Category: Finance

Some Important Tips For Single Working Mothers

For many, being a single working mother is nothing that can be considered easy; I have seen many women falter to the pressure it comes with it. Especially if you have to take care of more than one child, than the whole thing becomes a lot more difficult. That is because you have to balance perfectly between you work, and your children at the same time.

Keeping that in mind, you can read about the top 5 financial tips for single working mothers, and expanding on that, I am going to add a few more tips. These tips are for single mothers who are facing issues managing their professional life, with their personal life. Most of them are actually very helpful for most of the people, and so many people have tried them.

Manage Your Finances Carefully

If you are not good with managing finances, ask one of your friends to do that for you every now and then. Just keep in mind that as a single working mother, it is really important for you to manage your finances carefully. Start writing down everything you make, and you spend, and whatever you save. If you are a salaried individual, then doing it monthly would be better.

Set a Routine

Having a proper routine is something that I ask everyone to work on. When you are a working mother, you need to have a proper routine. This includes the time you wake up, the time you get to sleep, the time you go to work, and other factors like that. The better, properly managed routine you have, the good it will be for you. Just make sure that you balance out everything properly, and it will not create any issues for you in the future.

Have You Ever Thought About Getting Money at Home?

A lot of people always make jokes, or for this generation that would rather have been replaced mostly be memes, about how they want to just stay at home and wish they could just watch TV all day and still get paid. A lot of people would rather do no work, or almost not do anything and just keep getting paid so that they could stay at home and enjoy their favourite meals or go out to the mall whenever they want and buy their favorite shoes.

Passive Income

Most of the jobs people usually do is non-passive. Their incomes, accordingly, are non-passive as well. Most like your parents, their parents, and the generations before them were involved in hard work with non-passive means of income. But not everyone is made or fit for that. With passive income, your physical involvement in the work is minimal to none. That’s right! You can get paid without having to move. With passive incomes, you are able to invest somewhere and then start gaining income from the profit that is being made. This is usually safe and risk free and has many different benefits over non-passive income.

What About Taxation?

The best part about this type of income is that the tax payable is minimum as well. Unlike your ordinary incomes where tax usually floats around a 35 percent of what you are earning, with passive income, you usually pay less than half of it and you get to save up on a lot, rather than paying the government for what you are doing, from your share. There are different levels of passive income, in some establishments. The longer you invest, the fhigher the rank goes. You can click this for more gold and silver information.