3 Ways Women Can Support Their Finances During the Pandemic

August 29, 2020
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The pandemic has impacted everyone, but women seem to have extra stress on their plates. Emerging research shows that women are experiencing a higher level of anxiety than men right now. This may be due to women having extra responsibilities at home while also trying to balance the demands of a full-time career, but some women also find themselves out of work during these uncertain times. If you are part of the last group, explore these ideas for supplementing your income.

Start a Flexible Home-Based Business

Why not use this time in-between jobs to flex your entrepreneurial muscle? You can start by creating an LLC for your new business, which offers benefits for your business and your personal life. With an LLC, you can take advantage of more tax credits and flexibility, plus forming an LLC typically requires minimal paperwork and effort. The rules for establishing an LLC can vary according to which state you’re in, so be sure to confirm them before proceeding.

Forming an LLC can provide legitimacy to home-based businesses, which may be particularly appealing to stay-at-home moms. You can earn an income from home as a freelance writer or even as a tutor, but keep in mind that whatever direction you choose, you will need to market your business to attract clients. This can be as simple as putting social media to work for you, but definitely start out with a solid plan.

Cenkus Law explains that another perk of conducting business under an LLC is that it protects your private assets in the event that you encounter any legal problems. Hopefully, this will never be an issue for your business, but it’s always best to be prepared and keep your family’s finances protected.

Take on a Money-Making Side Gig

If you need to start generating an income quickly, then a side gig may just be your ticket. Popular delivery apps, including Postmates, DoorDash, and UberEats, are offering a simple and effective way for people out of work to make money, and most of these delivery companies have put precautions in place to protect delivery drivers from any health or safety risks.

If you want to make the most of these side gigs, The Everygirl says there are a few tips to keep in mind. Although these companies offer guaranteed payouts or wages, most of your income will come from tips, so you should plan for these fluctuations in your income. Also, keep in mind that living in a larger city or suburban area can boost your earning potential. So if you live in Johns Creek or anywhere else in and around Atlanta, you may be able to generate even more cash with these side gigs.

If shopping or delivering is not your cup of tea, there are other side gigs that may allow you to work at home. You could teach an online class or help with customer interviews. Think about what would be comfortable for you and fit into your lifestyle so added income can start rolling in.

Sell Clutter for Extra Cash

Do you have a closet full of clothes you never wear? If so, you can sell those clothes online using apps and websites like Poshmark, Mercari, and Threadup, and you can make even more money if your closet is full of popular brands like Lululemon, Madewell, and The North Face. With most of these apps, you simply list your item, wait for a purchase and then you ship the sold item directly to the customer. Some websites, like ThredUp, also allow you to send in your unwanted clothes for cash directly from the company, which can make selling even easier.

Don’t have any secondhand clothes or shoes to hock? Then start taking a look around your home and garage to see if you have anything else to sell instead. Poshmark also allows users to sell old home decor and furniture but other second-hand sites like LetGo and OfferUp can also work.

Times are tough for everyone, but they can be especially hard on women. If you are struggling during this crisis, know that you’re not alone and you do have options. Become your own girl boss or pick up a side hustle! Either choice is right, as long as it’s right for you.

By: Emma Grace Brown

Photo Credit: Rawpixel




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