Eliminating Debt for the Modern Mom

Graduating from college is one of the happiest, momentous, exciting, saddest, horrifying, and turbulent times for any adult, nonetheless a mother also dealing with the needs of a family. With such a large range of emotions, focusing on the next steps in life becomes difficult. Life altering decisions hang in the balance while you transition from a student to a full-time participant in the world of capitalism as an employee or entrepreneur. Landing a post-college job, or rather a career in your field of choice, is no longer commonplace for college graduates entering the workforce as it was in previous generations. See figure 3 in this report from Pew Research Center for more info on that.

Without the luxury of securing that well-paying job early on, many college graduates will need to develop alternate sources of income, or live on incredibly tight budgets. It’s no secret that student loans make up the second highest consumer-debt being accrued by the United States, but the individuals within the country living with this debt are further burdened by the lack of accompanying jobs to supplement their income.

These are some of the ways in which post-college grads, especially moms, can strive to eliminate debt sooner than later with the modern barriers in place:

Open-ended Jobs

The stringent style of a traditional full-time job is difficult to maintain with large volumes of circumferential obligations. For mothers, a job, or combination of jobs, with complete flexibility is ideal so focus on the needs of the family can be accentuated. Global health and beauty leader Amway is somewhat of a hybrid of these two ideas, as employees can work as little or as much around their own schedules as needed. Amway can provide full-time employment with benefits, or use it as a side gig to supplement other forms of income.

Ride-sharing giant Uber is another completely open-ended job option that can be accessed via mobile phone application, allowing you to operate as an independent taxi driver on your own time. As long as you have a valid driver’s license and can pass a background check, you’ll be good to go. You won’t even need your own vehicle, as Uber partnered with Hertz to offer a free (with a minimum number of weekly rides) rental program. This could create profound savings alleviating the cost of car payments as well.

Using Extra Space/Resources

If you have the luxury of extra space, a great source of income with minimal work is Airbnb, the mobile app that allows you to rent out a room, or even a couch, with agreed upon terms with travelers. For safety, the application allows you to filter travelers only with verified identities, previous reviews, or reviews that meet a minimum requirement. You can get a sense of the market value of your space by comparing its attributes to other Airbnb hosts in the area. Maintaining high reviews is not difficult as long as you keep your space clean and effectively communicate with guests.

EatWith is another mobile application similar to Airbnb, except you are making space at your dinner table. This app allows hosts to create calendars with meals they plan to prepare in the near or distant future, and people who are interested in the cuisine can book a meal reservation. With an entire family to account for, it’s not uncommon to overbuy groceries in a given span, so make use of that extra resource and charge visitors for your time, effort and convenience to prepare a home-cooked meal.

One last option combining the concepts of open-ended jobs and extra space/resources is opening a daycare from your home. Getting paid to watch your children along with a few others from the neighborhood can be fruitful and helpful to everyone involved. This option isn’t as easy as some of the others previously explained, but follow this step-by-step guide to opening your own daycare, and you will be on your way in no time.

It’s Not So Bad

Climbing out of the hole that is student debt may seem mountainous, but with modern technology and changing economic norms, it certainly isn’t insurmountable. Using some of these techniques laid out above, set aside the extra cash earned for a debt fund. If you were fortunate enough to qualify for subsidized loans in college, avoid payments on it for as long as possible, as interest doesn’t accrue while it’s being deferred. If that doesn’t apply, then it behooves you to start earning some side income sooner than later so you can help provide the lifestyle your family deserves.

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