Motherhood is an amazing period full of joy, new discoveries and, of course, responsibility. One of the most significant changes for many women is the change in financial situation. In maternity you have to plan the family budget as carefully as a collector looking for rare items, such as 1983 d quarter errors. After all, every little thing, even at first glance insignificant, can be an important part of the big picture. That is why today we offer to discuss how to manage your finances wisely and find ways to earn extra income during maternity leave.
Step 1: Optimize Expenses
Creating and Analyzing a Family Budget
The first step to financial stability is budgeting. This requires:
Calculate all sources of income (wages, benefits, additional earnings).
Divide expenses into mandatory and optional.
Identify categories in which you can reduce spending.
Then you need to create a spending spreadsheet to see where your money goes and where you can save more. Note the examples in the table below.
Expenditure category | Average amount per month, USD | Possible ways to save money | Example of savings per year (USD) |
Food | $200 | Menu planning, buying in bulk, participating in loyalty programs | $480 |
Diapers and baby products | $80 | Using coupons, buying large packages | $160 |
Clothing | $50 | Buying at clearance sales or online platforms (used items in good condition) | $240 |
Utilities | $70 | Installing energy-saving light bulbs, monitoring water and electricity consumption | $60 |
Entertainment | $30 | Finding free events, home movie nights | $120 |
Tip: Use the “50/30/20” method for income distribution. This means 50% goes to basic needs, 30% to wants, and 20% to savings.
Smart Shopping Planning
Everyday expenses such as groceries and household goods take up a large portion of the family budget. However, they can be significantly reduced if you handle the shopping process in a smart way.
First, start by planning your weekly menu, as it is a simple and effective way to avoid rash spending and minimize the amount of food that ends up in the trash. For example, knowing in advance what you are going to cook will allow you to buy exactly as much as you need without excess.
Secondly, do not forget about modern technology. Today there are many apps that can help you save money. For example, applications such as “Too Good To Go”, “Food For All”, “Flash Food” or other loyalty programs from large stores offer access to current discounts and promo codes. You can easily find products on promotion and plan your visit to the store taking into account the most favorable offers.
Interesting fact: A study by Nielsen found that planning your shopping can reduce grocery spending by an average of 20%.
Buying Baby Stuff Wisely
When it comes to baby items, you don't always have to buy everything from scratch. Many baby items are only used for a few months or even weeks before they become unnecessary. And this makes the second-hand market a great way to save money. But here you need to be careful and remember that some items are still better purchased new. So, in the table below you may take a look at where you can save money.
What is better new and what things can be reused against
Subject | Used | New | Tips and notes |
Strollers | ☑️ | Check the mechanisms, brakes and the condition of the wheels. | |
Cribs | ☑️ | Make sure the construction is solid and there are no cracks. | |
Clothes and shoes | ☑️ | Look for newborn clothing sets - they are often sold in bulk. | |
Toys | ☑️ | Avoid soft toys - they can be dust carriers. | |
Mattresses | ☑️ | Buy hypoallergenic models. | |
Pillows | ☑️ | It is better to choose pillows with breathable materials. | |
Hygiene products | ☑️ | This is important for the health and safety of the child. |
Lifehack: Create a sharing circle among friends, relatives, or neighbors with children. For example, pass strollers, clothes or toys to each other as the kids grow. It will not only help you save money but also avoid unnecessary purchases, plus you will get things from people you know and are close to, so you don't need to worry about their quality.
Step 2: Looking for Additional Sources of Income
With the advancement of technology and new forms of remote work, young moms can combine childcare with the opportunity to earn. This used to seem impossible, but now it is a reality due to the internet, flexible schedules, and the ability to work from home. Let us talk about some possible ways to earn extra income in maternity that new moms can try.
Remote Work
With the development of technology, it has become easier for moms on maternity leave to combine childcare with work. Below you may find some of the most popular types of remote employment:
Copywriting. Writing texts for websites or blogs.
SMM (social networking). This will require learning the basics of marketing and publication scheduling programs.
Online tutoring. Share your knowledge in math, languages or music.
Tip: create an account on FL.ru or Upwork platforms and start with small orders to gain experience.
Monetizing Hobbies
Many moms have hobbies that can be turned into a source of income. Sewing, knitting, creating jewelry - all this can become both a pleasant pastime and a way to earn money. In the US, popular platforms for selling handmade goods are Etsy, eBay, and Amazon Handmade.
Coin Collecting: A Way to Make Money for Amateurs
Many young moms start looking for hobbies that can be monetized. Coin collecting is one such hobby. Rare coin specimens or coins with peculiarities (such as minting errors) can be worth dozens of times face value.
Tip: If you already have a collection that could bring you potential income or just even some interesting options, you may use the Coin ID Scanner app to estimate the value of your coins. Due to the app, you can quickly check the market value of a coin or see if a coin you've found is worth a look (its degree of rarity and its value beyond basic information).
How to Ensure Financial Stability in the Long Term
Opening a savings account
A savings account is one of the easiest and most reliable ways to save money, offering you not only security but also the opportunity to earn extra income through interest. It is ideal for people who want to put money aside for the future without risking it.
But here it is important to choose a bank that offers the most favorable conditions. In the USA, for example, interest rates can vary greatly depending on the type of account and the bank. Currently, the rates can vary from 0.01% to 7%, depending on the specifics of the account and the amount invested.
Investing in the Future
In addition to a savings account, a smart choice is to invest in investments that can provide income in the future. Investing allows you to save capital but also multiply it. However, it is important to remember that all investments involve risks and thus it is worthwhile to consider them judiciously.
Interesting fact: Over the past 10 years, the value of gold in the U.S. has increased by 76%, which makes it a solid long-term investment (especially in times of economic instability).
Tip: For first-time investors, it is a good idea to start with small amounts and gradually build up your investments. You can also use professional financial advisors or online platforms to start investing in more stable and low-risk assets, e.g., bonds or index funds.
Key to Financial Capability
Financial literacy is the foundation for a comfortable life, especially while on maternity leave. Save on everyday expenses, look for ways to earn extra income, and do not forget to invest in your future. After all, even small steps today can lead to significant results tomorrow.
