Jul 14, 2010

Multiple Streams of Income

For the first year and a half of our marriage, I was still in school finishing up my bachelor's degree. Although Philip was working full time, his starting salary was somewhat small, and with the cost of school, plus a mortgage, our savings was doing anything but increasing.

Once I graduated, I immediately began a full time job. The difference in our bank account was unbelievable. With both of us working, we were suddenly saving a huge amount of money, and happily watching our bank account grow for the first time in months.

But we didn't stop there. We realized the value of multiple streams of income, and since then we have continually been on the lookout for extra income opportunities. For example, last summer I made and sold many embellished t-shirts. We frequently go through our house and find unwanted or duplicate items that we can sell on craigslist or at Plato's Closet. I have also made and sold headbands, clips, and hair ties.

Now, since I no longer have a job because I stay at home with my baby, I do commission artwork, and recently began teaching children's art lessons, which brings in quite a bit of extra cash.

Already having a job, or being a full-time mom shouldn't stop you from finding other methods of income, because every bit makes a difference.

If you sit down and think about it, I'm sure you can come up with something simple and not too time consuming that you could do to earn extra money. You'll be amazed at the difference even $10 a week can make to your bank account.

Any great ideas??


lacie tidwell said...

SO TRUE!!!!! I started a preschool and teach from my home and the difference it has made to us has been substantial! Ryan took his dream job this year- along with a pay decrease from his last job (for now- in a few short years that amount will surpass the highest amount at his last job) to make up the difference I started teaching and watching coupons and writing copy for small businesses (writing thier content for websites ect) (something I'm sad to say we never did when it was both of us working full time before kids- we never had to) I am a huge beleiver that especially women (full time moms) can find something extra to do with thier resources and skills- even selling things on ebay!

G said...

Although I agree with this in some cases, I think many people are quick to dump lots of time and effort in to "extra income sources" that don't actually net them much. I've known moms who are so busy with their ebay business that they stop cooking as much and never bother to coupon, etc. So they need to look closely at how much money they are REALLY making when you factor those losses in. If you have a hobby you would spend time on anyway, then by all means try to make money with it, but only if you don't start spending extra time on it that costs you in other ways. I've also seen moms who seem to let their business take priority over time for their kids or worse, time for their spouse. This all comes across as so negative, so I'm sorry for sounding preachy, but I just think a lot of women need to be reminded that the few bucks they get from their etsy business isn't worth it if it's costing their kids and their husband the attention they deserve.

Sherry said...

I am not really a bringer in of extra income around these parts, except that I have been doing overtime at work. However, Eric is champ of odd jobs! He's been helping his aunt all summer with her yard. He's also been helping out his grandma with her yard, and even though he didn't want her to pay him she still did. AND then she told some lady in her ward about him, and he did some work for her one afternoon too.

lacie tidwell said...

I agree with what G said completly- I've seen a mom who let her business ruin her marriage and her children fall wayside- it's important to be spiritually rooted in all things- when your priorities are in line with the Lord, everything else, including extra income come your way! and it is important to weigh the cost vs. worth factor as well :)

lacie tidwell said...

and I am speaking as someone who has NO skills in the craft/creating department- my ebay expereince is finding things around my house I dont need or use and selling them! that's what I initially meant0 I forgot about etsyt businesses and just made the connection that my first comment could be referred to etsy- I am currently selling items like an old prom dress on ebay- there ya go! prioriteis in line the rest falls into place:)

Merry said...

I have found that there are certain books that I will read again and again, but I have a ton of books that I will never read again. They take up shelf space, and need dusting. Instead, I could sell them. I've thought about this alot, but have never done it. But this could be a really good source of more income for us.

Sarah said...

I heard about a website that bought books, but I can't think of what it is now. Selling books on Amazon is fine, but a lot of times nobody wants to buy the books I have or they are already listed for a penny, but I remember reading about this website in Readers Digest that would buy any book pretty much. Does anybody know what that website was?

Carly said...

I agree that when I was working full time and my husband was working part time that we saved a lot of money. So nice.

And I agree that there are a lot of simple things you can do to bring in some extra money.

And maybe it's just me, but I hate the idea that I HAVE to be bringing in money to be making a contribution. I love to sew and craft etc, but the idea of making and selling super stresses me out. I really wonder if I would sell enough to cover the costs of buying the supplies and the time it would take to make stuff. If you really really want to be making and selling, that's great. But I hate that pressure.

I really believe that my wise and frugal spending (or not spending), gift making, etc is already a huge contribution, and I am SUPER grateful that my husband doesn't expect me to be doing any sort of at home working/making/selling to be bringing in an income. Seriously a relief.

Packrat said...

One does have to be careful that purchasing supplies for your "little side jobs" doesn't actually cost more than what they bring in. (Guilty!)

For several years, my job away from home, by the time I paid for child care, clothes, gas, and miscellaneous items, only paid for our health insurance. I say only, but it was actually worth quite a bit. (Note: I would work full time for a few months then just work part time during the slow season. It was almost perfect for when the children were little. It "got" me out of the house for a while. It brought in some income. It "got" my children used to being in different places and around other adults and children.)

When I was at home, I often babysat and sometimes helped at a daycare where I could take my child with me. Sometimes I gave piano lessons, but had trouble with people not sticking to coming to lessons and, of course, not paying.

Chelsea said...

Merrick, I LOVE that you have so many talents that you can contribute to the family. I know that it is more of a side thing and it probably helps a lot in the family income.

I read a book a few years ago called the "Two Income Trap" (you probably have read it) that really spelled out how families have turned into relying on two incomes for a mortgage and for a higher (or moderate) lifestyle of living. I think its sometimes hard for two working people in the home- but some make it work so easily! Its amazing. But I hope in the future with my family that if I need to or want to work that I can ideally just part-time contribute but not have my salary completely needed.