6 Business Ideas for Stay at Home Mums

28/05/2015 By All Mum Said Leave a Comment

Whether setting up your own business is something you’ve always dreamed of or you’re just looking for a way to supplement the family income, trying to juggle a fledgling operation while being the primary caregiver for your family can be difficult. But if done well, it can be quite profitable and fulfilling for you too. Below you’ll find a list of six business ideas that work best for stay-at-home parents.

Business Ideas For Stay At Home Mums

1. Professional Consultancy

Deciding to take a couple of years – or longer – out of the workforce doesn’t have to mean your career takes a back seat. Why not consider offering boutique consultancy services in your field? You will have to allocate some time for client meetings and communication during business hours, but you are otherwise free to work when it suits you.

2. Virtual Assistant

Administration, call handling and calendar management are all roles that can be done away from a traditional office environment. You can offer the services independently or sign up with an agency to help place you with clients.

3. Party Plan Businesses

No doubt you’ve been to an in-home demonstration before. The consultants are often parents just like you, running their own operation in the times that suit them and selling products they love. You could display and sell anything from cosmetics and clothing to home appliances.

4. Start a Tech Company

If you are the type of person who loves the thrill and challenge of a sales job and have access to a phone and a computer, you could be the boss of your own telecommunications company. Many savvy entrepreneurs are taking advantage of services like Telcoinabox, which make setting up what is virtually your own phone company simple and affordable for everyone.

5. Service-Related Business

Is there something you wish you could outsource around your home to make your family’s lifestyle easier? Why not look into seeing how feasible it is for you to offer it. Make sure you establish if there is actually a market for the service and if you can provide it affordably while still making above minimum wage yourself – sometimes there’s a reason why such a thing doesn’t already exist!

6. Washing and Ironing

More laundry might be the last thing you want right now, but there can be some serious cash to be made by offering this service and it’s something you can do while indulging in some ‘you’ time while watching your favourite show or after the children go to bed. You already have all the tools you need to get started and marketing can be as simple as hanging a sign up on your local noticeboard.

Working from home can be a great way to contribute to the family budget while raising your family. But make sure you do your research to ensure you can afford the time commitment as well as any capital outlay to make it really work for you.

What advice would you give to stay-at-home parents looking to build a side project business around their family life?

This is an S2 POST.

How to Improve Financial Literacy

28/04/2015 By All Mum Said Leave a Comment

Money is a prickly topic in a lot of households however we should all be financially aware and know exactly what dollar is going where and why. Money is something that affects you in one way or another whether you know it or not. This is why improving your financial knowledge is vital.

My husband and I have always been honest and open about what our financial goals are and as we have combined bank accounts this is exactly how it should be. When we were younger we used to get paid weekly and we would live like kings. For a day. Then our bills would be debited out of our accounts and we would be left living like a pauper, with no idea where our money went. We thought we understood what it meant to be independent and pay our own way however we lacked the knowledge and experience to manage our finances efficiently. As weeks turned into months; our budget (or lack thereof) became evident and the reality of what everyday living actually cost meant something had to change. We did some research, discussed our options and made a plan.

Many women however don’t like to bring up the money conversation as it can be seen as unladylike, impolite or just plain naggy. When in actual fact this old fashioned concept is preventing them from ensuring their family’s financial security and their own personal economic knowledge.

Improve Financial Literacy

It is not just women and those in relationships though that need some assistance with improving financial knowledge. There are several characteristics shared amongst those in Australia who are least financially literate. According to the Commonwealth Bank Foundation’s ‘Improving Financial Literacy: Benefits for all Australians’ report, these tend to be those who were hit hardest and suffered job losses and reductions in working hours during the Global Financial Crisis. And yet it is those same people who were least equipped to deal with the financial stress as a result of limited savings to assist them during their change in circumstances.

Young people aged 16-25 and those earning a low income of less than $30,000 tend to be the least financially knowledgeable members of the community. However they are not alone. Those that indicated ‘any high school’ was their highest level of education made up large percentage of those needing to improve financial literacy and as you would expect those who are unemployed or studying.

There are many free financial courses available that will enhance your financial awareness or you can read up on how to improve financial literacy.

It is so important that everyone is financially literate and aware of their monetary situation. Not just those I mentioned above but everyone; single women, single men, husbands and wives, mothers, fathers, brothers, sisters, adults and teens. Everyone! It is crucial we have important discussions about money with our partners or family members so there is a clear understanding of what insurances are in place should anything happen to you.

Spouses often make these decisions together but it is a topic that should be reassessed regularly as situations can change. This will also ensure you and your family are still getting the protection and cover you need. Determining how much you need to be covered for depends on a variety of things; how much debt you have (house, credit cards, etc.), income replacement and even future obligations (schooling fees for dependants).

Income insurance may also be of interest because if you were to be injured and no longer had an income to support your family. This change in circumstance could potentially cause a lot of strain and unnecessary stress in an already difficult time.

This does not in any way mean that everyone must have life and income insurance. It simply means that it should be assessed on your personal financial situation. If you have no dependants and your assets outweigh your debts than you may not require it at all. Seek financial advice if you are unsure or would like more information.

Another thing that should be discussed and actioned is your Will Kit and Power of Attorney. This is for you personally and your families piece of mind. The affects of not keeping your Will up to date is often underestimated. If you have not got a Will Kit or need to update it you can purchase one online at Australian Will Kits.

Knowing what bills need to paid and when, how much your day to day living expenses and budgets is, what your savings goals are and how you are going to achieve them is just a small portion of your financial obligations. At the end of the day being financially literate will be a long term benefit for not only you but also your family.

What additional tips would you give others looking to improve their financial knowledge?

This is an S1 POST written in collaboration with Real Insurance.

5 Typical Reasons People Fall into Debt

24/04/2015 By All Mum Said Leave a Comment

Are you keen to avoid falling into debt? Do you want to ensure that you don’t fall further into debt? If the answer is ‘yes’ to either of these questions, it’s time to engage in active prevention. This means understanding the common reasons why people fall into debt and recognising the warning signs in your own life. Here are five common factors to keep an eye out for.

1. Too Much Pride

Owing some money is one thing, but being deep in debt is another level altogether. Unfortunately, for many people, one leads directly into the other. When you start to see red flags that you might be headed into financial strife, it’s crucial that you don’t let your pride prevent you from seeking help. Expert agencies, such as Debt Rescue, are skilled at helping people manage their money without passing judgment. If you think trouble could be brewing in your bank accounts, don’t hesitate to think about what people might think; take action straight away by getting a professional on your side.

2. Failure to Adapt

It can be very difficult to adapt to new situations, especially ones that impact heavily upon your finances. Things like loss of income and unemployment can quickly lead an individual down the path of debt if they don’t adjust their lifestyle to suit their new budget. It’s important to always spend and save money in accordance with your current circumstances rather than your past ones.

3. Not Knowing When to Fold ‘Em

Gambling is a widespread problem that causes countless people to fall into debt. This pastime’s addictive nature makes it a perfect trap for dollars that should be allocated elsewhere. When you’re focused on winning that jackpot, it’s all too easy to forget that you may end up spending more than its value in your pursuit of it! Take advantage of one of the multiple support hotlines if gambling has become a source of financial woes for you and your family.

4. Medical Expenses

They say an apple a day keeps the doctor away… but this is clearly just not the case. As healthy as the fruit might be, there are numerous illnesses and injuries that can land us in need of the hospital, regardless of our diets. Unexpected visits to the doctor or emergency room can create quite a problematic dent in anyone’s bank account; medical expenses are the cause of debt for many people. This can be significantly worsened if combined with the final point below.

5. Having No Safety Net

If something in life goes wrong that affects your finances, such as a sudden illness or work termination, your savings should provide you with a temporary safety net. Falling into debt often occurs when unfortunate events combine with an individual’s failure to provide themselves with this safety net. It’s crucial that you start building up your savings account from the moment you first start earning money. It’s impossible to know what the future might throw at you, but it’s guaranteed that having extra cash stowed away is a better option than having none should something bad happen.

These are five of the most common reasons people fall into debt. Have you experienced any of them yourself? Perhaps you’ve seen someone you know go through one of these five experiences.

Feel free to share your story and/or insights in the comments below – you may just help another reader avoid or recover from their own financial drama.

The Hairy Questions + 50% off sale

07/03/2015 By All Mum Said Leave a Comment

Growing up in a house full of girls my brother and step-dad were outnumbered. There was 4 of us and only two of them. This of course meant whether they liked it or not they had to endure conversations about boys, periods, shaving and bras. Just what every boy and man wants to talk about. Back then it didn’t really occur to me that girls don’t often talk to their fathers about this type of thing because my dad welcomed us to talk to him about anything. Well anything until the day we asked for a boy to be in our room, then the ball game changed.

I’m sure there are many dads out there who also have an open door policy when it comes to their daughters but there will always be the ones that are a little shyer and may feel uncomfortable talking about female issues or offering advice in these areas. While mothers obviously have more expertise with these subjects, it is nice for daughters to feel they can talk to their dads about this stuff too.

At some point in a girl’s life she is going to want to shave and of course the questions start. Is she old enough? Is shaving, waxing or hair removal cream better? How high up their legs should they go or should they stop just above/below the knee? Veet have created a ‘Hairy Questions Kit’ which has everything girls and even women could need to find out what option works best for them. The Hairy Questions Kit includes four great products that RRP $50 but can be purchased in the kit for only $25 with FREE delivery. That’s a bargain if ever I’ve heard one! You can purchase the Hairy Questions Kit here.

Veet have put together a short video where daughters ask their dads some of life’s ‘Hairy Questions’ and see if they can answer them. Some of the questions are about boys, fashion, how to get boys attention, PMS, etc. and their dads answers are well worth watching. (See video above)

Would your husband or father have answered them differently?

This is an S1 POST.

Three Ways to Increase Your Mortgage Repayments

03/03/2015 By All Mum Said 1 Comment

A mortgage can feel like a chain around your neck, holding you back from being able to live a full and enjoyable life, especially when money gets tight. It isn’t uncommon for those with a mortgage to start looking for ways to pay it off faster. One of the most efficient ways to do this is by simply increasing your repayments – easier said than done, obviously, but not impossible. Here are a couple of ways you could go about doing so.

Ways to Increase Your Mortgage Repayments

1. Generate Extra Income

Supplementing your current income with a bit of extra cash can be accomplished a number of ways. You could pick up some extra work, either through a business of your own or through a second job. That way, of course, leads to you spending less time in the home you’re trying so hard to pay off. Stock trading could be another way to generate a regular supplement to your income, but you have to be smart about it. There are plenty of education providers like Learn to Trade who can show you the ropes through a number of easy-to-follow online courses and training manuals, but you’ll also need lots of determination and intelligence for this method to pay off.

2. Pay Fortnightly Instead of Monthly

Many people end up making their mortgage repayments monthly. By halving your monthly total and paying that fortnightly, you end up making one extra payment per year. There are generally around 4.35 weeks in a month, so there are 26 fortnights in a year rather than 24. Paying $3,000 every month will lop $36,000 off your total every year. Paying $1,500 every fortnight adds up to $39,000 a year off your mortgage. The amount you pay doesn’t actually change; you just make your repayments slightly – almost unnoticeably – more quickly, and this could eventually cut a significant amount of time that your mortgage is hanging over your head.

3. Interest Rates Fall; Your Minimum Repayment Does Not

A trap that a lot of people fall into when interest rates decline is seeing that drop as a few more dollars in their back pocket every month. Wrong. It’s actually a great opportunity to really make a dent in your loan. Being disciplined enough to keep your repayments where they are will see you reduce your debt much faster under a lower interest rate. True, you still can’t have much fun, but this way you get to spend time with your family and actually enjoy the home you’re working so hard to own outright one day.

Increasing your mortgage repayments is about working smarter, not harder. With a debt of this size, every little bit helps; any advantage should be seized with both hands. Like any other debt repayment strategy, every path to increasing your repayments starts with discipline. If you can master yourself and commit to a certain amount every month, and pitch in more where you can, you’ll be well on your way to paying that mortgage off early.

What are your favourite tricks for increasing your mortgage payments?

Share them in the comments.

This is an S2 POST.