In general, earning a fortune can be very challenging how much more right now as we are in the coronavirus season. For us Work From Home Moms (WFHM), we are privileged to earn despite the crisis but if we don’t know how to handle our finances well, this will cause stress so for today, Let’s talk about the 3 Effective Financial Tips for WFHM this Covid-19.
Apply the 50-30-20 rule
Have you heard about this financial rule? I made this first on the list because this absolutely an effective financial tip, however, fewer people apply it to their life. This is how you do the 50-30-20 rule:
- 50% of your salary should go to the necessary things (Food, Rent, Education, etc.)
- 30% of your salary should go to ‘rewards’ or to the things that you want (Online Shopping, Food Delivery, etc.)
- 20% of your salary should go to safe investments. I suggest VUL insurances or mutual funds.
To be honest, this season can help us manage our finances as we have limited ability to go out of the house this limits our temptation. This is also an ideal way to reflect what exactly your family needs and wants- a great financial tip and training that you can start as early as now.
Analyze the monthly/annual memberships you have for gyms and other social clubs
Although the government allowed aesthetic clinics, gyms, and spas to open last August 1, we are still unsure about the safety and cleanliness of the surroundings. If you’re like me who became overprotective with the family’s health and safety then it is beneficial to do this second step. As your attendance become lesser, you may want to reflect if you wish you want to continue it. I’m pretty sure this COVID-19 helped mommas out there to work out from home, am I right?
Develop a Frugal Mindset most especially for your kids
Toby doesn’t understand this yet but I always remind him, together with my niece and nephews that “Coronavirus season is not a vacation”. I wanted you all to do the same thing. Our kids cannot comprehend the situation at the moment; I know it’s a fun experience for them to be with you for quite some time, they still need to understand and develop a frugal mindset.
Now as kids may spend hours and hours being exposed to gadgets, they might develop an “I want it all” mindset- this means they want everything they see on the television or YouTube.
This also goes to us, parents. Just because we have our salary and have fewer expenses (because you don’t go out), doesn’t mean that you use your extra cash to none sense things. Remember, every cent counts, most especially now!
Everyone is challenged at the moment. I know and I understand the situation, but instead of feeling stressed and burdened, please remember that there’s a rainbow after the rain. Money is money and although money makes our life working, that doesn’t mean that it’s everything. I do hope this blog can help you alleviate the financial stress this pandemic may have caused you.
If you are looking for other jobs that can give you a higher chance of employment and a profitable salary, you may want to check out my blog as I teach you ways on how to become a virtual assistant.