No one said motherhood would be easy, and financial difficulties are bound to arise from time to time. Mothers know to expect the unexpected when it comes to finances because whether your child has a sudden round of expensive ear infections or you need to upgrade to a more family-friendly vehicle, the costs can really add up. Aside from having a healthy savings account, there are other ways that moms can prepare for those unexpected expenses.
Whether you’re a full-time stay-at-home mom or you’re juggling a full-time job, you need something flexible, convenient, and that doesn’t take up too much of your precious time. You could spend hours scouring the internet for ideas because there’s no shortage of ways to make money from home these days.
Here’s a list of 3 innovative ways moms can make money from home. These unique ideas will spark your imagination and get you thinking outside of the box for ways you can help your family achieve a little extra cash when the need arises.
Get a Reverse Mortgage
When you see the word mortgage, you’re probably thinking of how much it costs you, not the other way around. But that’s the beauty of a reverse mortgage. You’ll get payments every month based on the equity of your home, and it won’t hurt your home’s value.
There are different reverse-mortgage pros and cons to consider. Some of the pros include having an open line of credit for life, ability to use the funds for virtually anything, and it could help you purchase a new home! If you’re in a tough spot financially, then applying for a reverse mortgage could be a total game-changer.
However, there are some downsides to getting a reverse mortgage. You’ll probably have a higher closing cost on your home if you get a reverse mortgage and you could lose access to needs-based programs like SSI or Medicaid. Those are some pretty heavy drawbacks to consider, so if you do decide to get a reverse mortgage, it’s important to do your research first and go through a trust-worthy company.
Rent Your Garage Space
Most garages become a cluttered space full of partially finished projects, broken furniture, and outgrown toys. If this described your garage pretty well, then it might be time to consider cleaning out that unused space and renting it out!
Depending on your area, renting out your garage could be a pretty lucrative way to make money from home. People who are in the process of moving or are living in a small apartment may be looking for extra storage space. If you offer to rent out your garage for a cheaper price than any storage unit around, then you’ll have no shortage of people looking to take you up on the offer.
All you need to do is clear out your garage, list the space on places like Craigslist and Facebook market place, and wait for a response. This is a great form of passive income for those who need a little extra money, but aren’t in a rush.
Start a Side Gig
There’s no shortage of side gigs to choose from these days. All you need is a little bit of skill and the ability to learn quickly. Think about what you’re good at and how you can turn that into a profitable venture.
Plenty of people have an artistic flair that they could turn into a small business. You could draw or paint anything you’d like and sell your pieces on your own website or an ecommerce platform like Etsy. Or, if graphic design is more your style, then you could offer your services to small business to help them create their logos.
If you used to be a teacher or are currently homeschooling your kids, then you can turn old lesson plans into a profit by selling them online. You could create courses on virtually anything that you’re knowledgeable about and even offer to coach others.
Whatever you choose to do, starting a side gig in 2022 is easy and a great way to bring in a little extra income. You’ll be your own boss which means that you get to set your schedule, whether that’s after the kids have gone to bed or before they’ve even woken up in the morning!
There are tons of ways for moms to make some extra income. All you need is to look at what you already have to offer and get creative. You could even take a couple courses online to learn a new, more profitable skill. Generating extra income doesn’t have to be a huge hassle, and these 3 ideas are just a small glimpse into the ways that moms all around the world are learning to bring in some extra cash.