According to Phillipa Geard, founder of RecruitMyMom, an organisation which specifically creates meaningful employment opportunities for \u201ccareer part-time\u201d workers and forward-thinking employers, said this is a growing trend in SA and globally.<\/p>\n
Geard was inspired by the talents and abilities of many skilled mothers who are a great asset in business, provided they are given the environment and flexibility they require.<\/p>
Lindiwe Miyambu, African Bank\u2019s group executive: human capital, said working from home is one thing, but it can be tough to manage your finances and your home when there are few people who can advise you on how you should be managing your income.<\/p>\n
Consulting a financial advisor who can assist initially is highly recommended.<\/p>\n
She said if you\u2019re thinking about taking this step, it\u2019s important to take heed of the following financial tips:<\/p>\n
\u2022 Bills first, save second, spend third:<\/strong><\/p>\n Work-from-home mothers on a more flexible work set-up need to get used to the fact that a steady income is not a reality. To ensure that you remain in control of your finances, no matter how inconsistent, it is best to pay your bills first.<\/p>\n 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.<\/p>\n Once you\u2019ve paid your bills, be sure to put some of your money into a savings account that delivers a steady interest rate that will guarantee growth.<\/p>\n You may want to consider a 32-day notice account which offers a higher return on investment than a savings account.<\/p>\n Also remember not to lose the value of interest compounded monthly, if you are able to look at a longer-term investment.<\/p>\n Lastly, once you\u2019ve paid your bills and saved your money, set about spending your income wisely.<\/p>\n <\/p>\n ALSO READ:<\/span><\/p>\n How to prepare a good business pitch<\/a><\/p>\n A passion for entrepreneurship drives Samukelisiwe<\/a><\/p>\n <\/p>\n \u2022 Funnel a portion of your income into a credit card account:<\/strong><\/p>\n If you work from home, the chances are high that you will need to replace or repair stationery, hardware or software.<\/p>\n Whether you\u2019re a designer, blogger, baker or seamstress, it is important to be sure that you funnel a portion of your income into a credit card account.<\/p>\n This will ensure that you have enough credit to pay for ad hoc items or repairs while building up a positive credit score.<\/p>\n Also keep your account in the positive as it gives you some leeway for monthly payments if your income is less than expected.<\/p>\n \u2022 Avoid spending during a lull:<\/strong><\/p>\n Be cautious with your money and avoid the temptation to spend during a lull.<\/p>\n Frivolous spending can put you in a tough financial spot.<\/p>\n \u2022 Embrace the privileg: <\/strong><\/p>\n There are few mothers who have the opportunity to work from home so once you\u2019ve decided on this route embrace the privilege of being able to see your children grow.<\/p>\n Don\u2019t let your financial situation consume your time.<\/p>\n Instead, make smart short-term decisions that will ensure a profitable and hassle-free future.<\/p>\n \u201cRunning a home and a business can be challenging, but with the right financial advice, you\u2019ll have one less thing to worry about \u2013 money,\u201d said Miyambu.<\/p>\n <\/p>\n Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za<\/a>\u00a0<\/strong>or Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za<\/a>\u00a0<\/strong>or Kgotsofalang Mashilo (journalist)\u00a0kgotsofalangm@caxton.co.za<\/strong><\/a><\/p>\n Also follow us on:<\/p>\n
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