changes can be implemented.
You can get money in cash, cheque and gift cards. You can research online to grab work related to website testing.
When you are on maternity leave, there are various methods to make passive income. You can use any of the methods above. However, there are many more. Note that you will have to be careful about spending money too.