Today, I’m sharing parenting tips on achieving financial security for single parents. As a single parent, stretching your money can be a significant concern. Taking on lucrative side gigs can bring in extra funds to help make ends meet. However, with smart money and time management, you can pad your financial cushion without giving up time with your family.
Flexible opportunities – The gig economy is a haven for entrepreneurs, temporary workers and freelancers. It offers the freedom and flexibility to take on as much or as little work as you want. Along those same lines, Entrepreneur points out gig work allows you to earn as much or as little as you need. By altering the level of intensity, difficulty and quantity of your workload you can adjust your income level and time commitment. You are free to take a light load on the weeks your youngster is performing in a play, or engage more work to pay for gifts during the holiday season. Side gigs offer opportunities for variety as well. So, if you become bored doing routine tasks you can switch things up when things become dull.
Personal and financial growth. When you’re tight on time and money, your circumstances can feel limiting. But, a side gig can be a long-awaited chance to get your foot in the door to a new career. For example, maybe you’re talented in graphic design. But, you can’t get hired in a traditional role without experience. As Coople explains, a side gig can bring much-needed notches in your belt. It’s also a chance to put a hobby or skill to work in your spare time. For example, doing things like pet care, bookkeeping or house cleaning. The income can be deposited into retirement savings, a vacation fund or just used to pay routine bills. No matter what you decide, it’s income that can be earned in a manner flexible and pleasurable to you.
Monitor that money – Obviously income is a driving force in your choice to pick up a side gig. Some experts point out that many people who participate in freelance work don’t do an effective job of managing finances. However, you need to keep tabs on your gig income because you will pay taxes on it. And, tracking it can also help you learn market trends. For instance, if you decide to be a dog walker or sitter, you may notice you stay especially busy during the spring break season. Or if you’re cleaning houses, your busy season may be during the holidays. Setting up separate accounts can help keep your finances on track. Furthermore, it will project when you will see increases in income and being busy.
Tracking your expenditures is another issue. You don’t want your personal money going into your business venture. Also, you need to monitor exactly what you spend on your business adventures so you can make appropriate tax deductions. A business credit card can simplify tracking your spending and alleviate bookkeeping headaches. It’s important to choose a card that supports how you’ll use it. For example, some cards are better suited to traveling, some are more accommodating if you lack credit history, and some offer cash back incentives. Another option is taking out a loan for your small business. Short-term loans usually work best if you have a new business and decent credit. Research your options before committing so you can make the best choice for your situation.
Engage tools – With the growth of the gig economy, tools for effectively engaging in gig work are plentiful. One way to participate is through a platform. Platforms are websites that connect people desiring services with people providing services. For instance if you are a bookkeeper, you might engage an administrative professionals platform. Then busy entrepreneurs can go to the platform to hire you. The platform page typically vets the freelancers they list. This in turn provides peace of mind to clients hiring help and validity to those offering services. As Forbes notes, engaging a platform website can be a way to find work in the gig economy quickly.
Side gigs help. If you’re a single parent and strapped for cash, taking on a side gig can be a boon. The flexibility makes it possible to enjoy family time while making ends meet. Use the tools at your disposal to manage your finances and business carefully. Side gigs can provide financial security for single parents as well open a wealth of opportunities to you!
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