Financial tips for moms who work from home

The flexible nature of working from home is appealing for new moms, and some women opt for this when they start a family.

African Bank executive for insurance, Mellony Ramalho said, “This transition can often begin when moms say their farewells before heading off on maternity leave. However, it can be tough to manage your finances and your home.”

Ramalho stated that if , as a mom, you are thinking about working from home, it’s important to take heed of the following financial tips:

• Bills first, save second, spend third

As you work from home you need to get used to the fact that a steady income is not a reality. In order to ensure that you remain in control of your finances, no matter how inconsistent, it is best to pay your bills first. Ensure that all of your repayments are made on loans, credit cards or on your bond, and ensure that your monthly debit orders are covered. Once you’ve paid your bills, save and then spend the rest of your income wisely.

• Funnel a portion of your income into a credit card account

If you work from home, the chances are you will need to replace or repair stationery, hardware or software. It is important to be sure that you funnel a portion of your income into a credit card account. This will ensure that you have enough credit to pay for anything that comes up while building up a positive credit score. Also keep your account in the positive as it gives you some leeway for monthly payments if your income is less than expected.

• Avoid spending during a lull

Be cautious with your money and avoid the temptation to spend during a lull. Frivolous spending can put you in a tough financial spot.

• Embrace the privilege

There are few mothers who have the opportunity to work from home, so once you’ve decided on this route ,embrace the privilege of being able to see your children grow. Don’t let your financial situation consume your time. Instead, make smart short-term decisions that will ensure a profitable and hassle-free future.