Are you thinking about starting a family, but you’re concerned with the loss of one of your full time incomes? My friends are currently in this predicament, and they need to figure out how to how to replace the wife’s income. If they can’t, she’ll have to go back to work. And, like many first time moms, that is most definitely not the desired option.
Just like many other moms that wish to stay at home, the thought is to take care of a few other kids at the same time, and make a few bucks doing it. This, in and of itself though, is not that easy. It takes quite a lot of thought and planning, so let’s dig in and find out how much money can be made through this avenue.
Who Do You Know?
In order to add some extra kids to your home each day, you’ll have to make friends with other up-and-coming moms. Either that, or you’ll have to find some moms that are paying the full price of a professional daycare service. If you can convince them that you’ll care for their child even better than the daycare, and at a fraction of the price, you could be well on your way to earning an income large enough to keep you at home.
What Do You Need?
It’s pretty simple. You need space. If you live in a 500 square foot apartment with little access to the outdoors, convincing other moms that your place is best for their child could be a difficult hurdle to overcome. In addition to space, you’ll definitely need a play area – preferably a fenced in yard. Parents need to make sure their children are safe from traffic. In addition to this, if you’ve already got a swing set and a sandbox, I’d say you’re golden.
What Can You Expect?
Children do not always behave. They’ll definitely test your limits and do things that are not allowed in your household. After a few weeks, you may have some broken electronics and a few added stains. If you’re ok with this, and you can handle a few hectic moments each day, then it’s time to figure out how much you can earn with a little “babysitting”.
How Many Dollars?
The reason I say “babysitting” and not daycare is because if you truly want to be an established daycare, you’ll need to get licensing and inspections, which are not easy to get and will cost you money upfront. If you are merely watching your friends’ children, then you are babysitting.
So how much can you make with this? On average, a parent pays $800 a month on one child in daycare. If you charged half of this amount, and were able to sit 3 other children, you could earn $1,200 a month.
Now, for all of you that don’t have the option of staying home to sit during the day, you could watch some kids while a single mom is working third shift. The kids will be asleep the whole time and you’ll be doing practically nothing! For 3 kids, you could bump your rate down to $1,000 a month.
Do you think you could use this idea to earn an extra $1,000 a month?
This article was written by Derek from Life And My Finances.