Can a Single Mom Support Her Family Working From Home?
The short answer to the question of whether or not a single mom can support her family working from home is a resounding “yes”, but you may want to know how this is possible. You may even want to know what kind of a job you could do as a single mom from home to support your family. Just remember, there are unlimited opportunities and you should make sure that you are enjoying what you end up making a profession out of. Many of these jobs are easy, some are difficult, but each have their own litanies of pros and cons.
The truth is that the job you do from home depends entirely on you. There are tons of benefits to working from home, just as long as you and your child or children do get some kind of socialization outside the home every now and then. This may even mean that you may need to arrange for some childcare services for your children. Remember, this may be an extra cost, but if you can afford it, it will give you satisfaction. You have to be able to keep focused, manage money, and draw the line between your personal life and your business life — and give full priorities to your kids.
When you think of working home and how much you need to make, think of opportunity cost. Opportunity cost is the amount that you have when all things are taken into consideration. For instance, if you made $10 an hour outside the home and worked 40 hours a week, you grossed $400 a week. For the sake of simplicity, assume that this was adequate to meet your living expenses. Now assume that you claimed “1” on your tax forms. They deduct about 21% so after taxes, you actually brought home about $316 each week.
Assume that gas costs about $30 a week to go back and forth to work. Now you are down to $286 a week. You have a child and you have to pay a daycare or sitter to take care of that child while you are at work. Even being generous and assuming you can find someone to watch your child for $70 a week while you work, you are now down to $216 a week. You still have to buy things like clothes and supplies for work. Again, being generous, assume that clothing and supplies cost you $20 a week. Now you are down to $196 a week.
Why is this Calculation Important?
This kind of calculation is very important when deciding about a salary style that works for you. You need to plan out everything, from costs to income and plan out every aspect of the business. Once you have done all the due research and really found out all the economic merits behind your statement, you are good to make some decisions.
It is very important that you are not jumping into a job without knowing exactly how much you will spend and how much you will make. If you are thinking of your job to start an at-home business, make sure that you have really considered everything. Doing calculations or worst case and best case scenarios is the best way to decide whether this business is worth it. That’s the difference between going out and working from home. When you work from home, it is up to you to be your own boss and make such managerial decisions. You also want to make sure that you are doing what it best for your business endeavors.
Can you make at least $266 a week from home? If so, then you are just as well off working from home as you would be making $10 an hour outside the home. In fact, depending on your business you could be even better off. For instance, if you have been living within that budget and you open a daycare in your home, you just saved yourself $70 a week. Now you only need to make $196 a week working from home to live on the exact same budget. Since you aren’t driving to work every day, you also save yourself money in car repairs that come from driving your car on a daily basis.
And remember, this is just a mere calculation. You have to believe that at times, things will be much better, with your potential earnings being much, much higher. Also, sometimes, things may not go as well, but that’s part of the job.
For more information please visit www.singlemomfinancialhelp.com/