Earning Extra Income During Parental Leave

 

  

Making money while on parental leave can be a great way to supplement your income and keep boredom at bay. 

Here are some ideas and opportunities to help you decide what to do during your parental leave to make some money.

1. Freelancing and Consulting

Writing and Editing- Offer freelance writing or editing services. Platforms like Upwork, Fiverr, and Freelancer can help you find gigs.

Graphic Design- If you have design skills, create graphics, logos, or websites for clients.

Consulting- Use your professional expertise to provide consulting services in your field.

2. Remote Work

Virtual Assistant- Provide administrative support to businesses or individuals remotely.

Customer Service- Work as a remote customer service representative for companies that offer flexible schedules.

Data Entry- Perform data entry tasks for companies that need accurate and efficient record keeping.

3. Online Selling

Etsy Shop- Sell handmade crafts, art, or vintage items on Etsy.

eBay or Amazon- Sell items you no longer need or source products to sell online.

Print on Demand- Create custom designs for t-shirts, mugs, and other items to sell through print-on-demand services like Redbubble or Teespring.

4. Blogging and Content Creation

Start a Blog- Write about topics you’re passionate about and monetize through ads, sponsored posts, or affiliate marketing.

YouTube Channel- Create videos on topics of interest and earn money through ad revenue, sponsorships, and merchandise sales.

Podcasting- Start a podcast and monetize through sponsorships, listener donations, or premium content.

 5. Teaching and Tutoring

Online Tutoring- Offer tutoring services in subjects you excel at through platforms like Tutor.com or VIPKid.

Create Online Courses- Develop and sell online courses on platforms like Udemy, Teachable, or Coursera.

6. Gig Economy Jobs

Delivery Services- Work for delivery services like Instacart, DoorDash, or Uber Eats, which often offer flexible hours.

Ride-sharing- Drive for ride-sharing services like Uber or Lyft if you have access to childcare or can work around your partner’s schedule.

7. Renting Out Property or Space

Airbnb- Rent out a room or property on Airbnb.

Storage Space- Rent out unused storage space in your home or garage on platforms like Neighbor.

8. Investing

Stock Market- Invest in stocks, bonds, or mutual funds. Be sure to do thorough research or consult with a financial advisor. Click here to read my beginner's guide to stocks.

Real Estate- Consider investing in rental properties or REITs (Real Estate Investment Trusts).

9. Surveys and Market Research

Online Surveys- Participate in paid online surveys through sites like Swagbucks, Survey Junkie, or Pinecone Research.

Focus Groups- Join paid focus groups or participate in market research studies.

10. Creative Services

Photography- Offer photography services for events or sell your photos on stock photo websites.

Crafts and DIY Projects- Create and sell handmade crafts, jewellery, or home decor items.

11. Childcare Services

Babysitting- Offer babysitting services to friends, family, or neighbours.

Pet Sitting- Provide pet sitting or dog walking services for pet owners in your community.

12. Affiliate Marketing

Promote Products- Partner with companies to promote their products through your blog, social media, or website and earn a commission for each sale.

These opportunities allow you to earn money while being able to stay flexible to care for your new child. It’s important to balance work with rest and family time during your parental leave.

Couponing 101: Saving Big on Family Essentials

Using coupons effectively can significantly reduce your grocery and household expenses.

1.) Get Organised

Collect coupons: Gather coupons from various sources like newspapers, magazines, online coupon sites, store websites, and apps.

Categorise Coupons: Organize them by category (e.g., dairy, cleaning products) or by expiration date using a binder, accordion folder, or digital app.

2.) Plan Your Shopping

Make a list: Create a shopping list based on your household needs and your meal plan.

Match coupons to your list: Review your coupons and match them with the items on your list. Note any products for which you have multiple coupons.

3.) Stack Coupons

Combine manufacturer and store Coupons: Use a manufacturer’s coupon alongside a store coupon for the same item to maximize savings.

Look for sales and promotions: Use coupons on items already on sale or during store promotions like BOGO (Buy One, Get One) deals.

4.) Use Coupon Apps and Websites

Download apps: Use apps like Ibotta, Checkout 51, and Coupons.com to find and redeem digital coupons.

Sign up for store loyalty programs: Many stores offer digital coupons and discounts through their loyalty programs. Load these coupons to your account before shopping.

5.) Check store policies

Know the coupon policy: Understand each store’s coupon policy, including limits on the number of coupons per transaction and whether they accept expired coupons.

Price matching: Some stores offer price matching. Combine this with coupon use to maximize savings.

6.) Time your purchases

Shop during sales cycles: Learn the sales cycles of your favorite stores and plan your shopping trips accordingly.

Stock up on non-perishables: Use coupons to buy non-perishable items in bulk during sales to avoid paying full price later.

7.) Be flexible 

Brand flexibility: Be open to switching brands if you have a better coupon for a similar product.

Try new products: Coupons often promote new products. Take advantage of these offers to try new items at a lower cost.

8.) Stay ethical

Use coupons correctly: Ensure you follow the terms and conditions of each coupon. Misuse can lead to stores rejecting your coupons or changing their policies.

Respect limits: Adhere to any limits on the number of coupons or items per transaction.

9.) Track your savings

Keep a savings log: Record the savings from each shopping trip to monitor your progress and motivate you to continue coupon usage.

Review and adjust: Regularly review your couponing strategy and adjust based on what works best for your household.

10.) Share and Trade Coupons

Join coupon groups: Participate in local or online coupon groups to share tips, trade coupons, and learn about new deals.

Swap with friends and family: Exchange coupons you won’t use with those who might find them useful.

11.) Avoid Impulse Buys

Stick to your list: Focus on buying only the items you need and have coupons for, avoiding the temptation of buying unnecessary items just because you have a coupon.

By following these tips, you can effectively use coupons to cut down on your grocery and household expenses, making your budget stretch further.

Stock market basics

 

Getting started with stock trading can be an exciting way to grow your wealth, but it requires knowledge and careful planning. 

Here I have compiled a beginner’s guide to help you get started. 

Understanding the basics: 

Stocks represent ownership in a company. When you buy a stock, you are purchasing a small part of that company.

Set financial goals:

Determine your objective for investing in stocks are you looking for short-term gains or long-term investment? Define your goals clearly to help you make the best decision. Assess your risk tolerance. Ask yourself if you are comfortable with the potential of losing some or all of your investment. 

Choose a brokerage:

Look for a brokerage that suits your needs. Consider factors like fees, ease of use, research tools, and customer service. Once you have chosen a brokerage, open an account. You’ll need to provide personal information and fund your account.

Learn to analyse stocks: 

Fundamental Analysis- Study a company’s financial statements, including income statements, balance sheets, and cash flow statements. You will also need to learn to read stock charts and use technical indicators to identify patterns and trends.

Develop a trading plan:

Decide on a strategy that aligns with your goals, such as value investing, growth investing, or dividend investing. Spread your investments across different sectors and asset classes to reduce risk.

Start small:

Practice trading with virtual money on platforms like Investopedia’s simulator to build up your confidence before you start using your own money. When you are ready to trade with real money, start with small amounts to minimize the potential losses.

Monitor your investments:

Keep up with news and developments related to the companies you have invested in. Regularly review your portfolio to ensure it aligns with your goals and make adjustments as needed.

Stay disciplined:

Stick to your trading plan and avoid making decisions based on emotions like fear or greed. Use stop-loss orders to automatically sell a stock if it drops to a certain price, limiting your potential losses.

Understand Taxes and Fees:

Be aware of the taxes on your investment gains. Long-term investments (held for over a year) are taxed at a lower rate than short-term investments. Also understand the fees associated with trading, including commission fees, management fees, and other potential costs.

Seek professional advice:

Consider consulting a financial advisor, especially if you’re unsure about your investment decisions. You can also join online forums and communities where you can learn from more experienced traders and investors.

Further ways to educate yourself:

Read books like "The Intelligent Investor" by Benjamin Graham and take online courses on platforms like Coursera or Udemy. You can also follow financial news on CNBC, Bloomberg, and financial websites like Investopedia.

By following these steps, you can build a strong foundation for successful stock trading. Remember that investing in the stock market involves risks, and it is important to educate yourself and make informed decisions and don’t allow your emotions to get the better of you.