Are you a stay-at-home mom who’s looking for ways to increase your income? If so, you’re in luck. There are plenty of ways to bring in more money that can work with your busy schedule. In this post, we’ll outline seven different methods that can help you make more money. So, whether you’re looking for a side hustle or just want to find some extra cash, read on for some great ideas.
1. Ask for a Raise
If you are currently employed, ask for a raise. Unfortunately, this doesn’t always work in your favor. Research shows that women ask for raises just as often as men, but they do not receive them. If your work is not being valued, start polishing up that LinkedIn resume, network with your connections, and look for better opportunities. You can even use your new offers as a negotiation tool with your current employer. Since raises and job hunting are not my specialty, feel free to contact me for a referral to a career coach I recommend, especially for women of color.
2. Give Yourself a Raise
If you have your own business, how long has it been since you’ve raised your rates? Keeping up with rising costs is enough reason to increase your rates. Inflation is expected to be at 5% in 2022, and at least over 2% in 2023. Also, take into account your experience and the value of the transformation your clients received by working with you. One of my private coaching clients increased her revenues by 18% in 2021 and worked fewer hours! That’s a huge win and it’s reflected in how my husband and I increase our fees (slightly) every year.
3. Work a Side Gig
Even if you have a job or a business, sometimes a side hustle is the most sensible way to avoid debt. If you’re in desperate need of cash, working a side gig as an independent contractor or freelancer can give you a quicker paycheck than pushing harder for sales in your business. (Prospects can sense desperation and they will run away!) Drive for Uber, shop for Instacart, sign up to walk dogs, clean houses on Thumbtack or TaskRabbit, create social media graphics on Upwork or Fiverr. These platforms enable you to sign up and start working within a week or so, depending on the requirement for background checks. In general, you can sign up now and start working right away.
4. Rent Your Stuff
If you have a spare bedroom, or like my friend did, transformed her garage into an extra room, you can become an AirBnB host. You can live your B&B dream and provide a cooked breakfast (as a guest, this was amazing when I had a three-day conference to attend!) or be hands-off and just provide a key in a lockbox to the amenities-filled room. But it’s not only a room you can rent. If you have an RV, pool, car – depending on where you live, there are apps that facilitate renting your stuff. Do your due diligence and make sure you’re probably insured, whether it’s through the app or your home owner’s policy.
5. Sell Your Stuff
Another speedy way to bring in some money is to sell your stuff. This is my favorite way to make extra cash. I’m a wannabe minimalist, and I’m always decluttering. You’ll make more if you sell your items on eBay, Poshmark, and other sites set up for this, but you can also sell on Facebook Marketplace, Craigslist, and by having a garage sale. Make it fun by asking your entire neighborhood to have a garage sale to bring in more traffic.
6. Sell What You Make Or Grow
Do you have a favorite hobby that you could expand? Maybe you already enjoy making jewelry for yourself or your friends. You could sell the extra jewelry you make or take personal requests to make custom pieces. If you have even a small backyard, you can make extra money selling house plants, seeds, veggies, or microgreens. It doesn’t take as long as you may think to start generating extra cash this way. Just be careful that you have a healthy balance between selling the items and buying more supplies. I have a friend who makes just enough to pay for the hobby, and that’s enough for her. If you’re looking to make a profit, watch those pennies! This leads us to the final tip…
7. Cut Expenses
While this is not technically an income increase, it will free up the money you have to spend on necessities. Cancel your subscriptions, repair/reuse/upcycle instead of buying new, drop down to one car or drive less. My husband and I started a “no-buy” year until we bought a house. We only spent money on necessities like our rent, food, and medical, and held off on buying new clothes, gadgets, and other wants. You could even improve your health by drinking less alcohol or eating red meat. If you have an expense that is not a need, find a way to reduce it or eliminate it until you’ve increased your income.
Earn More Money, On Your Time
Increasing your income can fulfill a need for variety in your work life, as well as contribute financially to your family. Your kids can even get involved and learn valuable money, business, and communication skills
What’s your favorite way of earning more money for your family? Shoot me a DM over on Instagram and let’s connect!