According to a report from the U.S. Bureau of Labor Statistics, the COVID-19 recession has been much more of a challenge for women than it has for men. Although both men and women have sadly lost jobs across industries, both women in the workforce and stay-at-home moms have faced unique obstacles.
In specific, a greater number of industries that predominantly employ women — including hospitality, health care, and retail — have experienced a significant financial hit. The same report stated that women are also less likely to have roles that allow them to work remotely and that they are often the ones who have to handle alternative childcare arrangements.
Stay-at-home moms have also faced difficulties due to the recession. Not only do they have to keep up with the demands of virtual learning, but they are also having to cope with the loss of income from their partner or spouse’s job. This may mean that their family’s critical needs are no longer being met.
Whether you have faced the challenges of this most recent recession as a stay-at-home mom, as a woman in the workforce, or as a woman who is now unemployed, Everyday Investing in You offers the following effective strategies that you can use to overcome your current income challenges.
As mentioned earlier, research shows that fewer women have jobs that permit them to regularly work from home. Not having the ability to work remotely is incredibly challenging for women who are not only trying to protect themselves from COVID-19 but who are also trying to take care of their children. USA Today recently reported that millions of children are still attending school virtually and that many students are falling behind.
If your in-person work arrangement is no longer meeting your needs, it may be time to apply for remote work opportunities. Thankfully, fully remote positions are no longer a rare thing to come by. Begin searching for new roles through online job boards. When searching for jobs in your field, be sure to select “remote only” positions as part of the search criteria.
While it sounds completely counterintuitive in the midst of a recession, starting your own business could be the solution to your current income challenges. It offers an immediate way for you to begin making money — which is especially needed if you are currently looking for work.
Rather than selecting a business idea that requires thousands of dollars to start, there are dozens that cost next to nothing. For example, you can open your own online boutique, graphic design business, or virtual assistant service for a relatively small expense.
Once started, effective marketing practices (e.g. social media marketing, word-of-mouth, etc.) can help you quickly generate income from your new business. If you have a bit of extra cash to put into your new business, consider taking steps now that will benefit you down the road. Forming an LLC is one such move. Investing extra time and money now can provide you with tax advantages, reduced personal liability, and greater flexibility. Since each state has unique regulations around forming an LLC, be sure to check all applicable rules before moving forward.
If a full-time remote position or starting a new business sounds like more than you can take on at the moment, but you need to increase your income, there are other excellent options.
Consider offering your skills online as a part-time freelancer or independent contractor. One quick search of any online job board, and you’ll discover part-time remote roles for writers, sales professionals, graphic designers, virtual assistants, financial professionals, and more. These roles are especially valuable for stay-at-home moms who are looking to make an additional income.
No matter what, there is hope in whatever situation you face. As you balance applying for new jobs/gigs, staying healthy, and caring for your family, be patient and gentle with yourself through the process. What all women need to hear now more than ever is that they are valued, loved, and handling everything as well as they possibly can.
For additional insight into personal finance, investing, career tips and more, bookmark or work with Everyday Investing in You!
Andronika is borderline mental. To prevent causing distress to those around her, she has decided to set up this personal blog as an outlet and connect to like-minded people. When she is not working on her blog, you can find her with catching up on her never-ending summer reading list, working on her barre moves or taking a siesta.
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