Second Income Ideas for Families and Those with Children

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Life with a family can get hectic, and sometimes having one income often isn’t enough to provide both basics and luxury items for your children when you have a mortgage, food and other utilities to pay for. Whether you need to pay off some debt, buy a new car or save for a family holiday, if you could do with some extra cash, it may be time to get a second income. However, being a parent and working a day job is difficult enough; sometimes, it can seem impossible. Let’s be honest here; being a parent is a full-time job in itself which is why you have to balance parental duties with work and other priorities. 

Are you looking for a second income despite having a family? Something that will work out even though you have children taking up a lot of your time? Below we have listed some ideas for you!

Work a second job during evenings and weekends

While working a second job on top of your day job may not be the best idea or even one that will provide a large sum of money for your family, it can be good to save up for a special occasion. We wouldn’t recommend working a second job all the time, perhaps just once or twice a week (maybe the evenings if you can) to bring home a little extra cash. If you can find a job that offers flexible working such as waitressing or cleaning, then it may be a life-changing decision for you. This is definitely a great choice for any parent who has someone else to look after the children during the evenings or for one day on the weekend, so they don’t have to worry about childcare. Keep in mind that if you choose to work a second job, you may have to pay more tax.

Invest your money

On the other hand, if you have a sum of money that is collecting dust in a bank account and want to create a second income for your family – investment may offer the best option for you. With interest rates being the lowest they ever have, there has never been a better time to invest in the likes of property or the stock market. As a parent, you don’t have a lot of extra time to earn money, but if you choose an off-hands property investment that is managed by an external company, you’ll make money without lifting a finger. Anyone interested in the property investment industry will need to do research before investing. Guides and blogs from RWinvest can help you with this research and get your knowledge up to scratch on the UK property market. Since the property market is a confusing concept, beginners will need to know of it to succeed in their investment journey. 

Start a family business

Despite myths, businesses don’t need to come with an endless stack of paperwork. If you have a passion and can afford the time to start up a small online business, it may be the making of your financial future. So many people start businesses, succeed and then reach financial freedom before they could ever imagine. Those of you who enjoy making scented candles could purchase some crafting equipment to make your own and sell them, or perhaps try knitting scarves and hats. Whatever it is that you are passionate about – there will be potential to start a business in it. However, if you opt for this choice with a family to make time for, be aware that you may need to spend a little more time than you wish in your home office. Also, don’t forget to register your business with HMRC and keep all your invoices for the end of the tax year.

Write a blog
Are you a writer who loves to showcase your opinions and thoughts online? If you’re a parent who has the funniest stories at parties or you’re always told that you should have your own TV show, starting a blog could be the making of you. Initially, you won’t make money from it, but as your view count increases and you implement Google ads on your website, you’ll soon start to see a second income streaming in. It may even be that eventually, you make enough money from your blog to quit your day job and spend more time blogging!

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