A Mum’s Guide to Dealing With Unemployment

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This is a guest post from Danny at fixitdads.com. Danny is a dad living in Philadelphia. He enjoys DIY projects almost as much as raising his two children. He is the co-creator of Fix It Dads, which offers tips for home improvement projects. 

Being a mum is a full-time job, but it can be incredibly stressful when you add in the responsibility of providing for your family financially. If you’re currently out of work, you might wonder how you’ll make ends meet. You can do a few things to ease the financial burden. Here are a few money-saving tips for mums who are out of work.

Make Use of Government Benefits

You could be eligible for certain government benefits if you’re out of work in the United Kingdom. You may be entitled to benefits, such as tax credits and housing benefits. This is a good free benefits calculator that will help you work out what you could claim. Then make a visit to your local Jobcentre Plus office, where you can receive help with job searches, CV writing, and interview training as well as advice applying for benefits.

Draw Up a Budget and Stick to It

When trying to save money, having a budget in place is essential, so you know exactly where your money’s going each month. Start by listing your expenses, such as rent or mortgage payments, utility bills, food, and travel costs. Then, list your nonessential expenses, such as nights out or new clothes. 

Once you’ve done that, see if there are any areas where you can cut back on your spending. For example, if you eat out every night, can you cook more meals at home? If you have a subscription to a gym that you never use, can you cancel it? Once you’ve made some cuts to your nonessential spending, put the extra money toward savings or paying off debts.

Consider a Part-Time Job or Freelancing to Boost Your Income

If you’re struggling to make ends meet, consider getting a part-time job or starting freelance work in something that interests you. Working as a freelancer is an excellent way for software developers, for instance, and other creatives, to find steady work. When looking for developers, clients will often look for one with reasonable hourly rates, as well as good reviews. You can create a compelling profile by posting your info and hourly rate on freelancer sites, allowing clients to view what you have to offer through one website instead of scrolling through several. Not only does this save time for your clients, but you’re also more likely to find more permanent work this way.  

Start a Business

Alternatively, if you have writing, design, or web development skills, you can start your own freelance business — you can even do this from the comfort of your home!

Choosing the proper legal structure for your company is essential as a business owner. In the United Kingdom, one option is to form a limited company. This type of company offers several advantages, including limited liability for shareholders, tax benefits, and greater flexibility in governing the company. Costs for setting up a limited company in the United Kingdom are relatively low, and you should expect your company to be registered within 24 hours.

You don’t necessarily need to set up a company before you start work, but in that case you will be considered a ‘sole trader’ and you will need to register for Self Assessment. Don’t forget to keep good records of all your income and expenses as you will need to file your own tax return!

Ease the Burden

You can do things to ease the financial burden when you’re unemployed. Make use of government benefits, draw up a budget and stick to it, and see if you could get a part-time job or start freelancing — all these things help boost your income and ease the financial stress associated with being out of work. Discover how to make money from home and improve your family’s finances by visiting Mum’s Money Corner.

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